Kudrin assessed the implications of the launch of the “printing press”


The proposals of the Stolypin club “controlled issue” and the imposition of restrictions on currency transactions do not take into account the real processes in the economy and will lead to lower economic growth, says the report, with which Alexey Kudrin has acted at session of Presidium of the economic Council of 25 may 2016. The report, published on the website Kudrin, prepared by the Center for strategic research, which he heads.

“We can not agree with the proposal to issue unsecured worth up to 1.5 trillion rubles. and the imposition of restrictions on currency transactions for businesses and citizens,” the report said.

The document notes that these ideas “do not account for the actual processes in the economy, destroying existing market institutions” and “will reduce incentives for investment and resulting in a decrease in economic growth.”

However, the document notes that the position of the Stolypin club, there are offers that are close to the position of CSR. Among them — “a significant decline in the share of government in the economy, reducing the pressure of law enforcement agencies and Supervisory activities on the business and reducing inflation to 3-4%”.

The proposal for “controlled emissions” stated in the report of the Stolypin club, “Economics of growth”. This idea made at the presidential Council of the business Ombudsman Boris Titov and the President’s Advisor Sergey Glazyev. Putin did not Express opinions about the issue, told two members of the meeting. According to them, the President has not rejected the offer, and listened to opinions.

As told by one of the participants of the meeting of the economic Council, “had different views on the potential role of the issue of money to stimulate growth.”

“There is a position that even talking about the issue threat in terms of potential impact on inflation. There is a position that monetary issue will not affect inflation. Fundamentally, what is needed to support investment spending, which lead to a reduction in imports or increase in exports,” says the source .

According to the interlocutor , the main opponent of the concept of monetary and fiscal stimulus was Alexei Kudrin.

Earlier, the head of the Central Bank Elvira Nabiullina said that Russia’s “quantitative easing” is not appropriate, as this may lead to an outflow of capital and to accelerate inflation. Kudrin said that measures such as uncontrolled monetary emission, can be destructive to the economy.

Vladimir Putin during a straight line with the Russians in April 2016, said that the theme of “printing press” is being discussed in the press, “on the surface”. “The main thing is not to print money, as long as we change the structure of the economy”, — assured the President.