Brussels urges Russia to step up banking reform

Marco Franco, head of the European Commission's delegation in Russia, says Russia must take advantage of the economic boost from its oil revenue windfall to forge ahead with essential reform of its bank sector.
Mr Franco's comments came at the end of a joint Eurosystem / Bank of Russia seminar in St Petersburg, marking the end of a two-year training programme in which 800 Russian financial sector supervisors have been trained by western European counterparts.

European Central Bank: Press Release: Joint Eurosystem - Bank of Russia seminar, 13.10.05 http://www.ecb.int/press/pr/date/2005/html/pr051013_1.en.html

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