Economics
Wait Until Next Generation: Bank of Russia Chases ECB-Like Trust
- Yudaeva says 15-20 years of meeting inflation goals is needed
- Russian inflation expecations high even as price growth slows
This article is for subscribers only.
Maybe the next generation of Russians will enjoy the fruits of the central bank’s fight against inflation.
Fifteen to 20 years of meeting its price-growth targets is needed to match the credibility of the European Central Bank, according to Ksenia Yudaeva, a first deputy governor at the Bank of Russia. While blindsided in the past two years by shocks including a currency collapse, an oil slump and restrictions on food imports, the chief economic forecaster at the central bank says one of the biggest long-term risks to its inflation goal is an outlook shared by a population accustomed to years of elevated price growth.