The 2008 Crisis: “A Moment of Truth” for the Global Economy and New Opportunities for Russia

Abstract

Aggravation of the crisis in the western economies has led to dramatic changes in the world financial system. As a result, the regulatory approaches of major industrial countries have been significantly modified even in the spheres that were not subject to change for many years (as was the case with some segments of monetary policy). At the same time new sources of risks to be reckoned with have emerged. The forecasts of some future developments as well as suggestions about necessary steps to strengthen the Russian economy in conditions of global instability are presented.