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World drew no conclusions from crisis--Nazarbayev

September 01, 2011, 9:50 UTC+3
In this setting he suggested the adoption as soon as possible of the laws on the regulation of the work of banks
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ASTANA, September 1 (Itar-Tass) —— Proper conclusions have not been drawn from the world crisis, while a transition to a new global economic model is only a subject for discussion, President Nursultan Nazarbayev of Kazakhstan believes. He spoke about it here on Thursday at a joint meeting of the two chambers of the Kazakh parliament. “The world has not drawn the needed conclusions from the past crisis years, and now nobody could make a reliable forecast even for the coming few months. The idea of the transfer to a new global economic model is still a subject for discussion,” he said.

In this setting he suggested the adoption as soon as possible of the laws on the regulation of the work of banks. “Three years ago we all saw what happened to our absolutely liberal banking system, which was not controlled by anybody. Banks were turned into a regular seat of swindlers and thieves,” he continued.

“Discussions around the law on project financing have been going on since the end of 2010, and I call your attention once again to the alarming situation in the world financial system. Those draft laws include legal guarantees to all the consumers of financial services. I suggest that you should step up their adoption,” he stressed in conclusion.

Nazarbayev also urged the legislators “to adopt a law banning planned check-ups by state bodies of new business entities for a period of three years since the day of registration.”

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