Government Policy of Financial Stability

Abstract

Russian government has prepared the package of measures to help the country’s financial system maintain financial stability. The paper discusses the state measures and formulates the propositions of Russian Union of Industrialists and Entrepreneurs (RSPP). The most important ones include coordination of regulators, unsecured refinancing and refinancing of external debts, guarantees of interbank loans, budget deposits in banks. The author analyzes subordinated loans for Russian banks from the state budget, nationalization of several banks and the future of government intervention in the stock market. Special attention is paid to the Deposit Insurance, the development of national credit rating system and the official information policy. The author believes that state measures need the following fine-tuning.