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Vladimir Putin suggests considering currency union within Eurasian Economic Union

20 march 2015, 19:29
Turar Kazangapov ©
Turar Kazangapov ©

 President Vladimir Putin of Russia believes it is time to broach the subject of launching a currency union, a Tengrinews.kz journalist reports.

“My partners [that is Presidents of Kazakhstan and Belarus] and I have agreed to further cooperation with regards to monetary policy. I believe the time has come to discuss a possible launch of a currency union”, President Putin when tallying results of the trilateral meeting in Akorda, Astana-based Presidential Residence.

“It’s easier to respond to external financial and economic threats and defend the common market if we all work shoulder to shoulder”, he said.

The subject of a possible currency union was on the agenda back in 2014. Back then Vice Prime Ministers of Russia and Kazakhstan made contradictory statements. Notably, Igor Shuvalov of Russia said a currency union could be considered later on within the Eurasian Economic Union, whereas Bakytzhan Sagintayev of Kazakhstan said a currency union was absolutely out of question.

"”At some point in future we should consider a financial union or even a currency union (…) at the moment these issues are not on the agenda yet”, Igor Shuvalov said May 29, 2014 following the signing of the Agreement on the Eurasian Economic Union.

“To make it clear (…) we have never broached the subject (…) neither at our level, nor at the level of heads of state. Today President Nazarbayev said Almaty would be positioned as a financial center as part of launching a supra-national financial regulator. There have been no discussions of a currency or financial union”, Bakytzhan Sagintayev said back then.

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