...under one roof. Putin has it all. What could go wrong? Full link here. As I intimated in the previous post, this will get interesting. Now that Putin has fait accompli in terms of absolute power, and has secured his eastern borders with commodity contracts, etc., he can focus on central Asia, either overtly or by playing The Man With No Name game with China and the U.S. A favorable position at the moment.
Worryingly for investors, Mr. Putin nominated a confidante despite a consensus among global economic policy planners that countries with independent central bankers tend to do better economically over the long term. Yet Mr. Putin already controls other ostensibly independent institutions in Russia, like Parliament.
Mr. Putin’s government has also advocated for more seats on the bank’s board and plans to combine the functions of the stock market regulator, the equivalent of the Securities and Exchange Commission, with the central bank, further centralizing financial regulatory control.
“The central bank isn’t simply a commercial bank, it is above all the regulator of our financial system and the most powerful institution responsible for state economic policy,” Mr. Putin said in making the announcement, in comments carried by news agencies.