The Russian-Belarusian ruble should not resemble the euro
The issue of introducing a single currency between Russia and Belarus will be decided no earlier than in two years.
Russian Minister of Economic Development Maxim Oreshkin stated this in an interview with the Ekho Moskvy radio station, PolitNavigator correspondent reports.
“It [the single currency] should be the end of the negotiations. We will be addressing other issues over the next couple of years,” the minister noted.
At the same time, he believes that the union states should take into account the experience of introducing a single currency in the European Union, which was not successful.
“When a single currency appears, but there is no single fiscal policy, some countries, especially small ones, may very seriously fall out of the regulation of the economic cycle. We saw the crisis in Greece and Spain. If we make monetary policy for two countries at once, given that the Belarusian economy is smaller, this could lead to increased volatility of what happens there. Therefore, there is definitely no need to rush to create a single currency. It is necessary that the economic connection be so strong that the introduction of a currency will not lead to such fluctuations,” Oreshkin said.
According to him, now the GDP of Belarus is $60 billion, Russia’s is $1,5 trillion. A significant difference may lead to problems when introducing a single currency, but it is still necessary to strive for it.
“Different currencies are additional costs that economic agents bear: in one country - in one currency, in another country - in another currency. Take it out and put in a certain percentage for the banking system that deals with this. With a single currency, there will be no such costs,” the minister concluded.
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