Navigate Up
Sign In
The EEC Minister Tatyana Valovaya: "There is no need to rush into monetary integration"

The EEC Minister Tatyana Valovaya: "There is no need to rush into monetary integration"

5/25/2015

On May 22, in Astana, under the VIII Astana Economic Forum, the Member of the Board - Minister in charge of the Development of Integration and Macroeconomics of the Eurasian Economic Commission Tatyana Valovaya held a bilateral meeting with the Executive Director of the Reinventing Bretton Woods Committee Marc Uzan.

The EEC Minister, being an expert in monetary and financial integration of the European Union, presented her view on the progress of integration processes in the global economy, on the challenges, which the Eurozone countries currently face, and spoke about trends and achievements of liberalization of financial markets under the Eurasian Economic Union (EAEU)

"Back in the day, the Europeans faced a choice - to create an economic Union first, and then a monetary association, or vice versa," reminded Tatyana Valovaya. "The history shows that there is no need to rush into monetary integration, as exemplified by the challenges that the Eurozone countries are facing now. Under the Eurasian integration, we clearly understand that, first of all, we should create relevant economic preconditions, and establish a fully functional single market, and only then we can speak about creation of a monetary union under the Union."

Marc Uzan agreed with the position of the EEC Minister on importance of coordinated macroeconomic policy and convergence of macroeconomic indicators as basic conditions for successful liberalization of financial markets and monetary integration under the regional integration blocs. He also spoke about expert and analytical work led under the Reinventing Bretton Woods Committee.

Concluding the negotiations, Marc Uzan invited Tatyana Valovaya to participate in the annual meeting of the World Bank Group and International Monetary Fund, which will be held in October 2015 in Peru, and to tell participants of the event about the progress of the Eurasian integration development.

Reference:

The Reinventing Bretton Woods Committee is a wide platform for exchange of information, expert judgements and estimates on reforming the modern world financial architecture and Bretton Woods Institutions (World Bank and IMF).