Mikayil Jabbarov: Combining regulator and market participant roles creates systemic risks

In certain cases, regulatory bodies in Azerbaijan that combine supervisory functions with participation in the market may create contradictions with the principles of competition and give rise to systemic risks, Minister of Economy Mikayil Jabbarov said at the 2nd National Competition Forum held in Baku.

According to Report, the minister emphasized that the regulation of competition policy in Azerbaijan serves the interests not only of state institutions but also of society as a whole:

"It is important that this issue is perceived as an ecosystem by sectoral organizations as well as by each of us-as citizens and economic actors. Therefore, our economic behavior must be shaped in line with these principles."

Jabbarov further noted that in some cases, the approaches of industry-specific organizations to competition policy may take precedence due to their professionalism:

"This is natural and as it should be. However, the danger lies in the fact that if a profile organization simultaneously acts as both regulator and market participant, this may create systemic risks."