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Dmitry Medvedev has discussed again the idea to turn Moscow in an international financial centre

October 25, 2012, 12:17 UTC+3
The project for the creation of the international financial centre in Russia is far from its fulfilment now as in 2008, when President Vladimir Putin voiced the idea about it
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On Wednesday, Russian Prime Minister Dmitry Medvedev had a meeting, at which he discussed a project for the creation of an international financial centre in Russia. The improvement of the system of regulation and supervision on the Russian financial markets was discussed as well. Medvedev noted that for the last few years much has been done for the creation of the international financial centre in Russia, particularly the necessary legislative base was laid down.

The idea about the creation of the international financial centre in Russia was voiced a long time ago, the Nezavisimaya Gazeta daily reported. In February 2008 Russian President Vladimir Putin set Russian economic guidelines for next 12 years in a speech to the participants in an enlarged meeting of the Russian State Council. The creation of the international financial centre in the country was among these guidelines. Former Russian President Dmitry Medvedev confirmed his adherence to this idea at the St. Petersburg International Economic Forum in 2008. The stage of preparing and taking relevant governmental resolutions began in Russia. In 2010 the working group for the creation of the international financial centre in Russia was formed and its head was appointed. In late 2010 the so-called project groups for the creation of the international financial centre began working.

The project for the creation of the international financial centre in Russia is far from its fulfilment now as in 2008, when President Vladimir Putin voiced the idea about it, the newspaper believes. Meanwhile, the plans for the construction of the international financial centre can change over the idea for the creation of the so-called mega regulator in Russia that will be a common banking and financial supervising agency. Prime Minister Dmitry Medvedev gave new recommendations for the creation of the international financial centre at a governmental meeting on Wednesday.

The newspaper noted that the roadmap drafted by the Finance Ministry turned out to be the main achievement or in other words, a more constructive and clear-cut action plan for the creation of the international financial centre in the country. So, the achievement turned out to be not a concrete result, but improved instructions to make a progress in this issue. “As for the roadmap, this is another stage for the creation of a competitive financial system. The document has set quite realistic goals. We need a modern flexible regulating environment, which will reflect the current situation, we need the incentives for the development of modern financial products, and certainly a modern corporative management,” the premier noted.

For the last decade several reforms have been carried out in Russia that, according to the experts, promote the development of the international financial centre. These reforms include the forming of the Customs Union, the transition to Moscow planning at the level of agglomeration, the Moskovsky Komsomolets daily reported. “It is needed to facilitate the life of foreigners in Moscow, I refer to the creation of a comfortable environment,” Medvedev pointed out. “We should work further for simplifying the procedures for the trips of foreigners in our country, particularly those specialists, who come to our country from other countries for the work in the highly qualified spheres,” he added.

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