Meeting of Expert Group “Development of Financial and Banking Sector”

On 23 May 2011 Gaidar Institute for Economic Policy hosted a meeting of the Expert Group on development of recommendation on urgent issues of socio-economic strategy of Russia through 2010 on “Development of Financial and Banking Sector” (Group No. 10), which addressed scenarios of banking sector development and macro prudential regulation.

Presentations by O.G. Solntsev (Center for Macroeconomic Analysis and Short-Term Forcasting), A.V. Kanaev (St Petersburg State University) and M.Yu. Motovnikov (Interfax-CEA) were discussed at the meeting.

The experts agreed that a reduction in the number of banks will be a special feature of the banking sector through 2020. O. Vyugin, the Head of the Working Group, proposed for the experts’ consideration stringent measures to regulate the banking system as part of the economy through macro-prudential supervision: on the basis of a special agency or department in the Ministry of Finance, which will be fully responsible for financial stability.