Wednesday, August 16 2017 13:18
Alexandr Avanesov

The Eurasian Development Bank proposed creating a virtual currency for the EEU according to the model of the European ECU

The Eurasian Development Bank proposed creating a virtual currency  for the EEU according to the model of the European ECU

ArmInfo. The Eurasian  Development Bank proposed creating a virtual currency for the EAEC  based on the European ECU model, which would allow the union to solve  a number of currency, financial and trade and economic problems, the  Eurasia Expert portal reported.The source reminds that at the end of  July, the director of the Center for Integration Studies of the  Eurasian Development Bank (EDB), Evgeny Vinokurov, suggested that the  central banks of the EEA states create a regional settlement center  on the model of the ECU that operated in the EU prior to the  introduction of the euro. According to the information of the  Eurasian Economic Commission, this issue has not yet been discussed  with the EEA countries, although the initiative in the ECE was called  useful and capable of "helping more efficient management of currency  risks and reducing transaction costs in mutual settlements". 

"There are a number of tools that we offer for discussion to monetary  regulators, mainly for the long term," E. Vinokurov said. "For  example, the settlement regional monetary unit is not a single  currency, but an instrument that facilitates mutual settlements." The  calculation of the value of the "Eurasian ECU" will be made according  to the basket of currencies model, which are used by the EAEC  countries. Each of them will be given a certain weight when  determining the value of a common currency. While the issue of its  introduction is at the study stage, as there are a lot of related  nuances.

According to the Izvestia newspaper, Kazakhstan is the main apologist  for the Eurasian ECU, which generally proposes to use the blockage (a  database for building transaction chains and access to information  that ensures transparency of payments) when it is created. June 16 at  the Astana Economic Forum to create an international crypto currency  offered NA. Nazarbayev. "It's time to seriously consider introducing  an international settlement and payment unit,- said the president of  Kazakhstan. - It will help to rid the world of currency wars,  speculation, avoid distortions in trade relations, and reduce  volatility in the markets.  "However, it is still a long time to wait  for the single currency to appear in the countries of the EAEC. 

On August 2, the Russian Minister of Economic Development Maxim  Oreshkin said that the creation of the unified currency of the EAES  is possible only in 7-8 years. "It's not about the single currency,  because everyone knows the experience that the EU has," he told  Russia 24. "The creation of a single currency there without creating  a market for goods and services, without a regulatory system, led to  serious economic imbalances , Which caused the well-known crisis in  Europe in the beginning of 2010 ". Therefore, the task of the EAEC is  first to harmonize the regulation of the economy in all areas,  including the financial sector, which will allow the introduction of  a single currency no earlier than 2025.  Besides, not all the Central  Banks of the EAEC countries agree with the fact that the common  currency of the union should be a certain analogue of the European  ECU. 

The Bank of Russia, for example, insists on using the Russian ruble  as such, which, however, can not completely replace the single  currency of the union. According to the Central Bank of the Russian  Federation, the ruble's share in settlements between the EEA  countries today is about 75%, and it dominates only in bilateral  transactions involving Russia, while other members of the association  prefer to use the dollar for settlements with each other. That is,  the ruble, being a regional currency, is not yet a universal measure  of value and payment, and the function of calculation and the medium  of circulation performs partially.

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