CIS Council for Finances and Banking calls for joint development of insurance companies, pension funds

Russian bankers want to form a single economic space of CIS states, abc.azreports.

Andrey Kostin, CEO of the VTB Bank, said at the 4th International Bank Conference in Baku today that sovereign debts of Western markets are closed for the CIS. Europe is suffering from the integration crisis. Collapse of the euro zone is still an open issue but political factors speak for preservation of the EU.

Introduction of a common currency without control of expenses caused problems with the sovereign debt, Kostin says.

The expert believes that CIS states need to form a single economic space, as there is no other alternative for development a single market of goods, services and finances. European markets were closed for the CIS.

They reduce assets and cut loan portfolios. CIS states should develop insurance markets, pension funds and institutes together to create the necessary atmosphere for long-term investing.