Monday, January 16 2017 16:28
Alexandr Avanesov

EAEC Minister: all preconditions available for EEU countries return to macroeconomic sustainability indications from 2017

ArmInfo. Eurasian Economic Commission (EAEC) monitors the implementation of  all the set macroeconomic indicators by EEUcountries, Tatyana Valovaya, the EAEC Minister on Integration and  Macro Economy stated answering the question of ArmInfo related to the necessity of setting the macroeconomic indicators as the basic preconditions for the successful liberalization of financial markets and forex integration.

According to EAEC Minister words, the macroeconomic indicators, indicating the sustainability of EEU countries economy, are set forth in the documents on single economic area. It is concerned first to securing not more than 3% of budget deficit in respect to GDP and not more than 50% of state debt  in respect to GDP. "In 2016 almost all the  EEU member countries have broken these limits, and we prepare recommendations for return to indicators mentioned," Valovaya stated. She added that this issue is very important and the appropriate works are in progress.

The Minister stated also, that by the year of 2025 it is planned to harmonize all the national financial systems of EEU member countries.  It is necessary to give an option for any commercial bank within the EEU area  to work throughout the territories of all the EEU member countries without any special certification and registration procedures. The future transnational entity will have Kazakhstan residence.  National regulators and national banks will be kept at their positions.  The work proceeds in accordance to the schedule, and there are all precondition for this framework to start operating in 2025," the EAEC Minister mentioned.

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