Financial Markets: Increasing Complexity, Maintaining Stability

3–5 July 2019, ST. PETERSBURG

    This year’s referendum on the UK’s exit from the European Union was a “black swan” for the financial markets, according the Governor of the Bank of Russia Elvira Nabiullina, speaking at the International Financial Congress.

    “This year is not yet over, but one black swan – Brexit – has already flown away,” she said.

    AccordingtotheGovernor of the Bank of Russia, despitetheworkofmanyexperts analysing the situation in the economy and on the financial markets, “black swans” are no rarity.

    A similar event three years ago for the financial markets was the decision of the US Federal Reserve System, two years ago – the sharp drop in oil prices and, a year ago, the revaluation of the risks from the Chinese economy.