complaints of pain caused by the crisis has shown how illusory were the hope politicians …
complaints of pain caused by the global crisis in Ukraine, has clearly shown how illusory were the hope some politicians and economists on the autonomy of domestic processes of the world total. Only a few observers nezaangazhirovannyh remains a secret that the latest revival of its dynamic national economy must not some successes of anti-crisis policy of our authorities, but rather the depth of the previous crash and improve the state of world markets (and mostly raw). Therefore, the bravura Goskomstat reports depends largely on how the card will fall in the global arena.
way through the maze of the current global economic solitaire ZN helped the doctor of economics, former head of the NBU, and now - Chief Researcher, Institute of World Economy and International Relations Anatoly Galchinskiy.
- Anatoliy, to our knowledge, it is the crisis in the world economic system was the main theme of your latest research, which resulted in the book crisis ³ cyclic ÑвіÑ‚ового розвитку. Authoritative international analysts and institutions are increasingly more confident talking about the beginning of the stabilization of the world economy. Is it, in your opinion, for this there are serious conditions?
- world statistics are extremely controversial. But if you talk about general trends, they do contain positive potential. It is necessary to analyze the statistical series (YTD), characterizing the dynamics of world energy prices, the demand for investment goods industries (especially iron and steel industry), the indices of stock markets, to be sure: the peak of the global crisis really behind us. From the crisis began to emerge and the automobile industry has suffered, as you know, in addition to housing, perhaps the greatest losses. Very significant and the message of individual countries on the growth of the volume of freight traffic. Analysts do not always pay attention to this, in essence, a synthesis parameter of economic dynamics.
course, need some time to finally overcome the crisis. But the problem, which I as a scientist is doing, is in a slightly different plane. How strong can be Post-crisis stabilization of the world economy? On this issue there is no single answer. However, some processes can not guard.
- What is it?
- Broad public aware of the huge costs the international community to overcome the crisis. According to recent estimates, it has already spent more than 10 trillion. This included $ - almost a fifth of world GDP. Also in this figure does not include the so-called indirect costs. How adequate are these financial injection? What will be their long-term efficacy? As far as systemic institutional measures anti-crisis policy, actively carried out in recent times, whether they involve the underlying economic fundamentals, or is it only on the measures of an operational nature?
When I start to analyze it in that context, the current realities of the world economy, my optimism is completely quenched. It turns out that the root of the crisis (and it is not only contrary to the mortgage market, mortgage - only the external factor of the crisis) in many respects remains out of sight. I understand, it is too early to draw final conclusions, but the fundamental problem of reforming the global economy, in particular those which were discussed at the recent summit of twenty (as we said in an earlier interview ZN ), has not attracted adequate attention. The conclusion is not comforting: unfortunately, in my estimation, achieved stabilization of the world economy will not be long.
We must take into account the inconsistency of anti-crisis measures. In particular, unjustified (in my opinion) governmentalizing in many countries of the world banking system, a huge increase in budget deficits, imbalance in the emission mechanisms, resuscitation threat of inflation, etc. Serious analysts absolutely understandable purely operational implication of the steps (which I am most worried about) reflect a dangerous trend of a new round of politicization of the economy and the long-term context can play a destructive role.
I want to draw attention to yet another aspect. In terms of features the current crisis belongs to the class structure associated with the systemic transformation of the existing institutional mechanisms for the global economy. As the world's history, such crises are usually multi-stage in its development. Thus, the global structural crisis of 1873
lasted until 1879, the first, and then three years later, in 1882-m, in fact resumed. In connection with this crisis of 1873-1882 period called long-term depression.
Similarly, the events unfolded and during the Great Depression 1929-1932 period, which resulted in the institutional arrangements of the monopoly of the economy have been transformed into state-controlled monopoly market. Attention is drawn to a short stabilization period: in the middle of 1937 turned a new crisis, which had the same symptoms. I can cite the following statistics: if you take the index of world industrial output in 1929 to 100, then in 1932 it fell to 63.8. In 1936 - rose to 103.5 (all this applause), but in 1938 fell again to 92.7.
When we focus our attention on the structural specificity of the current crisis, it must take into account similar processes. In particular the fact that for a fundamental renewal of the existing functional mechanisms of the world economy, adoption of a new series of stable economic forms require a lot of time. I would like to be mistaken in its conclusions, but given the above consideration, I have the opinion that the current crisis is also likely to be staged, and stabilization processes - relatively short-lived.
