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CIS ECONOMIES ARE IN UNCERTAINTY - EXPERT
YEREVAN, March 24. / ARKA /. Professor Ashot Tavadyan, head of a
department at the State Economic University of Armenia, said the
economies of several former Soviet republics making the Commonwealth
of Independent States (CIS) are experiencing a period of uncertainty
with extending intervals.
Speaking at a video news conference between Yerevan and Moscow on
modern Russia's economic policy, Tavadyan said their major problem
is the gap between monetary and fiscal policies with domination of
the monetary policy.
According to him, the CIS countries tacitly adhere to the Maastricht
Treaty, according to which inflation should not exceed 3 %.
"And why not 5 %?. Who said that 3% is the best figure?" he asked.
In this regard, he noted that the Maastricht agreements were designed
for European countries and can not be applied by transitional
economies.
He argued that CIS countries need to dramatically increase their
exports and take also dominant position within domestic markets and
reduce imports.
The Maastricht Treaty was signed in 1992 in Maastricht (Netherlands),
laying the foundations of the European Union. Member countries approved
a number of criteria that must be fulfilled by countries which join
the European Monetary Union. In particular, according to the document,
government deficit must not exceed 3% of GDP, while public debt should
be less than 60% of GDP. -
- See more at:
http://arka.am/en/news/economy/cis_economies_are_in_uncertainty_expert/#sthash.hXIIWpHc.dpuf
YEREVAN, March 24. / ARKA /. Professor Ashot Tavadyan, head of a
department at the State Economic University of Armenia, said the
economies of several former Soviet republics making the Commonwealth
of Independent States (CIS) are experiencing a period of uncertainty
with extending intervals.
Speaking at a video news conference between Yerevan and Moscow on
modern Russia's economic policy, Tavadyan said their major problem
is the gap between monetary and fiscal policies with domination of
the monetary policy.
According to him, the CIS countries tacitly adhere to the Maastricht
Treaty, according to which inflation should not exceed 3 %.
"And why not 5 %?. Who said that 3% is the best figure?" he asked.
In this regard, he noted that the Maastricht agreements were designed
for European countries and can not be applied by transitional
economies.
He argued that CIS countries need to dramatically increase their
exports and take also dominant position within domestic markets and
reduce imports.
The Maastricht Treaty was signed in 1992 in Maastricht (Netherlands),
laying the foundations of the European Union. Member countries approved
a number of criteria that must be fulfilled by countries which join
the European Monetary Union. In particular, according to the document,
government deficit must not exceed 3% of GDP, while public debt should
be less than 60% of GDP. -
- See more at:
http://arka.am/en/news/economy/cis_economies_are_in_uncertainty_expert/#sthash.hXIIWpHc.dpuf