Cautiously, but with understanding

Putin compares Russia’s attitude towards unconventional monetary policy to its stance on same-sex marriage

At the annual “Russia is Calling” investment forum on Thursday, October 29, Russian President Vladimir Putin took a question about unconventional monetary policy as an opportunity to comment on why Russia treats same-sex marriages “with some caution.” The president’s speech was broadcast live by the state television channel “Rossiya 24.” So instead of trying to explain how Putin maneuvered around the original question, we’re sharing a direct translation of what he said.

Martin Vishnevsky: Thank you, Mr. President. Thank you for the opportunity to speak. My name is Martin Vishnevsky and I represent London, Great Britain. I am a senior portfolio manager. My question is about monetary policy in Russia and the emergency economic situation due to the coronavirus […] Do you think [it’s necessary] for the Central Bank to become more active under the current conditions, for it to react to a more unusual monetary policy, to [more] non-traditional monetary policy instruments, than those that exist today?

Vladimir Putin: I am sure that many of your colleagues in Russia not only listened attentively to your question, but also applauded internally and supported it, because we, as in other countries as well, probably, are discussing these questions constantly. As for unconventional methods of regulation. Well, you know, we treat any non-traditional forms in general with some caution, but with understanding, including non-traditional marriages. I say “with understanding,” I want you to pay attention to this word too. With understanding, but cautiously. Why? Because I as the head of state have to take care of resolving demographic problems and non-traditional marriages, as we all know, don’t bring children into the world. And in this area that you mentioned, non-traditional methods of regulation, they are probably good in certain cases. Are they suitable for our economy? And today specifically? That’s the question.

You can read Putin’s full answer to the question in Russian here.