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EURASIAN ECONOMIC UNION NOT READY TO EMBRACE ARMENIA INTO ITS SINGLE CURRENCY UNION- EXPERT SAYS
23.03.2015 18:18
YEREVAN, March 23. / ARKA /. A Russian economist Alexander Knobel told
a video news conference today that Russia, Kazakhstan and Belarus,
the three members of the Eurasian Economic Union (EEU) are not ready
yet to embrace Armenia, the fourth member, in a single currency union
they plan to create.
Last Friday Putin said during a meeting with presidents of Belarus
and Kazakhstan that time has come to start thinking about forming a
currency union, but gave no details of the proposal suggesting it would
be easier to meet economic challenges by working closely together.
Earlier, on March 10, Putin ordered the Central Bank of Russia and
the Russian government to work in conjunction with the national banks
of the EEU member states to determine by September 1 "the further
directions of integration in the currency and financial spheres". He
also said that "the feasibility of establishing a monetary union
within the framework of the EEU in the long term should be considered."
The EEU was founded and launched by Russia, Belarus and Kazakhstan
on January 1. Armenia joined the post-Soviet economic grouping on
January 2. Kyrgyzstan is expected to join the bloc later this year
"Armenia is a new member of the EEU. This is why Russia is discussing
the issue only with Belarus and Kazakhstan, which have already
established some cooperation with it," said Knobel.
According to Knobel, differences between EEU member states are still
significant. This is why before moving ahead EEU should have a clear
idea of the level of monetization of its member economies, otherwise
problems may arise, which larger countries will have to resolve by
using their resources.
"Some processes within the EEU declaratively are ahead of its essence;
the stronger political processes within it become, the more resources
one of its members, presumably Russia, will have to spend,' said
Knobel.
He said the integration within EEU is being hindered today only by
the political will of the bloc's leaders, which is a problem that
must be solved by directing cooperation towards a more practical and
economic mainstream. -0-
http://www.armbanks.am/en/2015/03/23/85784/
23.03.2015 18:18
YEREVAN, March 23. / ARKA /. A Russian economist Alexander Knobel told
a video news conference today that Russia, Kazakhstan and Belarus,
the three members of the Eurasian Economic Union (EEU) are not ready
yet to embrace Armenia, the fourth member, in a single currency union
they plan to create.
Last Friday Putin said during a meeting with presidents of Belarus
and Kazakhstan that time has come to start thinking about forming a
currency union, but gave no details of the proposal suggesting it would
be easier to meet economic challenges by working closely together.
Earlier, on March 10, Putin ordered the Central Bank of Russia and
the Russian government to work in conjunction with the national banks
of the EEU member states to determine by September 1 "the further
directions of integration in the currency and financial spheres". He
also said that "the feasibility of establishing a monetary union
within the framework of the EEU in the long term should be considered."
The EEU was founded and launched by Russia, Belarus and Kazakhstan
on January 1. Armenia joined the post-Soviet economic grouping on
January 2. Kyrgyzstan is expected to join the bloc later this year
"Armenia is a new member of the EEU. This is why Russia is discussing
the issue only with Belarus and Kazakhstan, which have already
established some cooperation with it," said Knobel.
According to Knobel, differences between EEU member states are still
significant. This is why before moving ahead EEU should have a clear
idea of the level of monetization of its member economies, otherwise
problems may arise, which larger countries will have to resolve by
using their resources.
"Some processes within the EEU declaratively are ahead of its essence;
the stronger political processes within it become, the more resources
one of its members, presumably Russia, will have to spend,' said
Knobel.
He said the integration within EEU is being hindered today only by
the political will of the bloc's leaders, which is a problem that
must be solved by directing cooperation towards a more practical and
economic mainstream. -0-
http://www.armbanks.am/en/2015/03/23/85784/