I just elaborated on the arguments, because I consider them extremely important for the Ukrainian economy. It is not known how to really unfold economic processes in the future. But we must take into account in their plans and the likelihood of this scenario.
- As in this context do you assess the anti-crisis policy of the Ukrainian power?
- I do not think we have reason to speak about anti-crisis policy as something holistic. Implemented some anti-crisis measures, which, as seen with the naked eye, totally balanced, in many respects contradictory.
What do we have this year? The fall of industry in the first half to 30.4%, investments - by 43,3, GDP - by 20,3% (Russia - on 13,4%, Kazakhstan - 4,1, Belarus, plus 0,3%). I will say at once: it is - the level of incidence of the economy in the most dramatic for us in 1994. Then drop in GDP was 23%, industry - 28. But the reasons for what was then the situation is well known. This is - the lack of a national currency, the highest by world standards hyperinflation, a complete imbalance in public finances (a budget deficit of about 20% of GDP), a huge debt to Russia for energy, almost zero foreign exchange reserves and external loans of the Ukrainian economy, many other factors.
All this has long remained in the past, and we all thought that the dramatic events of 1994 - only a page of history. Why is this all comes back again? Why do we have perhaps the largest in the world economic crisis? Do not understand this, it is futile to talk about anti-crisis policy. But without this clear: the lion's share of the fall of our economy is related to inadequate economic policies.
Therefore, in response to your question, I want to make only a few caveats, corresponds to the processes in the global economy.
First of all, I believe that we all need to be cautious about the trend nationalization of the economy, strengthening of public-regulatory function, the emerging now in the West. We have a fundamentally different situation. With the current in the West is fundamental, market restriction or even dismantle some of its individual parts can be - as a temporary, purely operational measure - and justified. We do not excessiveness and inadequacy of the market. The special vulnerability of the Ukrainian economy is largely attributed to incompleteness of market reforms.
I would not like all the dogs to hang on the current government. Market reforms virtually halted since the beginning of 2000. None of the governments the 2000-2004 period there was no government economic reforms. Economic recovery in that time occurred on a different basis. The period after 2004-the first was even more dramatic: there are many examples showing that the actual dismantling of market relations. In this situation we are in no way have the right to duplicate the actions of state control. At a time when the country has not yet established a solid foundation of the market and the economy suffers from a shortage, any restriction of market mechanisms, I strongly believe that is extremely dangerous. This is a wholly owned duristika. Not be allowed under any circumstances.
I would like to and your reputable newspaper are quite clear and predictable position on this issue. We must protect the rule of fundamental errors. For example, I do not know what he would do with the power of the nationalized banks, controlling interests in other business entities, that gives us the administration costs. Surely no one understands that it is - a new cycle of corruption, red tape and bureaucratic mayhem?
locomotive out of the crisis may not be the public sector, and not succeeded in our economy to prove its viability, and liberated in fact private enterprises. In a crisis, government must engage others. Its most important contribution to overcoming the crisis should be to ensure real macroeconomic stabilization. So we acted in previous years - a period of more severe economic crisis, and that such a policy, as all well know, was then quite productive.
- You really touched the most painful problems - refer to the macroeconomic stabilization. What is necessary that such stabilization has become a reality? How do you assess the actions in this matter NBU, Government, Ministry of Finance? What could you recommend from my own experience, it is well known for your direct involvement and as Adviser to the President of Ukraine on questions of macroeconomics, and as head of the NBU council to the practical solution of similar problems?
- I'll start, probably not the main, but very meaningful. You mentioned the Ministry of Finance, its role in the stabilization processes. It really should be leading. But I put the question differently: are there we have actually the Ministry of Finance? I am not interested in the sign, but the real action. We have the ministry of public finance. It is. But the financial system has several levels, the base of which are finance business entities and households.
Who is doing this for determining the national economy, in particular, and macroeconomic stabilization, financial segment? If it existed in Ukraine Ministry of Finance and the Ministry is not only the budget, we in the crisis did not rise to the level of government consumption, which has long been off scale. We would have understood and that the service constantly growing budget deficit limits the potential financial stability of business entities. We probably have long been deployed to active fiscal instruments of energy saving, innovation and structural policies, etc. This - the elementary truths of economic policy, neglect of which are simply inexplicable.
