11-02-2015

It’s not just Russia: Currency crisis in the Commonwealth of independent states


| by Marek Dabrowski / Bruegel


The currency crisis that started in Russia and Ukraine during 2014 has spread to neighbouring countries in the Commonwealth of Independent States (CIS). The collapse of the Russian ruble, expected recession in Russia, the stronger US dollar and lower commodity prices have negatively affected the entire region, with the consequence that the European Union's entire eastern neighbourhood faces serious economic, social and political challenges because of weaker currencies, higher inflation, decreasing export revenues and labour remittances, net capital outflows and stagnating or declining GDP.



The crisis requires a proper policy response from CIS governments, the International Monetary Fund and the EU. The Russian-Ukrainian conflict in Donbass requires rapid resolution, as the first step to return Russia to the mainstream of global economic and political cooperation. Beyond that, both Russia and Ukraine need deep structural and institutional reforms. The EU should deepen economic ties with those CIS countries that are interested in a closer relationship with Europe. The IMF should provide additional assistance to those CIS countries that have become victims of a new regional contagion, while preparing for the possibility of more emerging-market crises arising from slower growth, the stronger dollar and lower commodity price

 

 

pc_2015_01_CIS_.pdf


Jurek  |  12-03-2015
I\'m surprised he won it. But I think it also spkeas volumes as to how poorly the previous administration was perceived when it came to diplomacy.And, yes, he has perpetuated the policies in Iraq and Afghanistan. But I think he has completely changed the game for the good when it comes to engaging our allies and enemies. While I can already read Ryan\'s charge that progressives are too pre-occupied with Bush\'s foibles, they also can\'t be ignored. It would be like blaming UT\'s losing record solely on Lane Kiffin, or placing Vanderbilt\'s 26-year record of football ineptitude solely on Bobby Johnson.
Cyberbulling  |  13-21-2015
No I do not think EU deserves the nobel peace prize . Especially after Greek Cypriots who has useprud the Turkish Cypriot\'s equal partnership rights , supposedly representing all of Cyprus , not applying more than 100 articles of its constitution have been allowed to join EU in 2004 . This union is even against the founding agreement of Cyprus of 1959 in which it prohibits the union of Cyprus with other entities where all three guarantor powers are not a member of . Even today the so called Republic of Cyprus are violating the human rights of Turkish Cypriots and applying embargoes on them.
Israel  |  14-06-2015
Of course. The EU (together with the NATO and the US) brohgut peace to our continent. Not a single EU-state would even think about attacking another EU-state. War looks like something from the past, please keep it that way. Now war is gone, it\'s time for a new mission: make the EU democratic. Give us the opportunity to elect our own European leaders and our own parliament. http://jaxjxo.com [url=http://zcwjvsu.com]zcwjvsu[/url] [link=http://huoaxyqiqsr.com]huoaxyqiqsr[/link]
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