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June 2017
18 June
Panel Session

INFLATION, GROWTH AND CURRENCY STABILITY: THE CENTRAL BANK’S DILEMMA

17:00-18:15 Pavilion 8, Conference Hall 8.2 Innovation Hall
While Russian economy started to adapt to new realities, what might be the optimal path of monetary policy? Which goals can and which cannot be achieved using monetary policy tools? What constrains of monetary policy can be observed in the current situation?
Moderator:
Alexey Kudrin, Chairman of the Board, Center for Strategic Research Foundation; Deputy Chairman, Economic Council under the President of the Russian Federation
Panellists:
Jacob Frenkel, Chairman, J.P. Morgan Chase International
David Daokui Li, Director, Center for China in the World Economy (CCWE), School of Economics and Management, Tsinghua University
Elvira Nabiullina, Governor, Central Bank of the Russian Federation
Christopher Pissarides, Nobel Memorial Prize in Economic Sciences Laureate; Professor of Economics, London School of Economics and Political Science (LSE)
Kenneth Rogoff, Professor of Economics and Public Policy, Harvard University
Mikhail Zadornov, President, Chairman of the Management Board, Bank VTB 24
Alexander Zhukov, First Deputy Chairman of the State Duma of the Russian Federation; President of the Russian Olympic Committee

Highlights

The upsurge in inflation that we have at the moment is a direct consequence of the sharp drop in the exchange rate and the increased cost of imports … these are two sides of the same coin.

Alexander Zhukov
First Deputy Chairman of the State Duma of the Russian Federation; President of the Russian Olympic Committee

The Central Bank cannot bring inflation down if the government won’t lend it a helping hand by adjusting its fiscal policies and indexing natural monopoly tariffs.

Mikhail Zadornov
President, Chairman of the Management Board, Bank VTB 24

The level of our gold and foreign exchange reserves could be increased by 25% if the repayable funds that we have provided within the framework of foreign currency financing are returned.

Elvira Nabiullina
Governor, Central Bank of the Russian Federation

Our economic slowdown is structural in nature and can only be corrected by making structural changes.

Elvira Nabiullina
Governor, Central Bank of the Russian Federation

The best contribution that the Central Bank can make is really to ensure price stability.

Jacob Frenkel
Chairman, J.P. Morgan Chase International

Capital markets can be your best friends or your worst enemies – it all depends on what you do with them.

Jacob Frenkel
Chairman, J.P. Morgan Chase International

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