The meeting of the recently formed Presidential Economic Council was held on July 20, 2012. Leaders of the Russian economy – the economic bloc ministers, scientist economists and representatives of financial institutions – participated at the meeting held by Vladimir Putin.
The Economic Council was established by presidential executive order to draft proposals on the main areas of social and economic policy, sustainable development, and technological modernisation of the economy.
The first meeting was devoted to discussion of the current global and regional problems such as global economy instability, analysis of the current economic developments, recommendations on the government measures to be taken in the sphere of economy and in overcoming difficult crisis situations.
Yaroslav Lissovolik, Chief Economist, Head of Research at Deutsche Bank Russia, delivered a report on economic stability measures in the European Union. In particular he said “Economic recession and the national debt in a combination may intensify each other and lead to a vicious circle which Europe would be able to break only through structural reforms, most notably via raising labour productivity”.
Such experts as Oleg Viyugin, Chairman of the Board of Directors of MDM-bank, Evgeny Gavrilenkov, Managing Director of Troika Dialog, Alexander Dynkin, Head of the Institute of World Economy, Sergey Ignatiev, Head of the Central Bank of Russia, and German Gref, Head of Sberbank, also shared their ideas at the meeting.