"Governments will play a crucial role in the national economy»

Mr. Erturk, which will teach financiers after the crisis and its follow-up? Need to treat funding as a social science which should be studied and to use it in practice. Indeed, in many ways the current crisis was the result of some kind of financial "innovations" that have been poorly evaluated and calculated exactly from the scientific point of view. These "innovations" instead of the banking system more secure, banks are doing more than the rich. Typically, lenders invest in the development of the industry, but in the U.S. and in England they became the industry themselves - they make money in the process of interaction with each other. And the situation when the system disappears confidence, naturally, leads to disastrous consequences. It turns out that banks do not have the quality of capital. In our studies, in Manchester we call the current process "finansolizatsiey. And how do you call the measures that are currently the U.S. government, Russia and other countries? The U.S. authorities have made lots of mistakes in dealing with this crisis. They are all trying to rescue financial companies one by one - the same Bear Stearns and other investment banks involved in securitization, but that problem throughout the system. All financial institutions are interconnected by "innovation", which I mentioned. We need to change the very architecture. There is a huge banking conglomerates, accumulating problems to such an extent that they are very expensive to solve. I think we should make banks less players should be more specialized, focused on some specific sectors, niche market or other businesses. In reality, the revision requires the entire financial system. Strong pressure is from institutional investors: pension funds, insurance companies. Their customers want increased profitability. And how could it be otherwise? After all, life expectancy in the U.S. and Western Europe increases, respectively, and the size of savings for old age should be higher. And the banks are trying to meet the demands by inventing ever more complex and risky investment products. But this is impossible, because the bank did not produce, he just finances. Need to convey to consumers the idea that he can not expect financial institutions that yield, which counts. This is the biggest social problem, whose solution must be to engage the government. The current crisis shows: the free market will not cope with it. In addition, you should pay attention to accounting issues. Looking for new rules that allow companies and banks to hide from investors and creditors their losses. How much time it takes to overcome the crisis if there is no new bugs? Banking systems in Europe and America must be preserved, revitalized, it will take at least two years. And in Russia? The current crisis should give some advantages in Russia. Local companies can get a wider domestic market. But it is not easy. Russia needs to diversify its industrial base. It is a reorientation of the industry with exports of natural resources on import substitution, which requires high capital costs. We need to develop as many internal initiatives. The economy must be updated. Unfortunately, in Russia, now all attention is focused on exchange rates, and to make plans about its industry. Finances should help the country. The banking system certainly needs reform. Need big strong banks with good capital. And the Russian credit organizations have advantages. They can collaborate, expand their presence in the international market, creating large multinational corporations, to become much stronger to the extent that, as weakening U.S. banks. A good example - the banking system in Spain. They have reformed and got it in a healthy way. Today the Spanish Santander owns three banks in the UK (Abbey, Alliance & Leicester and Bradford & Bingley - "F."). But in reality the problem of Russia is not in the banks, and trust in him. People always remember the year 1998, when they were weak. And I think the authorities are late in making decisions, and it could trigger panic. In what form the world financial system out of crisis? This is a difficult question. We are entering a completely new stage where the government will play a crucial role in the national economy. It is a massive change in the capitalist consciousness. We need some kind of special institutions, and fundamentally new tools of intervention in the market to banks, companies, government worked as a system. Will combine expertise from different countries. And China as well. It is very important to be flexible.