Why I raised this question? We are always quite correctly stress the crucial importance of macroeconomic equilibrium. However, we must understand is that, by and large, the economy is not enriched at the macro and micro levels. Micro-and macroeconomics is not all correspond, it is - partners antagonists. Creative potential of the economy, its energy generated at the micro level. Macroeconomics - a system of distribution. Its function - providing all the existing instruments, including fiscal policy and the means necessary to strengthen particularly the financial health of business entities. In this sense absolutisation of macroeconomic impact, their excessiveness only hurts the real economy. I would like us to have been sympathetic to these problems.
- I still return to the policy of the National Bank. I know that you are always treated with great sympathy for the institution. But today perhaps the most reproaches addressed to the sound of NBU. How do you assess this situation?
- All we need very carefully, I would say - even pedantically refer to the credibility of the National Bank. From this purely psychological factor is very much depends on the system of monetary and exchange relations. I'm sorry that not all (including officials) understand this.
In my opinion, the analysis of monetary policy NBU this year - is a topic for another day. I know that the IMF, for all its fault-finding evaluates it positively.
Special attention should be given the problem of placement of government bonds. According to statistics available at my disposal, the first eight months of this year, the Ministry of Finance has placed the financial market of Government Bonds in the amount of 43,02 billion UAH. As of 31.08.09 the amount of Government Bonds held by the NBU, reached 34,6 billion UAH. I do not have accurate information, but can not even assume that the NBU, directly or indirectly, conduct financial transactions on the primary market for government bonds, as now, many say. This - the direct financing of the budget deficit that does not fit the canons of the market economy and, moreover, is prohibited by law. Relevant legislation was adopted in 1995, when the financial situation in the public sector was an order of magnitude more difficult than now.
For eight months for the refinancing of commercial banks spent 58,9 billion UAH. Refinancing of commercial banks - is for us to be determining channel emission of NBU. This is for all the canons - the main resource to maintain liquidity of commercial banks. There is quite a wide field for improvement of this mechanism. This applies to the discount rate. In a crisis, it should be as low as possible. On the refinancing does not need to earn money, then they have to cover the budget deficit. I am convinced that these truths are well known in the NBU. They must be guided in practice.
most difficult are the problems associated with the currency devaluation of the hryvnia. Formally, the NBU enough foreign exchange reserves (at 01.09.09 - 28,9 billion dollars) to more actively influence the exchange rate. But the effectiveness of foreign exchange intervention (except for the balance of the balance of payments) are needed, at least two premises: first - a balanced financial policy of the Government, the second - the political stability in the country, the feeling of the country's population optimistic prospects. We have neither the first nor the second.
In my opinion, in this situation behaves NBU on the interbank market rather correctly. Reserves can burn a few months. Who would call this policy reasonable? Exchange rate - is a mirror of the entire economy, and its current dynamics confirms this dependence. But, despite this, the situation in which the exchange rate confidently strides to mark 10, it seems to me disastrous.
- However, there is an opposite point of view that the low rate - a factor of competitiveness of Ukrainian economy.
- This is too one-sided position. I have always been and remains an active supporter of a strong national currency. In Ukraine, a high proportion of critical imports (especially energy imports), we need substantial foreign exchange reserves to service external debts. Our economy - is part of the world economy, where the level of capitalization of individual economic entities, like the economy as a whole, is estimated in dollar terms. Our leading companies, including exporters, seek listing on global stock markets. The depreciation of the hryvnia twice - is a corresponding reduction in their capital assessment.
This applies to personal income: if the average salary in 2 ths. an exchange rate of 5 the equivalent of $ 400, then the course mark of 10 - is already $ 200 Passport to Antalya for the teacher is paid in UAH, now costs two times more expensive than two years ago.
There are here and the other not less important factor. We must always overcome the structural distortion of the Ukrainian economy - it is too high export dependence. The depth of the crisis in Ukraine is largely due to this factor. But with a low exchange rate of effective structural policies is impossible. With proven and previous practice.
In this situation, the stabilization of the exchange rate becomes, in essence, the key issue of anti-crisis policy. Now - this is the main test for viability, not only NBU, not only the authorities but also the entire state.
