Yevgeny Nadorshin: Don`t be afraid of common currency
The SU-HSE professor Y. Nadorshin comments Kazakh President N. Nazarbayev initiative to establish common currency "yevraz" for five former Soviet republics.
Senior officials in Russia did not react to the proposal. But some politicians expressed concerns about the measure. It seems to be a slap in the face for Russia promoting the ruble for the role.
By creating the yevraz, the countries would share control over the currency, said Yevgeny Nadorshin, the chief economist at "Trast" bank.
The yevraz has little chance of being more than an idea, because control of a new common currency would require closer political ties between the countries.
With proper assistance from the government, the ruble will continue to move to the status of a regional reserve currency despite losing a third of its value since summer, he said.
From the Moscow Times