Tatiana Valovaya, a member of the board (minister) for integration and macroeconomics of the Eurasian Economic Commission (EEC), believes that there is no need to introduce a single currency in the Eurasian Economic Union (EAEU), RIA Novosti reported.
“We need to study, undoubtedly, the European experience, including learning from its mistakes and understand where we differ from each other,” Valovaya said. “[But] we don’t see in our Eurasian Economic Union any need to introduce a single currency; now it absolutely will not bring us any economic advantages.”
At the same time, however, she noted that the EAEU needs to strengthen cooperation in the monetary and macroeconomic domain.
“When we speak about currency, monetary payments, the number one issue is the expansion of the use of national currencies,” Valovaya noted. “National currencies are largely used in Russia-Kazakhstan, Russia-Belarus relations, whereas primarily the [US] dollar is used in relations between Kazakhstan and Kyrgyzstan, or Kazakhstan and Armenia.
“But we can use our [national] currencies; it eliminates many currency risks. But it also requires macroeconomic stability and the creation of [some] other economic conditions.”
The EAEU comprises Armenia, Russia, Belarus, Kazakhstan, and Kyrgyzstan.