Russian President Vladimir Putin
Photo: Alexei Druzhinin/TASS
At the meeting of the economic Council under the President discussed the need to target the money issue. No decisions, no, but all points of view are taken into account, said the press Secretary of the President
In the first two years the meeting of the economic Council under the President discussed the problems of budget, of pension age, shadow of the labour market, investment; advocates of the alternative ways to start economic growth — Boris Titov and Sergei Glazyev suggested to the President the idea of the trust money issue, told RBC three participants of the meeting — the Federal official and two representatives of business organizations.
“Controlled issue” the offer, which among others 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, said two participants of the meeting. According to them, the President has not rejected the offer, and listened to opinions.
“We were able for the first time at this level to make a dent in the dogma, which existed for many years. The first time we talked about an alternative point of view. While no view was rejected and not accepted”, — told RBC Titov following the meeting. It is unclear whether given any instructions following the meeting, told RBC press Secretary of the President Dmitry Peskov. “All points of view are taken into account. The discussion will continue,” he says.
In the program “Economics of growth” emphasizes that emissions should be carried out by target-controlled channels, in particular through project financing, refinancing of loans to small and medium businesses, mortgages, infrastructure projects. “The new money issue will not be directed at public spending, and in full, purposefully, in the form of repayable loans will be used to promote investment in real production”, — was stated in the report. We are talking about 1.5 trillion rubles a year, said earlier the head of the Expert center under the Commissioner for the President on protection of entrepreneurs ‘ rights Anastasia Alekhnovich.
At today’s meeting of the economic Council Presidium “had different views on the potential role of the issue of money to stimulate growth,” said RBC one of the participants. “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,” — said the interlocutor of RBC.
The main opponent of the concept of monetary and fiscal stimulus, presented in the program “Economics of growth”, is a Deputy in Putin’s economic Council, Chairman of the Center for strategic development Alexey Kudrin.
Earlier, the head of the Central Bank Elvira Nabiullina, which also includes the Presidium of the economic Council, said that Russia’s “quantitative easing” is not appropriate, as this may lead to an outflow of capital and to accelerate inflation. On the inappropriateness of quantitative easing in Russia told representatives of IMF. Kudrin said that measures such as uncontrolled monetary emission, can be destructive to the economy.
Putin himself 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.
Money issue now is not advisable — in the banking sector and already there is an excess of liquidity, the second half is expected a structural surplus of liquidity, said the chief economist of Sberbank Mikhail Matovnikov. Also grow in banks balances of enterprises on the accounts of the business prefers not to invest and save. “Thus, banks have enough funds to lend to the economy, the problem in sufficient demand from borrowers. Therefore, lending to the economy is not a matter of monetary policy and serious structural reforms and creating conditions for economic growth,” he says.
With the participation of Michael Rubin