Draft Documents
1) Basic trends in economic development of the Customs Union and Single Economic Space Member-States. It is a strategy defining how to reach the SES goals in the medium- or long-term period.
Besides, to see the achievement of the above goals the draft specifies target indicators, which show the achievement thereof when reached.
Basic trends in economic development are analyzed with the view to:
- ensure the long-term sustainable growth of the CU and SES Member-States;
- increase stability of economies of the Member-States, avoiding undesired effects of global external downturn;
- secure growth rates of economies of the Member-States, needed to solve priority problems across national economies;
- coordinate forecast development including forecasts for the major (target) indicators of macroeconomic policy;
- define key economy sectors, participatory development of which will ensure long-term sustainable growth of economy;
- enhance integration processes within Single Economic Space.
2) The system of indicators showing changes in integration and convergence across the CU and SES Member-States
Framework Agreements of the Single Economic Space establishes the basis for operating the system to monitor integration processes across the Member-States.
Such system implies assessment of Commission’s activity to see the completeness of created supranational legal framework and evaluate application thereof. National monitoring level includes existing and eventual barriers impeding the implementation of the "four freedoms". Besides, there is a system of indicators reflecting economic relations across the CU and SES Member-States (mutual penetration of SES economies) and translation into action of the possibilities created by the development of the Single Economic Space.
3) Analysis of the long-term growth prospects of the CU and SES Member-States with due account for their mutual influence and integration processes
The Macroeconomic Policy Department analyzes the long-term prospects of growth in the CU and SES Member-States against the background of their mutual influence and integration processes together with the Eurasian Development Bank, the Ministry of Economic Development of the Russian Federation, the Ministry of Economy of the Republic of Belarus and the Ministry of Economy and Budget Planning of the Republic of Kazakhstan.
4) "Stress-testing" of economic growth indicators in the CU and SES Member-States in case instability risks of the economies increase
When defining the Basic trends in the economic development of the CU and SES Member-States, the Macroeconomic Policy Department – together with the expert community – implements the models to assist in preparation of development scenarios and forecasts helping to carry out the agreed macroeconomic policy and in development of proposals on the policy measures aimed at ensuring macroeconomic stability and eliminating imbalance.
5) Draft Procedure for the development and approval of measures aimed at economic stabilization in case of exceeding the agreed macroeconomic indicators of economic growth sustainability by the CU and SES Member-States
The Macroeconomic Policy Agreement dd. December 09, 2010, provides for the development of measures aimed at increasing the economic growth stability and correction of economic downturns in case the CU and SES Member-States exceed the agreed macroeconomic sustainability indicators approved by the Supreme Eurasian Economic Council. However, this Agreement does not show the procedure and sequence of development and adoption thereof by the CU and SES Member-States and the Commission.
Thus, the Parties need a separate document defining the procedures of development and approval of joint measures by the CU and SES Member-States aimed at economic stabilization in case of the Member-States exceed the macroeconomic indicators determining economic growth stability.
