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Sergei Glazyev: "The EAEU's top priority is achieving high rates of long-term economic growth"

Sergei Glazyev: "The EAEU's top priority is achieving high rates of long-term economic growth"

12/12/2019

Sergei Glazyev, Member of the Board - Minister in charge of Integration and Macroeconomics of the Eurasian Economic Commission (EEC), stressed the above idea at a meeting of the Advisory Committee on Macroeconomic Policy on December 11 in Moscow.

The meeting participants were familiarized with the results of monitoring the values of macroeconomic indicators that determine the sustainability of economic development, as well as information on the EEC's recommendations aimed at stabilizing the economic situation. The number of the Eurasian Economic Union (EAEU) States' deviations from the threshold values of macroeconomic indicators is expected to decrease by the end of 2019. It will become an achievement of applying the EEC's recommendations in practice. The Advisory Committee has also approved a new version of the procedure for developing and adopting recommendations and joint measures.

Besides, the meeting participants considered the draft analytical report on the macroeconomic situation in the Member States and proposals for ensuring sustainable economic development.

"The EAEU's top priority is to achieve high rates of long-term economic growth. It requires focusing on removing structural obstacles to increase employment and labor productivity, ensure full utilization of production capacities, stimulate innovation, and investment activity," Sergei Glazyev said.

The Advisory Committee approved the forecast of the Union States' mutual trade for 2020 and the mechanism for its development. In the future, the Commission jointly with the parties will continue to study the possibility of evaluating mutual trade subject to the payments currency.

Moreover, the meeting participants considered the Commission's recommendations on improving the national budget rules subject to the experience gained by the Union States and the international practice. Sergei Glazyev proposed supplementing these recommendations with an analysis of the Member States' budget rules efficiency in terms of their impact on economic development, investment dynamics, and the use of potential growth opportunities.

The committee members discussed the proposal to review the list of macroeconomic indicators that determine the sustainability of economic development in connection with the change in the external and internal environment of economic development. “The EAEU needs to develop a balanced set of macroeconomic indicators that most clearly reflect the economic growth stability and investment dynamics,” Sergei Glazyev pointed out.

 

The meeting was attended by members of the Advisory Committee, representatives of the ministries of the financial and economic unit, and national (central) banks of the Member States. Representatives from the Republic of Moldova - the Observer State at the EAEU, the Republic of Azerbaijan, the CIS Executive Committee, and the Interstate Bank also took part in the event.​