Furthermore, Russia is one of the first states which started to tighten its monetary policy. Our economy is now close to its potential. If we had continued accommodative monetary policy, it would not have promoted growth any longer, but would have only provoked bubbles in the market. As inflation has risen both globally, and inside the country due to internal and sufficiently steady factors, we need to take committed efforts to bring inflation back to the target. Secondly, monetary policy significantly promoted the fast rebound of the Russian economy. I mean not only and not so much the reduction in the key rate in spring 2020. The main thing is the result of inflation targeting over recent years. We were able to shift towards countercyclical monetary policy and aid the economy during the crisis, rather than combat the soaring risks of inflation, as we used to before, exactly because we had been maintaining inflation close to the target for a rather long period of time. This reassures us that we have made the right choice and that our monetary policy instruments enable us to achieve our goals in very diverse circumstances. Thirdly, shifts in the economy and peoples’ and businesses’ expectations and behaviour might require central banks to adjust all their policies, including monetary policies. To this end, most central banks, first of all those pursuing inflation targeting policies, carry out regular in-depth analysis of their goals and instruments, that is, a review of their monetary policies.
At the second stage, we will arrange consultations with the professional community, including financial market representatives, companies, independent analysts, and researchers. Now, I would like to focus on challenges to the economy in a broader context. By the moment, the economy has almost recovered to its pre-crisis level. Today, the key question is about the pace of post-pandemic growth and the drivers that would promote a faster than 1.5–2% annual growth rate (this was our pre-pandemic estimate of potential growth). We believe that, by bringing inflation back to the target, our monetary policy will serve our longterm development goals. Indeed, monetary policy does not influence economic potential. However, it creates prerequisites 2/7  BIS central bankers' speeches  for investment that would improve labour productivity and relocate resources to the industries of tomorrow. The chief result of the inflation targeting regime is that we have managed to decrease the socalled inflation premium and, accordingly, the level of long-term interest rates, thus improving the affordability of long-term financing. These are moderate long-term interest rates, rather than our key rate as such, that are vital for businesses’ investment plans. It is now crucial not to miss the momentum of changes — we need to support digitalisation and, simultaneously, raise labour productivity and reduce companies’ costs. The Government has launched large-scale infrastructure projects that should open new opportunities for businesses to implement really efficient projects. This is also essential given the energy transition that is set to take place.