Exchange Rate Fluctuations within the EAEU in 2014–2015: Analysis and Recommendations

• Report (in Russian)

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The report analyses the effects of the shock of commodity price drop and monetary policy measures implemented by the EAEU member states in 2014–2015 to stabilise their economies. The authors argue that those were exactly the different monetary policy approaches, applied by the EAEU member states in 2014–2015, that resulted in sharp fluctuations of mutual exchange rates, aggravating the economic crisis with problems in mutual trade that could have been avoided. At present, there are still certain economic risks, which can be triggered by geopolitical factors, sharp changes in oil prices, a rapid deceleration of economic growth in China, and other factors. Therefore, it is particularly timely now to review the experience of the recent past.