The article contemplates key aspects of the interaction between monetary and budgetary policies in the modern Russian economy. The changes in the mechanisms of the Russian economy’s functioning in 2022–2025, as well as the main reasons for the cooling of the Russian economy in 2025 are considered. Based on an analysis of available data, it is concluded that the possibilities for development through budgetary impulses have been exhausted and that it is necessary to shift the focus of financing economic growth towards debt financing. Medium-term priorities of budget policy include funding for national security, the social sphere, and human capital. The requirement is formulated regarding the need to maintain a positive contribution of budget expenditures to economic growth. The current monetary policy’s focus on countercyclical response is emphasized, leading to a gradual increase in real rates and pressure on the investment process. An alternative targeting of monetary policy is proposed, oriented towards a full-cycle model of national capital management. Within the framework of such a mechanism, the unity of interconnected spheres of production, commodity-money circulation and financial capital must be ensured under national control.
Shirov et al. (2026) studied this question.