VLADIMIR PUTIN
ARCHIVE OF THE OFFICIAL SITE
OF THE 2008-2012 PRIME MINISTER
OF THE RUSSIAN FEDERATION
VLADIMIR PUTIN

Point of View

2 may
2012
Ways to Overcome the World Economic Crisis 29

“Our country, you and I, have managed to prevent a repeat of the shocks of 1998. This, too, can certainly be called your achievement, to a considerable extent. This attests to the fact that the plan of anti-crisis measures drafted and advanced by the government had proved effective.”

Vladimir Putin
At a government meeting, May 2
11 april
2012
Ways to Overcome the World Economic Crisis 29

“According to our overview of the past four years, we can state with confidence that Russia has not only recovered from the crisis but has also made a significant step forward. We have become stronger.”

Vladimir Putin
During the report to the State Duma on government performance in 2011, April 11
11 april
2012
Ways to Overcome the World Economic Crisis 29

“It goes without saying that the crisis was a trial for us, and a difficult one. We lost time and pace in implementing some reforms, but we have kept up the forward momentum. Yes, the decline was tangible. We know and remember this, but we recovered much faster than many other countries. Today we have the highest economic growth rates in the G8 and one of the highest among the world’s major economies.”

Vladimir Putin
During the report to the State Duma on government performance in 2011, April 11
16 november
2011
Ways to Overcome the World Economic Crisis 29

“All global economic processes are interconnected. Risks that are present in some markets inevitably have an impact on the overall situation. This is why well-coordinated collective efforts of all countries are needed to steer out of the crisis, and the roles of the Russian and German business communities are very important here. <…>This country is ready to join (and has already joined) the efforts to overcome the effects of the crisis, including in the Eurozone. We are prepared to render practical aid, primarily through the IMF mechanisms.”

Vladimir Putin
At a meeting with representatives of the German business community, November 16
11 july
2011
Ways to Overcome the World Economic Crisis 29

“It is very important to scrutinise what happened in the world economy – to study the circumstances in which the crisis unfolded, find a cure, and draft measures to preventing such adverse developments in the future. We must make our national economies reliable and productive, and protect them against all kinds of negative factors, risks, and potential pitfalls.”

Vladimir Putin
At a meeting with economists from the Russian Academy of Sciences, July 11
23 march
2011
Ways to Overcome the World Economic Crisis 29

“We are overcoming the aftermath of the global economic crisis and steadily increasing trade. It grew by more than a quarter last year to $1.4 billion, and Russia has firmly established itself among Serbia’s leading trade partners.”

Vladimir Putin
At a news conference on Russian-Serbian talks
18 june
2010
Ways to Overcome the World Economic Crisis 29

“The global economic crisis that we all have encountered has clearly shown how dependent we are on each other. It has also shown that the irresponsible or selfish actions of one country or even one large bank may cause problems for the entire global financial system, as well as for themselves. Therefore, it is especially important that governments, financial authorities, and central banks of all countries synchronise their policies. … We are committed to coordinating our own steps with what's going on out there, with the decisions worked out by the G8 and G20 groups.”

Vladimir Putin
At the international conference “Central Banks and the Development of the World Economy: New Challenges and Prospects,” timed to coincide with the 150th anniversary of the Russian Central Bank, June 18
10 june
2010
Ways to Overcome the World Economic Crisis 29

“There are problems, but I do not want to get into their causes now. European leaders have spoken about this at length, convincingly, and I think correctly. [Financial] discipline must be strengthened and the budget deficit must be closely monitored. Overall, there is much to be done, such as changing the currency laws, which should be the same, or at least as close as possible, in all EU countries. On the whole, the foundations of the European economy are sufficiently strong. There are clear leaders in terms of economic stability, such as Germany and France. And nobody wants to destroy the European Union. I think that Ms. Merkel was correct when she said that there would be no EU without the euro, even if the organisation would still be called the European Union.”

Vladimir Putin
At an interview to Agence France Presse and France 2 television channel ahead of his working visit to France, June 10
14 may
2010
Ways to Overcome the World Economic Crisis 29

“Today, I would like to draw your attention to the fact that we were forced to reallocate resources in an effort to overcome the consequences of the global financial and economic crisis. A proportion of those resources that could have been put towards modernisation, was instead spent on anti-crisis objectives. Today, we are working amid considerably changed, to put it bluntly, tougher external and domestic conditions. The events of the last few weeks have shown that it is still too early, too premature to say that the global crisis has ended completely. Today Eurozone states are being forced to implement unprecedented measures in order to stabilise their financial systems, while the people have to pay for their previous macroeconomic miscalculations. In effect, a simple truth has been confirmed: in the long-term perspective only a responsible macroeconomic policy can facilitate steadily rising and improving standards of living among the population. I am deeply convinced that we must ensure macroeconomic stability”.

