This brings me to the TACIS project funded by the European Union for the training of around 400 experts of the Central Bank of Russia over 24 months. Our project will concentrate mainly on the areas of banking supervision and regulation, inspection and licensing, as well as bank rehabilitation.
Maintaining the public’s confidence in its policies should thus be among the central bank’s highest priorities.14 For this reason, I would argue that the Fed’s response to the inflationary effects of an increase in oil prices should depend to some extent on the economy’s starting point.