Genius loci

After a long pre-summer recess, I finally have the time to react on the St. Petersburg Economic Forum and especially on the speech given by Dmitry Medvedev. The President's intervention lasted slightly more than 30 minutes, contrary to the much hyped press conference in May that stretched on for more than 2 hours. Yet, I dare to say, this speech was the strongest indication so far that Medvedev wants to retain power and he is willing to give the ruling elite tangible reasons why he should be the candidate next year. It was also an important contribution to the debate about the the revamp of the Russian political and economic system, a notion that Medvedev pretty much seems to have embarked on and will make it the core of his campaign. In the following paragraphs, I'll try to argue why the St. Petersburg speech had a considerable significance in view of the forthcoming elections and what it has to do with some other exciting analytic material Russia-watchers could lay their hands on during the last couple of weeks.