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Russia’s By-the-Book Central Banker Sees QE Fading for Good

  • Bank of Russia governor says risks from easy policies rising
  • Stimulus damages productivity, fans ‘bubbles,’ Nabiullina says
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Bank of Russia Chief on Oil's Rally and Brexit Tumult

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The unprecedented tools used by central banks to fight deflation and fire up growth didn’t serve the global economy well, according to Bank of Russia Governor Elvira Nabiullina. And once they’re gone, she says they aren’t coming back.

Besides spillovers that are inflating “asset bubbles in different segments” of global markets, another consequence of ultra-easy settings is that investment has poured into projects that are hurting productivity, Nabiullina said in a Bloomberg Television interview in Moscow. The outcome is a further drag on economic growth and trade that’s reverberating worldwide, she said.