Consultative Committee for Macroeconomic Policy

The Consultative Committee for Macroeconomic Policy was established within the Commission Board for the purpose of conducting consultations with representatives of the Member-States of the Customs Union and Single Economic Space, preparing of opinions and proposals for the EEC Board and elaborating of the unified position on draft resolutions of the Supreme Eurasian Economic Council.​
 

Main areas of work of the Committee are as follows:

- development of unified approaches to the conduct of the macroeconomic policy;

- harmonization of legislations of the Member-States of the CU and SES in the field of economics and finance;

- development of benchmarks of the macroeconomic policy;

- preparation of regulations in order to ensure the sustainable economic development of the Member-States of the CU and SES and conduct of  agreed macroeconomic policy;

- information exchange between competent authorities of the Member-States of the CU and SES in order to monitor their economic development;

- compliance of national legislations in the area of macroeconomic policy with the contractual and legal framework of the CU and SES.

 
 

Membership of the Consultative Committee for Macroeconomic Policy

 

Chairman of the Consultative Committee: Tatyana Valovaya , Member of the Board – Minister Of the development of integration and macroeconomics.

 

 Members of the Consultative Committee:

 

From the Republic of Belarus: 

Alexander Yaroshenko– Deputy Minister of Economy ;

Maxim Yermolovich– Deputy Minister of Finance;

          Sergei Kalechits–Deputy Chairperson of the National Bank 

 

From the Republic of Kazakhstan: 

Madina Abylkasymova– Vice-Minister of Economy and Trade

Ruslan Dalenov– Vice-Minister of Finance;

Daniyar Akishev– Deputy Chairman of the National Bank. 

 

From the Russian Federation: 

Andrey Klepach– Deputy Minister of Economic Development;

Alexey Moiseev– Deputy Minister of Finance;

Nadegda Ivanova– Deputy Governor of the Bank of Russia - Director, General Economic Department 

 
 

The first session of the Consultative Committee for Macroeconomic Policy at the EEC Board was held on September 26, 2012 in Moscow.

 

The meeting of the Committee was held in order to approve draft documents developed within the framework  of the Agreement on the Macroeconomic Policy dated December 9, 2010. 

The Work Plan of the Consultative Committee for Macroeconomic Policy for 2013 was adopted and the sub-committee of the Consultative Committee was established. 

 

The second session of the Consultative Committee was held on November 21, 2012 in Moscow.

 

The meeting was held in order to consider development of the project for unified method of perfoming macroeconomic calculations that characterizesustainability of economic development. 

Conceptual approaches to the development of the Trends and Benchmarks of the macroeconomic policy of the Member-States of the Customs Union and Single Economic Space were adopted. The results of the comparative analysis of short-, medium- and long-term programs (forecasts) of the Member-States of the CU and SES were discussed.

  
 

The 3rd session of the Consultative Committee was held on April 2, 2013 in Minsk.

The session approved the draft Guidelines for Calculating Macroeconomic Indicators of Sustainable Economic Development and the Key Macroeconomic Policy Goals for the Member-States of the Customs Union and Single Economic Space, and also took note of the initial proposals regarding interval and tentative forecast values of Brent crude oil price and those of rates of global economic development.


  The 4th session of the Consultative Committee was held on October 14, 2013 in Moscow.

The session participants discussed conceptual approaches to the harmonization of macroeconomic policies within the development of a legal framework of the Eurasian Economic Union, scheduled to come into force since January 1, 2015.


The Committee approved guidelines on important aspects dealing with enhancement of coordination within the Customs Union and Single Economic Space, including quantitative assessment of the processes of economic integration of Belarus, Kazakhstan, and Russia, evaluation of prospects of long-term economic growth in the CU and SES Member-States, evaluation of macroeconomic imbalances in the Parties’ economies, as well as stress-testing of economic development sustainability in the three states.


The Consultative Committee members reviewed the results of monitoring of macroeconomic indicators that determine the sustainability of economic development in the CU and SES Member-States in Q1 and Q2 2013, approved a number of methodological issues and endorsed a draft document that would govern the development and approval of measures aimed at stabilizing the economies of the CU and SES Member-States in case of deterioration.​

  The session approved the Consultative Committee Activity Plan 2014.​