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E.V.Ponomarenko
CRISISLESSONS:THEREVIEWOFRUSSIAN…
2.Anti-recessionarytoolsofmonetarypolicy:
experiencesofEUcountries
FromthebeginningofglobalcrisisthecentralbanksoftheEUcountries
reducedtherefinancingrateseveraltimes,practicallytozero-level,boughtup
«bad»actives,directinghugeresourcesonrescueoffinancialsector.
RescueoftheGreatBritainbankingsectorin2009autumnhascosttothe
state1.2billionpounds(morethan1.8billiondollars)andhascausedlossof
threeindependentbanksandseveralhousingco-operatives.[3]TheBritishgov-
ernmenthadnationalizedBankNorthernRockinFebruary,2008afterthebank
hashadmulti-blnlossesinthemortgagemarket.Intheautumnof2008thestate
hasbeencompelledtorescueRoyalBankofScotlandandLloydsTSB,appeared
onthevergeofbankruptcy.Asaresultthegovernmentreceivedabout70%
inRBSand43%ofLloyds.Thesefinancialinstitutionswillbedividedinto
2parts,oneofthemissold,andonthebasisofthesecondthreenewbankswill
becreated.
TheEUcountriescreatedthecommonfundformaintenanceofmember
states’economiesatthebasisofpaymentsat1.5%ofeachcountryGDP.They
acceptedthelarge-scaleprogramforthestatefinancialsupportnotonlyfor
bankingsector(uptonationalizationoflargebanksinBelgium,Ireland,and
otherEuropeancountries),butalsoforrealsector–automotiveindustryin
France,Germany,agricultureinanumberofcountries,companiesofresearch
sectorinSaxony,etc.
Thispolicyofgovernmentalinterventionineconomyandfinancialsphere,
seriousexpansionofpublicsectorhasbeenrecognizedasanadequateanswerto
thechallengesofglobalcrisisattheforumof20mostdevelopedcountriesofthe
worldtookpartattheendof2008inWashington.
3.Lessonsofthecrisis–tochangethetoolsofregulation
Firstimportantlessonofthecrisisinbankingspherewastheunderstanding
oftheneedtoexpandthetoolsofmonetarypolicy,movingawayfromthenotion
toregulatemainlyinterestrates.
Themostimportant,ifnotthesole,traditionaltaskofcentralbanksinthe
vastmajorityofcountrieswastokeepinflationatthelowestleveltoensuresus-
tainedgrowthintheconditionsofstrengtheningofthemarkets«failures»,and
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