Scholarly record

CHALLENGES FOR EURASIAN ECONOMIC UNION COUNTRIES NATIONAL CURRENCIES

G. S. Panova

Abstract

This article presents current issues in the development of international relations on the basis of the Eurasian Economic Union countries expand the use of national currencies and the coordinated support of economic actors State institutions of the countries partners. The joint work of international teams contributes to the implementation of economic programs of mutual interest, and strengthens the trend towards the formation of a multipolar world. To expand the use of national currencies in international relations are invited to take into account a number of factors, including the need for priority exchange international contracts to perform the basic functions of global money - a special measure of value, means of monetary circulation, means of payment and means of savings in the international arena. Position of the author on the prospects to give Russian ruble a reserve currency status is presented. Analysis of the impact of negative external factors for the development of the Russian economy (recovery of the world economy after the global economic crisis, instability of world financial markets and economic sanctions) has enabled the author to justify the need for prompt and innovative solutions in the field of macroeconomic regulation. Intensify parameter is closely related to investment activities, processes, import substitution and accelerated development of the domestic financial market. The decision of the tasks has predetermined the need to adjust the principles of the State monetary policy. The decision of the Central bank of Russia on moving towards a floating ruble exchange rate policy and inflation targeting regime with the simultaneous abolition of the dual-currency corridor and a waiver of regular currency interventions from 2015, indicates the exhaustion of extensive economic growth model, based on the receipt of income from trade in commodities, and the gradual transition to the model of intensive economic growth based on new technological way. Feature of macroeconomic management in modern conditions is becoming increasingly intensive use of new information technologies. This article analyzes the debate on the introduction of a single currency in the countries of the Eurasian Economic Union in its classical form and is represented by the position of the author about the possibility and usefulness of collective digital currency, given that at present. In the Eurasian Economic Union countries at the State level and the business associations between regulators of financial markets is already under way for the exploration of the possibilities of block-chain technologies and the re-establishment of national digital currencies. The task of the monetary authorities, responsible for implementing the monetary policy of the countries-members of the Eurasian Economic Union in those circumstances is containment of inflationary pressures and support creditworthy and transparent banking systems which are the basis for international cooperation.

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