Sergei Mironov: "Beginnings and reasons of the crisis are outside the Russian economy"

October 14. Chairman of the Federation Council Sergei Mironov commented on the results of the 231st (out-of-sequence) session of the Federation Council.

The problem of world economic crisis became the most acute topic to discuss.

As Sergei Mironov said, "beginnings and reasons of the crisis are outside the Russian economy. As our country actively deals in world economic relations, the crisis was to affect us unavoidably. But we have all that is necessary to protect ourselves from the negative impact of the current state of affairs in the world. Our financial system and economy in general possess the huge amount of durability worked out during the years of continuous economic growth. The time to use these resources has come – and it has been done.

First of all the taken measures must protect Russian banks as the most important element of economic system. It helps to save millions of working places and enable our enterprises to develop. Stabilization of financial situation will promote rehabilitation of trust and financial solvency, and after that revitalization of investment processes.

The symbolical meaning of these acts is not less important. The approved lows demonstrate to the Russian and international economic communities that our state is not going to set Russian enterprises adrift. It shows in a certain sense the state guaranty of their stability. Moreover this guaranty is ensured by real resources. Such signals are worthful in the context of world crisis.

It is important to highlight the solutions that have been proposed in the Federation Council more than once, such as allocation of long-term credits to Russian banks and allowing Russian enterprises to access to the state financial resources accumulated and placed abroad.

The actual crisis has become the most profound after the Great Depression. Like the Great Depression has affected the political and economic life, today we should be ready to see apprehensible changes in our world.

We should draw a lesson from what has happened to be ready for this.

The crisis has proved that the security of placing reserves abroad is a fiction. There are system risks everywhere. There is only one way to get insured – by building up strong home economy. So the next step after financial stabilization is to be pointed on support and stimulation of production modernization. The country that will invest to creation of new effective manufacturing basis more quickly, generously and wisely will not only get out of the crisis rapidly, but will have advantages in the post-crisis world as well. Russia can and must be such country".