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DECISION OF THE SUPREME EURASIAN ECONOMIC COUNCIL

of May 8, 2015 No. 11

About the main reference points of macroeconomic policy of state members of the Eurasian Economic Union for 2015-2016

For the purpose of implementation of the subitem 2 of item 4 of the Protocol on carrying out the approved macroeconomic policy (appendix No. 14 to the Agreement on the Eurasian Economic Union of May 29, 2014) the Supreme Eurasian economic council DECIDED:

1. Approve the enclosed main reference points of macroeconomic policy of state members of the Eurasian Economic Union for 2015-2016.

2. Recommend to the governments of state members of the Eurasian Economic Union to consider when carrying out macroeconomic policy the main reference points of macroeconomic policy of state members of the Eurasian Economic Union approved by this Decision for 2015-2016.

3. The Eurasian economic commission to carry out the analysis of the measures realized by state members of the Eurasian Economic Union in the field of macroeconomic policy regarding their compliance to the main reference points of macroeconomic policy of state members of the Eurasian Economic Union approved by this Decision for 2015-2016.

Members of the Supreme Eurasian economic council:

from the Republic of Armenia

 

from the Republic of Kazakhstan

from the Republic of Belarus

from the Russian Federation

Approved by the Decision of the Supreme Eurasian economic council of May 8, 2015 No. 11

The main reference points of macroeconomic policy of state members of the Eurasian Economic Union for 2015-2016

The current economic situation in state members of the Eurasian Economic Union (further respectively – state members, the Union) which developed as a result of the influence of adverse external economic conjuncture and instability of provision in the world raw markets and also which is saved up in economies of state members of imbalances is characterized by essential deterioration in the main macroeconomic indicators and delay of economic activity.

Sharp reduction of prices of oil (from September, 2014 to January, 2015 the average monthly price of Brent crude oil fell for percent 51,4) and reducing the world demand of primary goods exerted negative impact on condition of paying balances of state members, promoted deterioration in indicators of mutual trade and trade with the third countries, put pressure upon the international reserve assets and national currency rates and negatively affected condition of economies of state members in general.

Growth rates of gross domestic product of the Union in 2014 decreased to 1 percent, at the same time in the Republic of Armenia they made percent 3,4, in the Republic of Belarus – percent 1,6, in the Republic of Kazakhstan – percent 4,3, in the Russian Federation – percent 0,6.

Inflation grew in general on the Union in 2014 to percent 11,1, including in the Republic of Armenia it constituted percent 4,6; in the Republic of Belarus – percent 16,2, in the Republic of Kazakhstan – percent 7,4, in the Russian Federation – percent 11,4.

During 2014 and at the beginning of 2015 the downward tendency of the national currency rates to the leading world currencies which especially amplified at the end of 2014 – the beginning of 2015 was observed. As a result the average monthly rate of Russian ruble to US dollar from January, 2014 till January, 2015 decreased on percent 84,4 (with 33, to 61, the 7th ruble for 1 US dollar), the Belarusian ruble for the same period lost percent 50,3 (mainly, within January, 2015 as a result of step-by-step devaluation). The Armenian dram rate to US dollar in January, 2015 in relation to the corresponding period of 2014 decreased on percent 16,8, and the Kazakhstani tenge was devaluated during the same period on percent 18,5.

Against the background of deterioration in general economic situation in state members export to the third countries decreased, and as a result of acceptance of rationing arrangements showed decrease and import: cost the amount of foreign trade in goods in 2014 in comparison with 2013 decreased on percent 6,9, at the same time export was reduced by percent 5,3, and import – on percent 9,6. Special concern is caused by reducing cost amount of mutual trade in goods which following the results of 2014 reached 11 percent concerning the level of 2013 (without data on the Republic of Armenia).

Are developed by the governments of state members and the measures directed to overcoming negative effects and mitigation of impact of adverse external economic conjuncture on national economies are implemented.

At the same time coherence and interdependence of economies of state members requires coordination of realization of crisis response measures by them, and also developments and acceptances of the collateral integration actions directed to overcoming the developed economic situation with use of the tools defined by the Agreement on the Eurasian Economic Union of May 29, 2014 (further – the Agreement).

Considering that the main reference points of macroeconomic policy of state members of the Eurasian Economic Union are designed to solve the most important for economies of state members short and medium-term tasks, during 2015-2016 they will be directed to overcoming the developed negative economic situation by means of:

ensuring macroeconomic stability: achievements of price stability, activation of use of national currencies of state members, maintenance of balance of budget systems, increases in stability of bank systems;

creations of conditions for sustainable development and recovery of economic growth: diversifications of economy (including taking into account realization of integration capacity of the Union), maintenance of business activity, expansion of sources of financial resources and increase in availability of credit resources, activation of mutual trade, development of foreign trade and diversification of the markets.

I. Ensuring macroeconomic stability

In 2014 and the beginning of 2015 all state members faced the destabilizing influence of adverse external economic factors on stability of national macroeconomic systems.

The increase in world production of energy carriers and completion of the program of quantitative mitigation in the United States of America promoting capital outflow from the markets of developing countries caused reduction of prices in the raw markets and put pressure upon the national currency rates of state members and the rate of inflation.

In 2014-2015 excess by the Republic of Belarus of the value of the rate of inflation (consumer price index) established by the limiting Agreement remains, in the Russian Federation the essential growth of inflation in comparison with 2013 is observed.

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