Developing economies should focus on their own markets ? EBRD ex-President

ASTANA. March 11. KAZINFORM /Muratbek Makulbekov/ Advisor to Chairman of BNP PARIBAS (ex-President of the European Bank for Reconstruction and Development) Jean Lemierre has delivered a speech at the II Astana Economic Forum ?The economic security of Eurasia in the system of global risks? held in the Palace of Independence; Kazinform reports.

?Banks were created for economy financing, but not gambling. They should review the issues of corporate management, their internal system of stimulation for ensuring compliance with requirements of their stockholders, institutions and economy?, Jean Lemierre said. According to him, the crisis was a result of insufficient regulation and banking supervision. Touching upon the real sector of economy, Jean Lemierre noted that it is necessary to avoid protectionist measures, though all countries should have guarantees on maintenance of jobs, social safety net. ?Developing economies should set face towards their own markets. One of the weak points of the banking sector in such countries is that the countries relied on the world financial market, not paying enough attention to the domestic market. The real task of a bank is not only to lend, but to attract and manage deposits, transfer these deposits to more long term and liquid resources for real economy financing?, Jean Lemierre emphasized.