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EEU NOT YET READY FOR SINGLE CURRENCY, TATIANA VALOVAYA SAYS
YEREVAN, March 30. / ARKA /. Introduction of a single currency for
the Eurasian Economic Union (EEU) must be preceded by creation of a
single internal market, a viable economic union and increased trade
and investments, Tatiana Valovaya, a member of board (minister) of
the Eurasian Economic Commission for key integration directions and
macroeconomics told Armenian reporters today in Yerevan.
During a meeting with presidents of Belarus and Kazakhstan in late
March Russian president Vladimir Putin said 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.
Speaking to Armenian reporters in Yerevan, Valovaya said experts of
the EEU are examining carefully the experience of the European Union
which first announced plans to introduce a single currency back in
1960s and did so only in 2002.
Valovaya said the experts are working now to eliminate the existing
economic barriers (for the introduction of single currency) and
adjusting the national legislations of member countries and the final
decision will be taken by the presidents of all member states of EEU.
She said Russia's proposal to consider the possibility of introducing
a single currency for the trade union does not mean that "it will take
effect tomorrow." It calls on all member states to step up mutual
cooperation in the macroeconomic, monetary and financial areas,
she added.
She admitted that a significant devaluation of the Russian currency
has hit exporters in Armenia, Belarus and Kazakhstan, but argued
that the Union's advantage is that now Armenia can look for ways to
mitigate the effects of this influence together with its EEU partners,
including through monetary cooperation.-0-
http://arka.am/en/news/economy/eeu_not_yet_ready_for_single_currency_tatiana_valo vaya_says/#sthash.8M38x6V1.dpuf
YEREVAN, March 30. / ARKA /. Introduction of a single currency for
the Eurasian Economic Union (EEU) must be preceded by creation of a
single internal market, a viable economic union and increased trade
and investments, Tatiana Valovaya, a member of board (minister) of
the Eurasian Economic Commission for key integration directions and
macroeconomics told Armenian reporters today in Yerevan.
During a meeting with presidents of Belarus and Kazakhstan in late
March Russian president Vladimir Putin said 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.
Speaking to Armenian reporters in Yerevan, Valovaya said experts of
the EEU are examining carefully the experience of the European Union
which first announced plans to introduce a single currency back in
1960s and did so only in 2002.
Valovaya said the experts are working now to eliminate the existing
economic barriers (for the introduction of single currency) and
adjusting the national legislations of member countries and the final
decision will be taken by the presidents of all member states of EEU.
She said Russia's proposal to consider the possibility of introducing
a single currency for the trade union does not mean that "it will take
effect tomorrow." It calls on all member states to step up mutual
cooperation in the macroeconomic, monetary and financial areas,
she added.
She admitted that a significant devaluation of the Russian currency
has hit exporters in Armenia, Belarus and Kazakhstan, but argued
that the Union's advantage is that now Armenia can look for ways to
mitigate the effects of this influence together with its EEU partners,
including through monetary cooperation.-0-
http://arka.am/en/news/economy/eeu_not_yet_ready_for_single_currency_tatiana_valo vaya_says/#sthash.8M38x6V1.dpuf