EEU common currency issue requires unanimous approach – Russian economist

16:11 • 07.11.15

The Eurasian Economic Union can switch over to a common currency only in case of a unanimous decision by all its member states, says a Russian economist.


Speaking to Tert.am, Oleg Matveychev, a professor of the Moscow Higher School of Economics, said the  move is not feasible at the moment, with one of the member states still being hesitant.


“I know Russia isn’t against; Kazakhstan also supports the plan, as it was one of the initiators. But Belarus, in the person of [its President] Alexander Lukashenko, has doubts. As for the Armenian side, I haven’t personally heard anything in that connection. Unless all the [member states] express consent, the switchover to a common currency will be impossible,” he explained.


The economist added that apart from a unanimous decision, the member states also need to secure the necessary level of economic growth and sustainability to realize the plan. “But that is not something to be settled today or tomorrow or in just in a couple of years. I think it will take more years to make the issue practicable,” he said, warning against hasty decisions.


Mr Matveychev said he positively treats Russian President Vladimir Putin’s decision to carry out all transactions in the energy sector only in the Russian Ruble. In his words, most major currencies, including the US Dollar and the Euro, are expected to experience a slump in the coming year.


“The year 2016 will definitely be a period of serious fluctuations. So playing simultaneously with several currencies is like looking for a cat in a dark room. And with this in mind, I think, it would be reasonable to wait a little bit in 2016, leaving changes of such a strategic importance for a later period,” he added.

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