Russia-Belarus single currency cannot be rushed — Medvedev – Business and Economy

GORKY, January 28. /TASS/. The possibility of introducing a single currency may arise at a certain stage of the integration of the economies of the Russian Federation and Belarus, but it cannot be rushed, said the Deputy President of the Security Council of Russia, Dmitry Medvedev, in an interview with Russian media, including TASS. He acknowledged that “the level of integration [of the Russian Federation and Belarus] is still insufficient, everyone understands that.”

“It has to be done, and as we move further down the path of integration, the opportunity for a single currency may arise. But we certainly cannot rush this. By the way, we never said ‘put in a single ruble and everything will be fine.’ A single currency is the result of strong economic unification or alignment. This is how the euro, for example, was born,” Medvedev said.

Continuing the parallel with the experience of EU countries, Medvedev said: “Even though the European Union has a relatively high level of economic development, the differences in the economies of, for example, Germany and Greece, or even a country like Italy, have from time to time caused problems related to the functioning of the single currency.” “However, they did it anyway. What happened with the euro? It is now one of the most powerful reserve currencies,” Medvedev added.

He recalled the UK’s exit from the European Union. “I believe they will end up regretting what they have done over and over again.” Because their economic opportunities have diminished, they have frequent production and business closures, they may lack something, and there is an energy crisis. As a result, those who leave integration structures generally regret it,” he concluded.

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