Macroeconomic problems of Belarus: This time is different

In the last 7–8 years, some stereotypes have been formed when discussing the economic policy in Belarus. Belarusian academic and expert communities, interna-tional financial institutions traditionally emphasized the vitality of adopting flexible exchange rate, and abandon-ing/weakening artificial expansion of domestic demand. The authorities traditionally responded that gradual and accurate change should be prioritized, in order not to generate a shock, for instance, for financial system and labor market. However, the situation seems to have been changed considerably.