Matolcsy: History is full of unintended side-effects

English2021. ápr. 16.GOVERNOR MATOLCSY100WORDS

Indeed, Russian fiscal and monetary policies have become a model of orthodoxy since 2015. /Ruchir Sharma, FT, 29 March 2021/

It was a wise and successful answer to all Western sanctions. The Russian model works, a crisis-scarred nation rightly prizes stability and policies aiming for import substitution which created a new SME sector.

Russia is really well-built to capitalize on a post-pandemic world where regionalism, local digital transition, AI, robotics and all other new technologies will play a major role in generating economic growth.

It is clear-cut that all Western sanctions have been accelerating the transition from an Atlantic Age to the Age of Eurasia.

Historically, all these were - most likely - an unintended side-effect of Western grand-strategies.

Governor Matolcsy, MNB, the Central Bank of Hungary

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