Translated material
Rokirovka
In the Kremlin
Rokirovka
June 25, 2013 Vladimir Volkov
The permutations in the economic bloc of the government from rumors, albeit distributed by “well -informed sources”, have become a reality. On Monday, on the day of the official entry as head of the Central Bank Elvira Nabiullina, the deputy chairman of the Central Bank Alexei Ulyukaev, who headed the Ministry of Economic Development (mayor) instead of Andrei Belousov, who became the president’s assistant, was received by his new appointment.
The main goal of the appointments lies on the surface - to achieve a noticeable improvement in the quality and effectiveness of the economic policy of the government. Recently, the Cabinet of Ministers has repeatedly become the subject of serious complaints and open criticism of President Putin, dissatisfied with the rapid slowdown in GDP growth, which casts into question the social policy implemented by it.
It is no coincidence that measures to stimulate the economy are among the main tasks of all three Novonaunchens.
Back in April, in a “programmatic” speech in front of the Duma, Nabiullina outlined the main priorities of her long -term policy in a new post. In their series, the creation of incentives to accelerate economic growth went under No. 2. In fact, this meant a noticeable shift in accents in the Central Bank policy, which, in accordance with its mandate, is not obliged to take care of maintaining a given dynamics of GDP. All the activities of the Central Bank under the predecessor Nabiullina, Sergey Ignatiev (who became the presidential adviser), in recent years has been subordinated to the fight against inflation. This task, however, will remain priority No. 1 and for the new head of the Central Bank, through the efforts of which in the next two to three years, prices are planned to drive 3-6%into the corridor.
At the same time, Nabiullina perfectly understands what she herself was talking more than once, that it will be very difficult to combine the solution of both tasks that often act with each other. This is one of the reasons why the hopes for fast and, moreover, the radical mitigation of the monetary policy of the Central Bank, which many expect from the new leader, are unlikely to be justified. 
A certain liberalization is really possible. In particular, in an interview with Reuters, on Monday, Nabiullina said that a decrease in basic interest rates may take place in the third quarter. But only if "inflation goes down, and the combination of other factors will predict its further decrease."
Otherwise, Nabiullin is afraid of Nabiullin, in the absence of demand from enterprises for loans and, with a lack of recruited projects, a decrease in bets can only disperse inflation and increase the already large outflow of capital from Russia.
But most importantly, she is convinced that the main brake of the Russian economy is by no means high rates.
“The current slowdown in growth is structural, institutional. Therefore, you need to use factors that require serious structural changes, primarily improve the investment climate, reduce costs and administrative barriers to business, reform of the judicial system, ”Reuters quoted it quoted.
In other words, without the beginning of real reforms, to achieve high and steady growth rates, making Russia truly attractive and convenient for investors, it will not work-no matter how successful and “stimulating” the policy of the Central Bank, one in the field not a warrior.
It seems that we have already heard about it somewhere.
Obviously, the implementation of structural reforms and the creation of the most favored nation of the investors do not contradict internal and professional beliefs either Andrei Belousov or Alexei Ulyukaev, who in the new quality already vowed to President Putin to prevent Russia to roll into a recession.
Moreover, there is a hope that the new “tandem” can more quickly and effectively pursue a new economic policy into life. Most likely, the role of the main ideologist and strategist in it will be assigned to Belousov, whose transition from government to presidential administration, under Putin, who has returned the role of the main center for making key decisions, does not look like a link, but as an increase.
In turn, the appearance of Ulyukaev in the chair of the head of the mayor should improve the interaction between the Kremlin and the White House. Obviously, he will have to perform “black work” and receive the main cones in case of failures or failures.
However, the main question of whether the castling in the economic block of the government means the readiness of President Putin himself to begin real reforms remains open. In the early 2000s, he got such determination. Without then liberal transformations, the unprecedented successes of Russia for almost a whole decade would be impossible - even with expensive oil.
Maybe one of the new advisers will remind him of this?
Photo by ITAR-TASS/ Mikhail Klimentyev/ Maxim Shemetov/ Ekaterina Stucina
All rights to materials located on the EJ.ru website are protected in accordance with the legislation of the Russian Federation, including copyright and related rights. With any use of the site and satellite projects, hyperlink (Hyperlink) on EJ.ru is required.