ABSTRACT
The year 2007 marks an important turning point regarding Russia’s relationship to the West and its trajectory of economic development. At his speech at the 43rd Munich Security Conference on 9 February, Vladimir Putin had – harshly criticising the NATO – made it unmistakably clear that Russia was not willing to accept a “monopolar world order”. In terms of economic policy, 2007 saw the establishment of so-called “development institutions” and thus another visible policy shift towards state-led development.
