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Move from rouble mooted for economic union
Published: 05 March, 2010, 18:51
Edited: 07 March, 2010, 15:17
TAGS: Investment, Currencies, Russia and the global economy, Economy
First Deputy Prime Minister Igor Shuvalov has suggested that that a currency union between Russia, Kazakhstan and Belarus would be "the next logical step."
Speaking at a Moscow conference Shuvalov said that a currency alliance between the members of the customs union, which is planned to become a single economic market in 2012, will be modeled in the EU, which introduced a new currency rather than adopting an existing one. Shuvalov noted that “I won’t exclude a transition to a common currency union with these countries in the future,” although he added that talks on this had not yet taken place.
Andrei Kostin, head of VTB Group, added that the three nations, with Ukraine also being invited to join, would need to increase trade in national currencies in order to bring about a new currency, and said the rouble could play the currency role for the single economic market.
“I see no reason why rouble could not play this role. Rouble is a convertible currency at the moment, it is a strong currency, and of course taking into account the size of the Russian economy, I think it could be quite logical. But it’s a difficult decision because we have to do a lot of changes, adopt many decisions, and think it many times before introducing this, because definitely such a move will have a very substantial effect on the Russian economy."
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05.03.2010, 19:36
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It just shows how ridiculous was the decission of Boris Yeltsin in 1991. While the European Union was heading towards a customs, economic and currency Union, Russia did all the opposite establishing an anti-capitalist and nationalist borders, new currencies and new customs breaking the common market when he could have supported the independence of all the republics of the Federation which really wanted to be independent (because before 1991 few people in Kazakhstan or Belarus cried for Independence...it was all an irrational political idea of Yeltsin) and, at the same time, keeping a common currency and a customs union. Now, 20 years later, Russia needs a lot of negotiation to reach a point which it already had reached in 1991...a lot of time and resources wasted.
This is the news I have been waiting for, for many many years the legendary "Union Rouble" for the Custom's or Russia-Belarus Union, If or when this is put into use I will be highly intrigued to see how the All-New single currency will come into play, just like it's Euro counter currency I do believe it's only fair that an All-New currency balances out the world, I hope that the three original nation's of Russia,Belarus, and Kazakhstan will do well should this "Union Rouble" ever arise due to the fact that it has been nearly two decade's overdue. The "Union Rouble" would usher in a whole new wave of economical ties and progress that will get stronger and stronger over time but the three original nation's will have to be patient and there is some really hard work to do before they can ask their respective populous for a referendum for the "Union Rouble". This will require the former Soviet States to work together as one and be as one for the benefit of their combined population of it citizen's. Finally then the future of the Post Soviet space would have been what it was meant to be during all of the Twentieth Century Strong and United with one common purpose the "Union Rouble".