The Brussels Report Podcast Episode 28 – with Lithuanian economist Elena Leontjeva
The Brussels Report Podcast
BrusselsReport.eu
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🗓️ 10 January 2023
⏱️ 28 minutes
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Summary
Elena Leontjeva is the co-founder and President of the Lithuanian Free Market Institute (LMFI). She founded the influential Lithuanian think tank in 1990.
She holds degrees in economics, mathematics and programming and has directed research and policy advocacy at the Institute, whilst playing a key role in her country’s transition. Ms. Leontjeva was named by magazine Veidas among the ten personalities who have changed Lithuania. She has contributed to the reforms in the Banking system, introduction of the Currency Board and the Litas Credibility Law, building the legal foundations for the Securities Market and the Stock Exchange, Deregulation, Tax and budget reform as well as the introduction of Private Pension Insurance. She has published widely in the press and has also dedicated herself to writing fiction.
Ms Leontjeva has served as a State Councillor on economic reform in six consecutive administrations, and in 1998-9 has been chief economic advisor to Lithuanian President Valdas Adamkus. She has also served on official bodies engaged in the transition from the Soviet system, such as the Securities and Exchange Commission, the Sunset Commission, etc.
In this this episode of the Brussels Report podcast, BrusselsReport.eu editor Pieter Cleppe discusses the following topics with her:
- What's the key reason we are facing inflation right now? Energy problems, monetary policy, the fall-out of Covid lockdowns, or something else?
- What should the ECB be doing?
- What if strong anti-inflation action by the ECB leads to a breakup of the Eurozone?
- The economic situation and free market reform in Lithuania and the Baltics
Transcript
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| 0:00.0 | The Brussels Report Podcast |
| 0:10.0 | Welcome to a new episodes of the Brussels Report podcast. |
| 0:18.0 | My name is Peter Clapper. I'm the editor-in-chief of Brussels Report. And I'm more than delighted to have as my guest, Elena Leontyova. |
| 0:28.2 | And she is the president and the co-founder of the Lithuanian Free Market Institute, which is, I would say, one of the most successful free market think tanks in Europe, |
| 0:40.3 | also a very important one in Lithuania. |
| 0:45.1 | Elina has founded this back in 1990. |
| 0:50.2 | She has also worked in policy as the economic advisor to the president |
| 0:53.8 | and has been closely involved in a number of important economic policies in Lithuania, including the creation of the currency board, which was, of course, very important to establish monetary stability in a new nation. |
| 1:14.0 | So welcome, Elino. |
| 1:16.5 | Hello, hello. |
| 1:18.7 | Nice to hear you. |
| 1:20.3 | Very good. |
| 1:20.8 | So you have also recently uttered a piece for Brussels report. |
| 1:27.0 | And I found it quite interesting that you mentioned that, |
| 1:30.3 | okay, hiking industry interest rates is indeed one way to combat |
| 1:36.3 | inflation and the dreadful inflation that were suffering |
| 1:40.3 | from in the Eurozone and I think especially in the Baltics. |
| 1:43.3 | But you mentioned that Anna found it really interesting is that actually basically reducing the money supply and the massive increase in money is even more important and also the preferred way because in this way it would be mostly the |
| 2:03.0 | government sector bearing the brunt from the adjustment whereas now it's actually a lot more |
| 2:08.7 | the private sector do i summarize it well right right i was writing about the need to have a consistent monetary policy if we at all have some monetary policy, |
| 2:24.1 | and that rising the interest rates but not doing anything to restrict the money supply is inconsistent, |
| 2:33.3 | and that the burden lies mainly on the private sector and households |
... |
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