Russia Markets Watchdog Chief Says Over-Regulation Dangerous
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Russia needs to stimulate financial growth instead of increasing government oversight of markets, the head of the country’s financial watchdog service said.
“It’s very dangerous to pass such a huge new wave of regulation, really we don’t need more regulation, we need effective regulation,” Dmitry Pankin, head of Russia’s Federal Financial Markets Service, said in a speech in Moscow today. “In our past life, we had a very relevant example of the Soviet Union, when we tried to regulate everything, to introduce regulation in every process, but the result was that the whole system collapsed.”