Yuri SKOLOTIANY
The end of last week on the London Metal Exchange was at a minor note
European stock markets finished in the green zone the sixth consecutive trading session due to the strengthening of the mining and banking sectors
Between China and the U.S. opened trade war
Problems in the U.S. economy is even worse than before the crisis
Economy offer
AZS deprived of raw materials for production
Recommendations futures Gazprom shares
Frugal background news on Monday causes a rather sluggish trading, under the closing session, you can see the restoration of indices
At 16.00 Moscow time the value of the price index was 118.54 points RGBI
Anatoly Galchinskiy: The achieved stabilization of the world economy will not be long
complaints of pain caused by the crisis has shown how illusory were the hope politicians …
complaints of pain caused by the global crisis in Ukraine, has clearly shown how illusory were the hope some politicians and economists on the autonomy of domestic processes of the world total. Only a few observers nezaangazhirovannyh remains a secret that the latest revival of its dynamic national economy must not some successes of anti-crisis policy of our authorities, but rather the depth of the previous crash and improve the state of world markets (and mostly raw). Therefore, the bravura Goskomstat reports depends largely on how the card will fall in the global arena.
way through the maze of the current global economic solitaire ZN helped the doctor of economics, former head of the NBU, and now - Chief Researcher, Institute of World Economy and International Relations Anatoly Galchinskiy.
- Anatoliy, to our knowledge, it is the crisis in the world economic system was the main theme of your latest research, which resulted in the book crisis ³ cyclic ÑвіÑ‚ового розвитку. Authoritative international analysts and institutions are increasingly more confident talking about the beginning of the stabilization of the world economy. Is it, in your opinion, for this there are serious conditions?
- world statistics are extremely controversial. But if you talk about general trends, they do contain positive potential. It is necessary to analyze the statistical series (YTD), characterizing the dynamics of world energy prices, the demand for investment goods industries (especially iron and steel industry), the indices of stock markets, to be sure: the peak of the global crisis really behind us. From the crisis began to emerge and the automobile industry has suffered, as you know, in addition to housing, perhaps the greatest losses. Very significant and the message of individual countries on the growth of the volume of freight traffic. Analysts do not always pay attention to this, in essence, a synthesis parameter of economic dynamics.
course, need some time to finally overcome the crisis. But the problem, which I as a scientist is doing, is in a slightly different plane. How strong can be Post-crisis stabilization of the world economy? On this issue there is no single answer. However, some processes can not guard.
- What is it?
- Broad public aware of the huge costs the international community to overcome the crisis. According to recent estimates, it has already spent more than 10 trillion. This included $ - almost a fifth of world GDP. Also in this figure does not include the so-called indirect costs. How adequate are these financial injection? What will be their long-term efficacy? As far as systemic institutional measures anti-crisis policy, actively carried out in recent times, whether they involve the underlying economic fundamentals, or is it only on the measures of an operational nature?
When I start to analyze it in that context, the current realities of the world economy, my optimism is completely quenched. It turns out that the root of the crisis (and it is not only contrary to the mortgage market, mortgage - only the external factor of the crisis) in many respects remains out of sight. I understand, it is too early to draw final conclusions, but the fundamental problem of reforming the global economy, in particular those which were discussed at the recent summit of twenty (as we said in an earlier interview ZN ), has not attracted adequate attention. The conclusion is not comforting: unfortunately, in my estimation, achieved stabilization of the world economy will not be long.
We must take into account the inconsistency of anti-crisis measures. In particular, unjustified (in my opinion) governmentalizing in many countries of the world banking system, a huge increase in budget deficits, imbalance in the emission mechanisms, resuscitation threat of inflation, etc. Serious analysts absolutely understandable purely operational implication of the steps (which I am most worried about) reflect a dangerous trend of a new round of politicization of the economy and the long-term context can play a destructive role.
I want to draw attention to yet another aspect. In terms of features the current crisis belongs to the class structure associated with the systemic transformation of the existing institutional mechanisms for the global economy. As the world's history, such crises are usually multi-stage in its development. Thus, the global structural crisis of 1873
lasted until 1879, the first, and then three years later, in 1882-m, in fact resumed. In connection with this crisis of 1873-1882 period called long-term depression.
Similarly, the events unfolded and during the Great Depression 1929-1932 period, which resulted in the institutional arrangements of the monopoly of the economy have been transformed into state-controlled monopoly market. Attention is drawn to a short stabilization period: in the middle of 1937 turned a new crisis, which had the same symptoms. I can cite the following statistics: if you take the index of world industrial output in 1929 to 100, then in 1932 it fell to 63.8. In 1936 - rose to 103.5 (all this applause), but in 1938 fell again to 92.7.
When we focus our attention on the structural specificity of the current crisis, it must take into account similar processes. In particular the fact that for a fundamental renewal of the existing functional mechanisms of the world economy, adoption of a new series of stable economic forms require a lot of time. I would like to be mistaken in its conclusions, but given the above consideration, I have the opinion that the current crisis is also likely to be staged, and stabilization processes - relatively short-lived.
