First Deputy Prime Minister Igor Shuvalov has said that the formation of the proposed Currency Union (CU) will be the next step of integration of the economies of Kazakhstan, Russia and Belarus after the ongoing creation of a Common Economic Space (CES) on the base of the Custom Union, which is being finalized by the troika. “Within the framework of the CES formation, all the base agreements among the troika, including those regulating macroeconomic policies, anti-crisis measures and subsidization of economies, should be adopted by Jan. 1, 2012,” he added.
“The European Union also passed through these steps. Economically, the CU is needed, but it will be the next stage of integration. This is why we have taken the best from the EU practices while working on the relevant agreements in Russia,” he said. “If this task of CES formation is completed on time, and the CES takes effect by Jan. 1, 2012, then the creation of the CU will be the next logic step in the troika’s economic integration processes.”
Web design,