Russia to Set Up Financial Stability Coucil

Russia’s Finance Ministry is setting up a Financial Stability Council to study macroeconomic and credit-monetary policy and head off any new economic crisis, a Finance Ministry official said on Tuesday at RIA Novosti’s Investment in Russia forum in Moscow.

The decision to create the Council was taken at a meeting of the Presidential Council for development of the financial markets, under First Deputy Prime Minister Igor Shuvalov.

“We plan to set up the Stability Council in 2013,” said the Finance Ministry’s Financial Policy Department representative, Andrei Lozovoi.

The structure and functions of the council are now being discussed, “The council will consist of representatives of the Finance Ministry, Economic Development Ministry, Bank of Russia, Financial Markets Service and possibly someone from the new elements within the government,” he said.

“The council will have characteristics reminiscent of the similar council in France, and also the open market council of the Federal Reserve in the United States,” he added.

It has not yet been decided which authority the council will work under the auspices of, he noted. “The question is open,” he stated. “It could be part of the financial markets development council which is headed by Igor Shuvalov, or could be an institute in the Bank of Russia, or a structure under the president or government,” he concluded.


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