Russia, Belarus, Kazakhstan to Have Common Currency, Putin Says

World | December 15, 2011, Thursday // 13:19|  views

The Customs Union of Russia, Belarus, and Kazakhstan, which is to become a Common Economic Space, encompasses most of the terrirotory of the former Soviet Union. Map from Wikipedia

Russia, Belarus and Kazakhstan may introduce a single currency in the future within the Eurasian Economic Union between the three former Soviet republics, according to Russian Prime Minister and future President Vladimir Putin.

Putin is the architect of the so called Eurasian Union, a new entity supposedly meant to promote cooperation both with Europe and the Asia-Pacific region, as of 2012.

"I think we'll reach a level [of integration] as a result of the negotiating process and find a comrpomise when we are able to have a common currency and agree macroeconomic policies," Putin said during his televised Q&A session with the people of Russia Thursday, as cited by RIA Novosti.

The Russian news agency reminds that in November, the Russian, Belarusian and Kazakh presidents signed a declaration on Eurasian economic integration, a roadmap of integration processes aimed at creating the Eurasian Economic Union, which will be based on the Customs Union and common economic space among the three countries.

"This is real integration with a further transfer of some functions to a supranational body. This is not a revival of the Soviet Union, this is a process to fully keep the independence of these states and their political independence but with the goal of increasing our competitiveness in the global economy, giving a new impetus to development and ensuring higher living standards for our citizens," Putin said.

More on Putin's Eurasian Union project READ HERE and HERE

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Tags: Soviet Bloc, Soviet Union, European Union, EU, Kyrgyzstan, Tajikistan, Belarus, Kazakhstan, Common Economic Space, Russian PM, Russian President, Dmitry Medvedev, Russia, Eurasian Union, Eurasia, Vladimir Putin, Commonwealth of Independent States, CIS


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