The systematic and consistent stabilisation policy of recent years has allowed the Bank of Russia to overcome the acute phase of the crisis, avert the threat to financial stability and induce earlier-than-forecast recovery of economic growth and inflation reduction to the level close to 4%. Macroeconomic stability will certainly remain an important factor of effective economic develop ment in future. However, efforts should be made to address structural constraints for the stabili ty to be sustainable and bring long-term improvement in Russians’ welfare. Only resolute steps towards diversifying the Russian economy, overcoming its dependence on commodity exports, improving governance at all levels in both the private and public sectors, upgrading fixed assets and infrastructure and introducing new technologies will reduce Russia’s vulnerability to external economic volatility, increase labour productivity and ensure a shift towards an economic model based on internal development sources. Effective interaction of private and government efforts aimed at addressing structural problems and close cooperation of all public institutions, including the Bank of Russia, will gain in importance in tackling these challenges.