I just elaborated on the arguments, because I consider them extremely important for the Ukrainian economy. It is not known how to really unfold economic processes in the future. But we must take into account in their plans and the likelihood of this scenario.
- As in this context do you assess the anti-crisis policy of the Ukrainian power?
- I do not think we have reason to speak about anti-crisis policy as something holistic. Implemented some anti-crisis measures, which, as seen with the naked eye, totally balanced, in many respects contradictory.
What do we have this year? The fall of industry in the first half to 30.4%, investments - by 43,3, GDP - by 20,3% (Russia - on 13,4%, Kazakhstan - 4,1, Belarus, plus 0,3%). I will say at once: it is - the level of incidence of the economy in the most dramatic for us in 1994. Then drop in GDP was 23%, industry - 28. But the reasons for what was then the situation is well known. This is - the lack of a national currency, the highest by world standards hyperinflation, a complete imbalance in public finances (a budget deficit of about 20% of GDP), a huge debt to Russia for energy, almost zero foreign exchange reserves and external loans of the Ukrainian economy, many other factors.
All this has long remained in the past, and we all thought that the dramatic events of 1994 - only a page of history. Why is this all comes back again? Why do we have perhaps the largest in the world economic crisis? Do not understand this, it is futile to talk about anti-crisis policy. But without this clear: the lion's share of the fall of our economy is related to inadequate economic policies.
Therefore, in response to your question, I want to make only a few caveats, corresponds to the processes in the global economy.
First of all, I believe that we all need to be cautious about the trend nationalization of the economy, strengthening of public-regulatory function, the emerging now in the West. We have a fundamentally different situation. With the current in the West is fundamental, market restriction or even dismantle some of its individual parts can be - as a temporary, purely operational measure - and justified. We do not excessiveness and inadequacy of the market. The special vulnerability of the Ukrainian economy is largely attributed to incompleteness of market reforms.
I would not like all the dogs to hang on the current government. Market reforms virtually halted since the beginning of 2000. None of the governments the 2000-2004 period there was no government economic reforms. Economic recovery in that time occurred on a different basis. The period after 2004-the first was even more dramatic: there are many examples showing that the actual dismantling of market relations. In this situation we are in no way have the right to duplicate the actions of state control. At a time when the country has not yet established a solid foundation of the market and the economy suffers from a shortage, any restriction of market mechanisms, I strongly believe that is extremely dangerous. This is a wholly owned duristika. Not be allowed under any circumstances.
I would like to and your reputable newspaper are quite clear and predictable position on this issue. We must protect the rule of fundamental errors. For example, I do not know what he would do with the power of the nationalized banks, controlling interests in other business entities, that gives us the administration costs. Surely no one understands that it is - a new cycle of corruption, red tape and bureaucratic mayhem?
locomotive out of the crisis may not be the public sector, and not succeeded in our economy to prove its viability, and liberated in fact private enterprises. In a crisis, government must engage others. Its most important contribution to overcoming the crisis should be to ensure real macroeconomic stabilization. So we acted in previous years - a period of more severe economic crisis, and that such a policy, as all well know, was then quite productive.
- You really touched the most painful problems - refer to the macroeconomic stabilization. What is necessary that such stabilization has become a reality? How do you assess the actions in this matter NBU, Government, Ministry of Finance? What could you recommend from my own experience, it is well known for your direct involvement and as Adviser to the President of Ukraine on questions of macroeconomics, and as head of the NBU council to the practical solution of similar problems?
- I'll start, probably not the main, but very meaningful. You mentioned the Ministry of Finance, its role in the stabilization processes. It really should be leading. But I put the question differently: are there we have actually the Ministry of Finance? I am not interested in the sign, but the real action. We have the ministry of public finance. It is. But the financial system has several levels, the base of which are finance business entities and households.
Who is doing this for determining the national economy, in particular, and macroeconomic stabilization, financial segment? If it existed in Ukraine Ministry of Finance and the Ministry is not only the budget, we in the crisis did not rise to the level of government consumption, which has long been off scale. We would have understood and that the service constantly growing budget deficit limits the potential financial stability of business entities. We probably have long been deployed to active fiscal instruments of energy saving, innovation and structural policies, etc. This - the elementary truths of economic policy, neglect of which are simply inexplicable.
