The Minister of economic development of Russia Alexey Ulyukayev
To meet the challenges of Russia’s problems require “complex and smart economic policy” and not “digital fetishes” low inflation or active monetary issue, said the head of the head of the Ministry of economic development Alexei Ulyukayev.
“There can be no simple solutions in the form of high emissions, the distribution of money, and simple solutions in the form of the introduction of such digital fetish — how 4% inflation and a good will be less than 3% budget deficit, and all will be well. It is not so. We do not need simple solutions and need sophisticated and smart economic policy”, — said the Minister, speaking at the meeting the MAYOR (quoted by TASS).
According to the speaker, the new development model should be based on active investment policy.
Last week, Ulyukayev opposed the linking of the compiled materials of the forecast of development of economy with the position of the Bank of Russia, expect by the end of 2017 to reduce inflation to 4% per year. The Minister said that the Central Bank put the inflation target, whereas in the Ministry of economic development in the foreground is economic development, and then inflation.
“We should not confuse the two”, — said the Minister.
Earlier, the head of the Central Bank Elvira Nabiullina called the risk of “getting stuck” at the level of inflation of 6-7% per year is unacceptable and urged “to remain vigilant”.
“Because low inflation will not be low long-term rates in the economy and predictability of business environment, critical for economic growth”, — said the head of the Central Bank, speaking at the Collegium of the Ministry of Finance.
As for the capacity issue, the most active proponent of this way of increasing the flow of funds into the economy acts as the adviser to the RF President on economy Sergey Glazyev. According to him, the high emissions could ensure the launch of the Russian “economic miracle.”
“If printing money for speculators, which they throw on the foreign exchange market, then there will be inflation. If printing money for productive investment, inflation will not be. Take USA, EU. A giant issue when inflation is at zero. That is, if you follow the money destination, you give them as long as necessary for the development of production and investment without inflationary effect,” said earlier the eyes.