Tatyana Valovaya, the Integration and Macroeconomic Minister of the Eurasian Economic Commission, stated that the alliance members see no necessity for now to introduce the single currency. The Eurasian Economic Union countries are of the opinion that they should complete the formation of the single financial market first before returning to the question of the common currency.
According to the Eurasian Economic Commission experts, the Union will be ready for the adoption no earlier than in 2025. The minister also added that the launching of the common currency system is not a matter of priority so far. An important point to remember is that rumors have been flying about such plans since the time of creation of the Customs Union.
EEC Trade Minister Andrey Slepnev said that the adoption of the common currency is complicated since the reaction of the national currencies and economies to it is unpredictable, especially to the oil market dynamic. Assuming this fact, it is way too early to speak about such a novelty. Thus, the remark on this matter made by Russia’s First Deputy Prime Minister Igor Shuvalov has no ground for at this point.
Here are some facts about the Union. On May 29, the presidents of Russia, Kazakhstan, and Belarus signed a treaty on the creation of the Eurasian Economic Union in Astana. Armenia is expected to join the alliance soon. The integration document will come into effect on January, 2015.
