within this review, we will be able to carry out an extensive discussion of how the society perceives the policy pursued and its results. in the course of the review, representatives of the bank of russia will hold meetings with business associations, representatives of small, medium - sized and large enterprises, government authorities, the academic and expert community, including professional financial market participants, and citizens from various social and demographic groups. some of these meetings will take place at the bank of russia ’ s regional branches. such analysis is conducted by many central banks, in the first place by those having a long experience of inflation targeting. some central banks carry out such reviews on a regular basis ( canada, sweden, norway ). the us fed accomplished its review not so long ago. the ecb completed a similar project in july 2021. as to the bank of russia, this is our first experience of such a profound and comprehensive analysis of the achievements of our monetary policy, but we will definitely continue this practice. in the future, the bank of russia plans to make 1 / 3 bis central bankers'speeches such reviews regularly, every five years. the range of topics to be reviewed by our analytical units includes six work streams. work stream 1. inflation target format. this topic is obviously drawing the greatest attention. within this work stream, we will consider once again what format of the target would ensure the highest confidence in it and what inflation rate could be the best measure of price stability. furthermore, we will analyse whether the russian economy has formed the conditions for reducing the inflation target. work stream 2. the operational procedure of monetary policy. the main issue of this block is how effectively the monetary policy pursued achieves its operational objective, which is to keep money market rates close to the key rate. we will also consider whether we need to adjust our operational procedure given the evolution of the russian financial market. work stream 3. retrospective assessment of the effectiveness of the monetary policy pursued. this block of topics is probably the most challenging one technically. within this work stream, we will try to estimate, relying on our model - based approaches, what results we could have achieved through our monetary policy if we had known what we know now when making our earlier decisions. i would like to stress straight away that we will not assess our actual decisions as they were made when we had less information than today. nevertheless, this is a very useful practice to analyse the robustness of the monetary policy pursued, which will provide helpful insights for

which we are currently resolving, are : to better manage risk, so as to protect the rights of depositors and creditors ; to promote the availability of credit, including credit for small businesses ; and to ensure fair competition, wherein a bank of any type will be able to work and earn within their niche in the market. another pressing task is the implementation of a new resolution mechanism. we hope that it will be in place by autumn, when we will be ready to use it. this will allow us both to reduce the cost and to speed up the resolution mechanism, in order to make rehabilitated banks more attractive to investors. in the banking sector, as well as in the financial sector overall, the challenge lies not only in rehabilitating and cleaning up, but also in creating the conditions for development. this will come to the fore over the course of the next five years. creating conditions for development involves : introducing a system of individual pension capital – essentially a voluntary system for individuals ; developing non - bank financing and the bond market ; developing the capital market – in essence, creating long - term money for the country. at the moment we don ’ t have long - term money, and so we must and will be doing everything we can to create it. further development of the payment system will involve a smooth transfer of the salaries of public sector employees and social payments on to a card system called “ mir ". to make this transfer smooth and orderly is our task for the near future. we will also be aiming to expand the acceptance of the mir card outside of russia. we have already begun plans and arrangements with other countries on this front. finally, i will return to the topic of financial technology development – i have also spoken about 2 / 3 bis central bankers'speeches this previously. the development of financial technologies will in large part determine the specific actions to be taken by us in the coming years. this will involve active joint efforts with businesses. legislative support is also important here, particularly in terms of remote authentication, which will make new technologies and digital technologies possible. this implies a transition to electronic document workflow in the financial market. here indeed we have a backlog, and we need to cross over to this new system in order to reduce costs for the financial sector and ultimately reduce the cost of credit. this will also result in cheaper loans. we will be carrying out tests on the market of new technologies, such as distributed ledger technology based on a blockchain technology, and