Vladimir Putin
At a joint meeting of the Ministry of Finance and Ministry of Economic Development Boards, May 14
21 january
2010
Ways to Overcome the World Economic Crisis 29

Today we will also discuss the draft of the federal targeted programme on nuclear energy technology. Our primary objective is to use our competitive advantages in this high tech economic sector and to consolidate Russia's position on the international market. We have done much in the past, but now we must exploit our experience.

Vladimir Putin
At a Government meeting, January 21, 2010
12 may
2009
Ways to Overcome the World Economic Crisis 29

"The crisis, despite its negative elements, offers a unique opportunity to reform the economy, rehabilitate the global financial system, and formulate a modern agenda that should adequately reflect the growing role of the new centres of economic growth and political influence. Being here in Tokyo, I am referring above all to the Asia-Pacific region."

Vladimir Putin
At the the Russian-Japanese Business Forum, Tokyo, May 12, 2009
10 march
2009
Ways to Overcome the World Economic Crisis 29

“To overcome the negative consequences of the global financial and economic crisis, we should take effective joint actions to rehabilitate the global financial and investment system. Likewise, we must maintain and, if possible, enhance the level of trade and economic relations and cooperation in other spheres of bilateral relations. To attain this objective, we should act with maximum trust based on a positive approach to the partners' interests. I am convinced that if we follow these guidelines, Russia and Hungary will make a befitting contribution to European economic stability.”

Vladimir Putin
Plenary meeting of intergovernmental Russian-Hungarian consultations, Moscow, 10 March 2009
26 february
2009
Ways to Overcome the World Economic Crisis 29

“In conditions of the crisis, we should pay more attention to social problems and to preventing unfavourable developments in this field.”

Vladimir Putin
Council of Europe Conference of Ministers Responsible for Social Cohesion, Moscow, 26 February 2009
26 february
2009
Ways to Overcome the World Economic Crisis 29

"On the whole, we are convinced that a fall in social standards, a kind of "social dumping" should not be used as an anti-crisis measure because it will not only fail to improve the situation but will also complicate steady economic recovery."

Vladimir Putin
Council of Europe Conference of Ministers Responsible for Social Cohesion, Moscow, 26 February 2009
5 february
2009
Ways to Overcome the World Economic Crisis 29

“We have said more than once that our goal is to turn the rouble into reserve currency. Please believe me, this is an understandable and reachable goal. We are already using roubles for settlements in trade with some countries.”

Vladimir Putin
Government meeting, Moscow, 5 February 2009
28 january
2009
Ways to Overcome the World Economic Crisis 29

“We must strengthen the system of global regulators based on international law and a system of multilateral agreements in order to prevent chaos and unpredictability in such a multi-polar world. Consequently, it is very important that we reassess the role of leading international organisations and institutions.”

Vladimir Putin
Opening ceremony of the World Economic Forum, Davos, 28 January 2009
28 january
2009
Ways to Overcome the World Economic Crisis 29

“Excessive dependence on a single reserve currency is dangerous for the global economy. I think it is clear to everyone now. Consequently, it would be sensible to encourage the objective process of creating several strong reserve currencies in the future. It is high time we launched a detailed discussion of methods to facilitate a smooth and irreversible switchover to the new model.”

Vladimir Putin
Opening ceremony of the World Economic Forum, Davos, 28 January 2009
28 january
2009
Ways to Overcome the World Economic Crisis 29

“Most nations of the world convert their international reserves into foreign currencies and must therefore be convinced that they are reliable. Those issuing reserve and accounting currencies are objectively interested in their use by other states. This highlights mutual interests and interdependence.”

Vladimir Putin
Opening ceremony of the World Economic Forum, Davos, 28 January 2009
28 january
2009
Ways to Overcome the World Economic Crisis 29

“Nor should we turn a blind eye to the fact that the spirit of free enterprise, including the principle of personal responsibility of businesspeople, investors and shareholders for their decisions, has been eroded in the last few months. There is no reason to believe that we can achieve better results by shifting responsibility onto the state.”

Vladimir Putin
Opening ceremony of the World Economic Forum, Davos, 28 January 2009
28 january
2009
Ways to Overcome the World Economic Crisis 29

“In our opinion, we must first atone for the past and lay our cards on the table, so to speak. This means we must assess the real situation and write off all hopeless debts and "bad" assets. True, this will be an extremely painful and unpleasant process. Many will be unwilling to accept such measures, fearing for their capitalisation, bonuses, or reputation. However, we will "conserve" and prolong the crisis if we do not clean up our balance sheets. I believe financial authorities must work out the required mechanism for writing off debts, one that corresponds to today's economic needs.”

