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The Eurasian Economic Commission discussed plans for cooperation with representatives of EAEU Member States’ financial authorities

The Eurasian Economic Commission discussed plans for cooperation with representatives of EAEU Member States’ financial authorities

3/1/2016

On February 29 in Moscow, at the 7th Session of the Advisory Committee on Macroeconomic Policy at the Board of the Eurasian Economic Commission, chaired by the Member of the Board - the Minister in charge of the Development of Integration and Macroeconomics of the EEC Tatyana Valovaya, considered proposals by the Commission regarding regional mechanisms to ensure macroeconomic sustainability.

The participants of the session in order to enhance the sustainability of economies of the EAEU States in the midst of a difficult economic situation  discussed, among other things, further cooperation in the areas of macroeconomic and monetary policies, short-term and medium-term goals, the most acute problems facing the economies of the Member States and their solutions.

The session was attended by the members of the Advisory Committee on Macroeconomic Policy, as well as representatives of the ministries of finance and economic block, the central (national) banks of the States of the Eurasian Economic Union (EAEU) and Commission staff. For the first time the session was attended by members of the Advisory Committee representing new members of the Union - Armenia and Kyrgyzstan.

The participants of the session noted that a feature of the recent years was extremely high volatility of some factors and indicators, on the basis of which the EAEU countries formed the budgets and developed forecasts for socio-economic development. The Parties discussed the possibility of narrowing the intervals of quantitative values of external parameters of the forecasts used for the preparation of official EAEU Member States social and economic development forecasts.

The Parties agreed to proceed with the development of the mechanism of formation of the forecast for mutual trade, the rule of which is laid down in the Treaty on the EAEU. They considered approaches to implement the Main Directions of the EAEU Economic Development, approved by the decision of the Supreme Eurasian Economic Council No. 28 dated October 16, 2015, and the work on defining areas of economies with integration capabilities within the Union. There were also taken decisions on the need for updating and further improvement of the existing legal and regulatory framework of the Union in the area of macroeconomic policy.

The Commission's plans for the medium term include undertaking a series of studies and formulation of criteria allowing to more correctly take into account as quantitative as well as qualitative integration effects. All this will allow to form a strengthened system of evaluation of integration indicators within the EAEU.

"At the time of signing of the EAEU Treaty last year we were forced to conclude that intra-trade performance is the key factor, by which we judge on the effects of integration. Today it is certainly not quite correct, if not to say a one-sided approach. We need a better system that takes into account a number of other criteria", said Tatyana Valovaya, the Minister in charge of the Development of Integration and Macroeconomics of the EEC.

The session participants gave positive assessment to the Commission's work, including research and methodological work. First Deputy Chairman of the Central Bank of Russia Ksenia Yudaeva noted this aspect separately: "I very much appreciate the work of the Commission on the organization and conducting scientific research”. The Committee members agreed to exchange research results, which the Commission has already prepared or is planning for the future.

The Advisory Committee members agreed to hold the next session of the Committee in October 2016.