Prospects of National Currencies Use by Interstate Associations


The article reveals the main directions of development of international relations of the countries- participants of the BRICS and EEMA, based on expanding the use of national currencies. The necessity of supporting economic actors State institutions of those countries. The joint work of international teams contributes to the implementation of economic programs of mutual interest, and strengthens the trend towards the formation of a multipolar world. The analysis of problems of development cooperation of the participating countries and BRICS EEMA in the monetary and financial field and shows that the main causes hindering the expansion of the use of national currencies are: hard currency regulation by State; a rare use of the subjects economics letters of credit and guarantees, which increases the financial risk of their operations; significant transaction costs; asymmetrical measures, currency regulation, enduring implementation of the mutual interests of the participating countries and BRICS EEMA. To expand the use of national currencies in international relations are invited to take into account the whole range of political, economic and social factors that contribute to the realization of the national currencies of the participating countries and BRICS EEMA main features the world's money. Analysis of the impact of negative external factors for the development of the Russian economy (the volatility of world market prices for raw materials, the economic sanctions, the instability of world financial markets) has enabled the authors to justify the need to improve macroeconomic regulation in order to increase investment activity, processes of import substitution and accelerated development of the financial market in participating countries and BRICS EEMA. The decision of tasks has predetermined the need to adjust the principles on national monetary policy. This article analyzes the debate on the introduction of a single currency in the Member countries and BRICS EEMA in its classical form and is represented by the position of the sponsors on the advisability of expanding the use of national currencies in the economic cooperation. The task of the monetary authorities, responsible for implementing the monetary policy of the countries participating in the BRICS and EEMA in those circumstances is containment of inflationary pressures, the harmonization of regulation of financial markets and support stable banking systems, which are the basis for international cooperation.


national currencies; internationalization; international financial cooperation; optimal currency region; BRICS; Eurasian Economic Union; currency integration.


Authors: Galina Panova, Irina Yarygina

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