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Putin names at G20 summit problems requiring urgent attention

September 05, 2013, 17:55 UTC+3
Among the latest risks he mentioned “the negative consequences the gradual reduction of quantitative monetary easing will have for other economies, primarily developing ones”
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Photo ITAR-TASS/Valery Sharifulin

Photo ITAR-TASS/Valery Sharifulin

STRELNA, LENINGRAD REGION, September 5 (Itar-Tass) - At the first working meeting of the Group of Twenty heads of state in St. Petersburg on Thursday, September 5, President Vladimir Putin named the problems that require urgent attention.

Among the latest risks he mentioned “the negative consequences the gradual reduction of quantitative monetary easing will have for other economies, primarily developing ones.”

In his opinion, “in the absence of proper flexibility of budget strategies and lack of progress in structural reforms, quantitative monetary easing helped maintain the growth and reduce volatility in financial markets.” On the other hand, he believes that continued monetary injections into the economy will inevitably lead to greater inflationary expectations and bubbles, and super profitability of financial transactions will prevent effective redistribution of funds in favour of the real sector of the economy.

In addition, Putin noted that “external side effects of the quantitative monetary easing increase the volatility of capital flows and put more pressure on the exchange rate of the national currencies.

The president also noted considerable risks that may be created by the termination of the quantitative monetary easing policy. “All this requires constant monitoring, projection of possible consequences and timely adoption of additional preventive measures,” Putin said.

“All this is not by far the complete list of problems that require our urgent attention,” he added.

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