Foreword

Долгосрочный европейский эксперт

Exercise 12. Revision of modal verbs of obligation. Look at the following examples from the text.

To climb to the top of the corporate ladder one should have the strength of personality and the ability to outmanoeuvre others.

This is where independent directors ought to play a part.

In both these examples a modal verb is used to express mild obligation or advice. What do the following verbs express?

1. have to

2. should/ shouldn't

3. ought to

4. don't have to

5. don't need to

6. needn't

7. must / mustn't

8. need to

a obligation or necessity

b advice

с absence of obligation or necessity

Exercise 13. Seven warnings signs of a danger ego out of control. What does the person need to change / not change? Write eight sentences using modal verbs of obligation.

Example: He should be competitive in some aspects of his life but he has to stop being competitive about drinking.

1. Dominates conversations, commandeers meetings, interrupts and finishes off sentences of others. Competitive in all aspects of life, not only business but tennis, squash or drinking.

2. Bold, doesn’t worry about going into new situations and meeting new people.

3. Has a high opinion of himself and his abilities and he always thinks he is right.

4. Loves pressure. He likes tight deadlines, is impatient to get ahead and does several things at once.

5. Must be the centre of attention at meetings, parties, social gatherings, and can’t do without attention or flattery.

6. Loves power and the trappings. Couldn’t bear to be without a chauffeur-driven car, paneled office, secretaries and trips on Concorde.

7. Has abnormal energy levels, is always on the go, needs little sleep, and is constantly restless.

РЕКОМЕНДУЕМАЯ ЛИТЕРАТУРА

Основная литература:

Дополнительная литература:

This book presents the analysis of the possible courses of development of the principal financial markets in Russia and recommendations to the Government of the Russian Federation on the best course to pursue. The work described here was carried out under the Tacis project «Assistance to the Ministry of Economic Development and Trade of the Russian Federation» in 2002. It has been published to make the results of our analysis available to the many interested groups outside the project - Government bodies, commercial organisations, the academic community.

The problem of assessing the current situation and development prospects of the private financial sector in Russia is somehow adressed by all corporate analysts, macroeconomic forecasts, governmental programmes and offers coming from Ministries and legislators. Historically this is tied up with the public securities market development, fiscal collapse in 1998, the issue of low organized savings, bank sector functioning, the problem of direct and portfolio foreign investments etc. There is a whole set of programmes oriented at developing this or that segment: banking system, insurance, pension system etc. A significant institutional basis is well developed in Russia encompassing laws, regulating bodies, rales and behaviour standards for the financial market participants in the banking and other sectors. However from the very beginning of the reforms no institutional projection attempts were made from above in the financial sector as a whole. It was formed mostly bottom up under the simplest rules, but control and regulation toughened with time. Even in the governmental programme for 2000 it does not enjoy a lot of attention, which is not surprising at all due to the recent state bond collapse and turbulences of the banking sector.

International technical assistance influenced the private financial sector development a lot in Russia. It addressed harmonisation of the internal accounting and reporting norms, cpitalization standards, coroprate control and other aspects in line with the international norms. The economic growth regeneration in 1999-2002 allows looking at the financial markets and banking sector development in a different light of the financial sector adeqacy to the Russian economy modernization needs in the globilazation epoch.

The working documents for this analysis and all other outputs of the project may be found on the project website www.tacis-medt.ra until the 1 April 2003.

Many people have contributed to the writing of this book. Apart from the Tacis team numerous Russian specialists recognizing the importance of the issues addressed have freely offered their time and their expertise. We express our sincere gratitude to the following experts who took active part in writing the book presented to your attention:

• Yury Danilov, senior adviser on the impact of macroeconomic
factors on the stock markets, «Center for Stock Market Development»;

• Dmitry Lepetikov, leading expert of the Economic Research Foundation
«Development Center»;

• Vadim Kraskov, expert of the Economic Research Foundation «Development
Center»;

• Rostislav Kokorev, leading lecturer of the Management and Marketing Institute,
RF Government Academy for Public Household;

• Yevgeny Reshetin, Head of Insurance Rating Department, Center for Insurance
Information;

• Sergey Trukhachev, Head of Consumer Financial Servicies;

• Nina Chebotareva, Expert of Economic Expert Group.

We would like to take this opportunity and thank all members of Consortium for assistance provided during the project delivery. We are especially grateful to the Expert Institute that helped our team with organizing conferences and publishing the book in course of project.

We especially wish to record our thanks for cooperation to the Ministry of Economic Development and Trade and in particular to Deputy Minister Arkady Dvorkovitch and Head of Department Boris Shentsis; without their assistance this work would not have been possible.

Moscow 12 December 2002

Leonid Grigoriev, Russain long term expert

Peter Moore,

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