Vladimir Putin
Opening ceremony of the World Economic Forum, Davos, 28 January 2009
28 january
2009
Ways to Overcome the World Economic Crisis 29

“In effect, our proposal implies that the audit, accounting, and ratings system reform must be based on a return to the fundamental asset value concept. In other words, assessments of each individual business must be based on its ability to generate added value, rather than on subjective concepts. In our opinion, the economy of the future must become an economy of real values. How to achieve this is not so clear-cut. I have no explicit answer. Let us think about it together. After all, this is what such forums as this are convened for.”

Vladimir Putin
Opening ceremony of the World Economic Forum, Davos, 28 January 2009
28 january
2009
Ways to Overcome the World Economic Crisis 29

“Excessive intervention in economic activity and blind faith in the state's omnipotence is a possible mistake. True, the state's increased role in times of crisis is a natural reaction to market regulation setbacks. Instead of streamlining market mechanisms, some are tempted to expand state economic intervention to the greatest possible extent. The concentration of surplus assets in the hands of the state is a negative aspect of anti-crisis measures in virtually every nation.”

Vladimir Putin
Opening ceremony of the World Economic Forum, Davos, 28 January 2009
28 january
2009
Ways to Overcome the World Economic Crisis 29

“In our opinion, the crisis was brought about by a combination of several factors. The existing financial system has failed. Insufficient regulation has contributed to the crisis, with failures to duly heed tremendous risks. Add to this the colossal disproportions that have accumulated over the last few years - primarily, disproportions between the scale of financial operations and the fundamental value of assets, as well as those between the increased burden on international loans and the sources of their collateral. The entire economic growth system, where one regional centre prints money without respite and limits and consumes material wealth, while another regional centre manufactures inexpensive goods and saves money printed by other governments, has suffered a major setback.”

Vladimir Putin
Opening ceremony of the World Economic Forum, Davos, 28 January 2009
28 january
2009
Ways to Overcome the World Economic Crisis 29

“This crisis was brought about by excessive expectations. Corporate appetites with regard to constantly growing demand swelled unjustifiably. The race between stock market indices and capitalisation began to overshadow rising labour productivity and real-life corporate effectiveness.”

Vladimir Putin
Opening ceremony of the World Economic Forum, Davos, 28 January 2009
28 january
2009
Ways to Overcome the World Economic Crisis 29

“We must not revert to isolationism and unrestrained economic egotism. The leaders of the world's largest economies agreed during the November 2008 G20 summit not to create barriers hindering global trade and capital flows. Russia shares these principles. Although additional protectionism will prove inevitable during the crisis-and we see it today, much to our regret-all of us must display a sense of proportion.”

Vladimir Putin
Opening ceremony of the World Economic Forum, Davos, 28 January 2009
27 january
2009
Ways to Overcome the World Economic Crisis 29

“Just as any other developing market, Russia is playing an increasingly important role in the world economy, and that is clear to everyone. That is why the leaders of the biggest world economies say that such elite clubs as the G8 are getting too narrow for global decision-making, and decisions made by such elite clubs cannot aspire to be universally practicable.”

Vladimir Putin
Interview to Bloomberg news agency, Moscow, 27 January 2008
27 january
2009
Ways to Overcome the World Economic Crisis 29

“We talk about the need to join efforts and to work out common rules-what Russia thinks should be said. First of all, we should discuss setting common standards in the global economy, including its national sectors.”

Vladimir Putin
Interview to Bloomberg news agency, Moscow, 27 January 2008
27 january
2009
Ways to Overcome the World Economic Crisis 29

“There is a lot of talk today about the multi-polar character of the economy. What is meant is mainly prospects for establishing other reserve currencies in addition to the US dollar and the euro. In Russia we realise full well that declaration of a currency as reserve, even regional, is meaningless without economic development and diversification. It is quite possible, however, to speak of regional funds that could become a prototype for a unified economic policy in a particular region.”

Vladimir Putin
Interview to Bloomberg news agency, Moscow, 27 January 2008
27 january
2009
Ways to Overcome the World Economic Crisis 29

“This is a special time we are going through. It is unusual due to the scope of the international financial crisis and its all-embracing character. I don't think international economic relations have seen anything like it throughout their history. So I think teamwork at such venues [World Economic Forum in Davos] is extremely important. Everyone says it is necessary to pool efforts and together overcome the problems in the global economy and finance. I think we need to take a practical approach.”

Vladimir Putin
Interview to Bloomberg news agency, Moscow, 27 January 2008