Updated at 13:35,15-07-2024

Call for independent currency system in Eurasian Economic Union

Call for independent currency system in Eurasian Economic Union
There is a need to discuss the development of an independent currency system in the Eurasian Economic Union, Chairman of the Board of the Eurasian Economic Commission (EEC) Mikhail Myasnikovich said during a plenary session of the Eurasian Economic Forum in Bishkek, BelTA has learned.

"In my opinion, not only trade and payments in national currencies should be on our agenda. We need to discuss the construction of an independent monetary system, an independent currency system," Mikhail Myasnikovich said. "The world is changing fast. A qualitatively new system of axes, priorities and values in international economic, political and humanitarian relations is taking shape."

In his opinion, it is also necessary to fundamentally clarify the mandate and responsibilities of the Eurasian Development Bank and the Eurasian Fund for Stabilization and Development so that they operate as development institutions. "After all, these financial institutions were set up precisely for these purposes," the head of the EEC Board said. "Commercial banks could also be more active in investment activities."

"We need to move towards project cooperation. It is the project partnership that transforms contractual relations into a project team tied together by long-term obligations," Mikhail Myasnikovich said. “Bringing together trade, industrial and financial capital as part of transnational corporations will give a greater effect for the participating countries than in the case of weaving an enterprise into a technological chain. In addition, this minimizes production, logistics and trade risks.”

"Only large industrial clusters are able to quickly assimilate the latest technologies and compete in foreign markets," Mikhail Myasnikovich emphasized.