/ world right now information/ Prof. Sergey Glazev, member of the Administration Board (Minister) of Integration and Macroeconomics of the Eurasian Financial Fee, was the primary to talk within the dialogue a part of the plenary session of the scientific-practical convention “The Union State: Achievements, Issues , views’. All who listened to him rapidly realized that this selection was not unintentional. The convention was devoted to the twentieth anniversary of the signing of the Treaty on the Creation of the Union State. And Glazev’s speech “The Union State for instance of a brand new world financial system” was the easiest way to start out a dialogue concerning the achievements of the Belarusian-Russian integration affiliation and its prospects.
“I need to begin my presentation with a comparability. Nonetheless, 20 years is kind of a very long time, we are able to summarize some outcomes of our cooperation. Every little thing is understood compared, as you already know. Over time, the republics of the previous Soviet Union adopted a distinct integration path. The primary thesis of my speech is that the Union State is the optimum type of regional financial integration right now, which totally meets the necessities of the brand new world financial system.
We will evaluate the trail taken by the Baltic States, which was absorbed by the European Union and was an financial desert. Ukraine was pressured to affiliate with the European Union, which discriminated in opposition to it. Now Ukraine’s business is in ruins. And our Union State, the Eurasian Financial Union, the place we achieved sustainable financial development.
A lot has already been mentioned concerning the successes of the Belarusian financial system. In reality, throughout these 20 years, the scientific and manufacturing potential of Belarus virtually doubled. That is largely the results of working in a single financial house with Russia, counting on the establishments of the Union State.
In reality, the Union State was our first try at reintegration into the post-Soviet house. This expertise was in nice demand throughout the creation of the Customs Union with the participation of Kazakhstan and the Eurasian Financial Union, which right now defines the principle integration core not solely within the post-Soviet, but additionally within the Eurasian house.
It isn’t by likelihood that the Union State could be a mannequin of a brand new world financial construction, which is essentially totally different from the development of business and financial cooperation in comparison with the earlier experiences on the earth. We was once led by the European Union and we are able to evaluate them right now. The precept of the Union State, in addition to of the Eurasian Financial Union, is voluntariness. Not like the coercion that’s attribute of European paperwork. It’s mutually helpful versus imposing different folks’s pursuits.
That is transparency and consensus, not the bureaucratic intrigues we consistently see in Brussels. It’s a mixture of aggressive benefits and a give attention to the synergistic impact of integration, relatively than serving transnational companies, as within the European Union and different kinds primarily based on liberal globalization.
Lastly, respecting nationwide sovereignty and subsequently preserving variety. This, in my view, is the principle benefit. Our integration type is versatile.
The Eurasian Financial Fee adopted 4 thousand regulatory paperwork. All of them had been adopted by consensus and right now type a single financial house, frequent strategies of regulation of the frequent market, during which the Union State additionally lives comfortably.
However what we nonetheless do not have is a standard growth technique, frequent growth packages. I feel that right here the expertise of the Union State is essential for us. Now work is underway to formulate strategic tips for the event of the Eurasian Financial Union till 2025. I hope that we’ll transfer from a standard market to the formation of a standard growth technique. To a mixture of aggressive benefits, primarily based on which you will get a synergistic impact. This flexibility, which ensures the preservation of nationwide sovereignty and, on the similar time, effectivity, which is ensured by the final regulation of a single financial house, is exactly the optimum type of cooperation that’s enticing right now to many different nations, which proves its effectiveness in comparison with a inflexible the centralized fashions.
I’ll give only one instance. A couple of years after the signing of the Treaty of the Union State, when Russia was nonetheless depressed, we anticipated optimistic issues from the federal government – lastly they appeared. The amount of agriculture in Russia elevated by 20%. And the variety of tractors has not elevated. An evaluation of those information confirmed that the expansion was as a result of provide of parts for the meeting of Belarusian tractors. That is an instance of how the mixing works.
The place is the range right here? Then the Central Financial institution of Belarus conducts a stimulating financial coverage. In Belarus, it was attainable to take loans from enterprises. Companies can broaden manufacturing. In Russia, there was a good financial coverage. And Belarusian enterprises turned the locomotives of the meeting. They allotted their alternatives to finance the enlargement of manufacturing alongside cooperative chains in Russian engineering. And because of this, we acquired a robust engine for financial development within the face of the Belarusian business, which contributed to the revival of the Russian financial system.
That is an instance of how the range of our financial goal capabilities is complemented by the flexibleness of nationwide regulation. Not like earlier types of integration, it appears to me that we’ve got developed an optimum type the place there may be variety, freedom and even competitors of jurisdictions is allowed and on the similar time there may be supranational self-discipline and uniform selections of a supranational physique in these areas that should function in line with the identical guidelines. Presently, this expertise is totally applied within the Eurasian Financial Union. I hope that our integration will broaden and deepen, as a result of it’s enticing, handy for all members and offers financial impact.
Translation: V.Sergeev
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