the european union started indicated by creation of a common currency on 1 january.
the european union started indicated by creation of a common currency on 1 january.
when did the european union start indicated by creation of a common currency?
1 january
belarusian president alexander lukashenko promised to introduce a common currency on 1 january 2004. the currency was not introduced, and the plan was pushed back by one year. on 1 january 2005, the union state again failed to introduce a common currency, and it was again postponed by one year, which, in 2006, happened once again. during a press-conference in minsk on 2 february 2006, pyotr prokopovich, chief of the national bank of belarus, announced that a "common currency might be introduced in 2007". this, however, failed to occur in 2007. the national bank of the republic of belarus announced that, starting in 2008, the belarusian ruble would be tied to the united states dollar instead of the russian ruble.
union state
however, there are conditions for a common currency: the intensity of intra-regional trade and the convergence of macroeconomic conditions. substantial intra-asean trade (which is growing, partly as a result of the asean free trade area (afta) and the asean economic community.) and economic integration is an incentive for a monetary union. member states currently trade more with other countries (80%) than among themselves (20%). therefore, their economies are more concerned about currency stability against major international currencies, like the us dollar. on macroeconomic conditions, member states have different levels of economic development, capacity, and priorities that translate into different levels of interest and readiness. monetary integration, however, implies less control over national monetary and fiscal policy to stimulate the economy. therefore, greater convergence in macroeconomic conditions is being enacted to improve conditions and confidence in a common currency. other concerns include weaknesses in the financial sectors, inadequacy of regional-level resource pooling mechanisms and institutions required to form and manage a currency union, and lack of political preconditions for monetary co-operation and a common currency.
association of southeast asian nations