Nabiullina: G20 countries believe in the necessity of structural reforms in the economy

Nabiullina: G20 countries believe in the necessity of structural reforms in the economy


MOSCOW, February 27. Many participants of the “big twenty” are convinced of the need for structural reforms for long-term economic stimulus. This was stated by the Chairman of the Central Bank of the Russian Federation Elvira Nabiullina in an interview with TV channel “Russia 24” on the results of the meeting of Ministers of Finance and heads of Central banks of the group in Shanghai.

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“Representatives of many countries said that measures of monetary and fiscal policy is rather limited and can give short term effect. To create conditions for long-term economic growth, increase productivity, and this is the basis of economic growth needs structural reforms”, – said Nabiullina.

As noted in the communiqué the participants of the meeting in Shanghai, the global recovery continues, but remains uneven and risks remain. Following the meeting, the countries of “twenty” expressed the determination to use monetary, fiscal and other necessary tools to maintain stability in world markets.

According to one of the meeting participants, in recent years, the countries of the “twenty” more often resorted to fiscal and monetary measures to stimulate the economy, not to structural reforms, because the effect of the latter is not quick and obvious.