Why I raised this question? We are always quite correctly stress the crucial importance of macroeconomic equilibrium. However, we must understand is that, by and large, the economy is not enriched at the macro and micro levels. Micro-and macroeconomics is not all correspond, it is - partners antagonists. Creative potential of the economy, its energy generated at the micro level. Macroeconomics - a system of distribution. Its function - providing all the existing instruments, including fiscal policy and the means necessary to strengthen particularly the financial health of business entities. In this sense absolutisation of macroeconomic impact, their excessiveness only hurts the real economy. I would like us to have been sympathetic to these problems.
- I still return to the policy of the National Bank. I know that you are always treated with great sympathy for the institution. But today perhaps the most reproaches addressed to the sound of NBU. How do you assess this situation?
- All we need very carefully, I would say - even pedantically refer to the credibility of the National Bank. From this purely psychological factor is very much depends on the system of monetary and exchange relations. I'm sorry that not all (including officials) understand this.
In my opinion, the analysis of monetary policy NBU this year - is a topic for another day. I know that the IMF, for all its fault-finding evaluates it positively.
Special attention should be given the problem of placement of government bonds. According to statistics available at my disposal, the first eight months of this year, the Ministry of Finance has placed the financial market of Government Bonds in the amount of 43,02 billion UAH. As of 31.08.09 the amount of Government Bonds held by the NBU, reached 34,6 billion UAH. I do not have accurate information, but can not even assume that the NBU, directly or indirectly, conduct financial transactions on the primary market for government bonds, as now, many say. This - the direct financing of the budget deficit that does not fit the canons of the market economy and, moreover, is prohibited by law. Relevant legislation was adopted in 1995, when the financial situation in the public sector was an order of magnitude more difficult than now.
For eight months for the refinancing of commercial banks spent 58,9 billion UAH. Refinancing of commercial banks - is for us to be determining channel emission of NBU. This is for all the canons - the main resource to maintain liquidity of commercial banks. There is quite a wide field for improvement of this mechanism. This applies to the discount rate. In a crisis, it should be as low as possible. On the refinancing does not need to earn money, then they have to cover the budget deficit. I am convinced that these truths are well known in the NBU. They must be guided in practice.
most difficult are the problems associated with the currency devaluation of the hryvnia. Formally, the NBU enough foreign exchange reserves (at 01.09.09 - 28,9 billion dollars) to more actively influence the exchange rate. But the effectiveness of foreign exchange intervention (except for the balance of the balance of payments) are needed, at least two premises: first - a balanced financial policy of the Government, the second - the political stability in the country, the feeling of the country's population optimistic prospects. We have neither the first nor the second.
In my opinion, in this situation behaves NBU on the interbank market rather correctly. Reserves can burn a few months. Who would call this policy reasonable? Exchange rate - is a mirror of the entire economy, and its current dynamics confirms this dependence. But, despite this, the situation in which the exchange rate confidently strides to mark 10, it seems to me disastrous.
- However, there is an opposite point of view that the low rate - a factor of competitiveness of Ukrainian economy.
- This is too one-sided position. I have always been and remains an active supporter of a strong national currency. In Ukraine, a high proportion of critical imports (especially energy imports), we need substantial foreign exchange reserves to service external debts. Our economy - is part of the world economy, where the level of capitalization of individual economic entities, like the economy as a whole, is estimated in dollar terms. Our leading companies, including exporters, seek listing on global stock markets. The depreciation of the hryvnia twice - is a corresponding reduction in their capital assessment.
This applies to personal income: if the average salary in 2 ths. an exchange rate of 5 the equivalent of $ 400, then the course mark of 10 - is already $ 200 Passport to Antalya for the teacher is paid in UAH, now costs two times more expensive than two years ago.
There are here and the other not less important factor. We must always overcome the structural distortion of the Ukrainian economy - it is too high export dependence. The depth of the crisis in Ukraine is largely due to this factor. But with a low exchange rate of effective structural policies is impossible. With proven and previous practice.
In this situation, the stabilization of the exchange rate becomes, in essence, the key issue of anti-crisis policy. Now - this is the main test for viability, not only NBU, not only the authorities but also the entire state.
Yuri SKOLOTIANY
The end of last week on the London Metal Exchange was at a minor note
European stock markets finished in the green zone the sixth consecutive trading session due to the strengthening of the mining and banking sectors
Between China and the U.S. opened trade war
Problems in the U.S. economy is even worse than before the crisis
Economy offer
AZS deprived of raw materials for production
Recommendations futures Gazprom shares
Frugal background news on Monday causes a rather sluggish trading, under the closing session, you can see the restoration of indices
At 16.00 Moscow time the value of the price index was 118.54 points RGBI