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.