Single EEU currency not binding to member states – Suleimenov
03.04.2015,
15:53
Introduction of a single currency within the Eurasian Economic Union (EEU) is not binding, and any member state will make a decision independently, member of the board on economy and financial policy of the Eurasian Economic Commission Timur Suleimenov told reporters in Yerevan on Friday.
YEREVAN, April 3. /ARKA/. Introduction of a single currency within the Eurasian Economic Union (EEU) is not binding, and any member state will make a decision independently, member of the board on economy and financial policy of the Eurasian Economic Commission Timur Suleimenov told reporters in Yerevan on Friday.
In practical terms, introduction of a common currency is not realistic in the next five years, Suleimenov said.
Even if the decision is made, five years are not sufficient to build a monetary union, he said.
The member of the board said no decision on single currency has been made yet, and the issue has been just discussed by the presidents. In particular, the president said Russia will consider the possibility of creating a monetary union in future, according to Suleimenov.
A group of the Russian central bank experts is currently looking into the possibility and will submit the respective proposal to Putin, after having considered all pros and cons, Suleimenov said. Then the Russian president may bring it up at a meeting with the other presidents, he said.
Suleimanov said all decisions at the EEU Supreme Council are made through a consensus, and each country decides on its own whether it is ready to take the step or not.
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.” –0--
