Moreover, while this has been the fourth event of its kind, I would like to stress that our cooperation goes deeper as there have been various forms of cooperation between our institutions at all levels. Our partnership has the full legacy of the bilateral relations that several national central banks of the Eurosystem and the Bank of Russia have been developing since the 1990s.
When there are more frauds and robberies in banks, depositors will receive less return on their deposits and will have to pay high rates on their loans. When public projects are inflated by corruption, citizens have to pay in the form of more taxes. These acts further distort equitable distribution of wealth and, hence, increase in the incidence of poverty.