Carnegie Moscow Center
Moscow’s unwillingness to trust market forces and continued insistence on top-down economic policies undermines any attempt at a true economic partnership with Europe.
Despite the renewed flow of bank credit, investment remains low in Russia. If investment growth fails to materialize soon, the economy may be headed for a long period of stagnation.
The financial crisis has exposed the weaknesses in a number of national and international financial institutions. It has also created the opportunity to develop an integrated regulatory framework for the global financial sector.
The Euro crisis, which strikes at the heart of the world’s largest trading block, no longer threatens just Europe. Economies around the globe are already being affected, and the worldwide recovery is at risk.
In 1998, Russia successfully dealt with a severe fiscal crisis by restructuring its debt. If Greece chooses to do the same, it should take note of three valuable lessons from Russia’s experience.
European and Russian experts discuss the key issues affecting Russia-Europe relations.
Twelve years after defaulting on its debt, Russian policy makers are again facing difficult choices regarding public spending. With debt remaining at relatively low levels, however, the government should focus on economic recovery, not deficit reduction.
The Santiago Principles and the commitment of their sponsors—some of the biggest sovereign wealth funds—are an important test for the viability of new forms of global governance.
To counter the steep economic downturn in 2009, Russia enacted a stimulus package equivalent to almost 7 percent of GDP. The Kremlin's response was effective and its consequences lead Russia's relatively quick recovery.
Russia weathered the global recession better than initially feared, but the crisis has emphasized the country’s long-standing need to modernize its public sector, strengthen its financial sector, and improve its investment climate.