The Dilemma of Ensuring Financial Stability and Stimulating Growth of the Russian Economy

The challenges of the global economy and geopolitical risks have exposed the problems of slowing economic growth and required a rethinking of approaches to curbing inflation. Monetary authorities in advanced economies are forced to adjust to the transition from ultra­low interest rates to their significant growth against the backdrop of high public debt, and in developing countries they are forced to continue to look for tools to stimulate business activity in the face of high inflation and interest rates. At the same time, the methods of monetary regulation sometimes do not give the expected results, and the approaches tested in the last century turn out to be insufficiently effective. At the same time, a number of large countries, including Russia, are under severe sanctions restrictions, the history of which is far from its logical conclusion. In this regard, the discussion about stimulating economic growth without compromising financial stability is one of the most relevant and acute. The essence of the problem is as follows: the priority of one of the opposites of the above­mentioned dilemma negates the achievement of the goals of the other. The resolution of this contradiction lies in the search for a compromise and extraordinary solutions, which are multifaceted, including the specifics of regulating the financial market and the activities of its institutions, the potential for whose participation in the economic development of the country remains far from being exhausted. In this regard, it is of particular importance to clarify the targets of monetary policy and its impact on the economy. The authors of the article came to the conclusion that it is necessary to change the paradigm of "financial stability" to "stimulating sustainable growth of the national economy" and propose to increase the efficiency of the financial regulator in Russia by separating from the functionality of the Central Bank of the Russian Federation the block of macro­ and microprudential regulation, as well as supervision over the activities of financial market participants and transferring these functions to an independent body. The proposed measures will allow, according to the authors of the article, to ensure the focus of the institutional model of financial market regulation on achieving the multi­purpose task of ensuring financial stability in the context of sustainable growth and digital transformation of the Russian economy.

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