It is a pleasure to be here in this historic hall to address a group that has played such an important role in Russia's progress. Over the years, the council's invitations to me to speak have often coincided with turning points in Russia's progress.
Tonight is no exception.
This enthusiasm reflects what I believe is a new stage in Russia's progress, a stage in which growth, rather than stabilization, is emerging as the central priority. All too often in the early 1990s, hope for Russia's reform in spring gave way to despair by autumn as spending pressures increased. This year, for the second fall in a row, that is not the case. In my view, there is an excellent chance that we will look back on this period as the point at which Russia consolidated its progress toward stabilization and began serious, sustainable growth. There are those on both sides of the Atlantic, who are inclined to see the present situation in crisis terms.