Posted: 15.06.2023 16:18:00

EEC expects introduction of new world currency based on international agreement

Sergei Glazyev, the Minister for Integration and Macroeconomics of the Eurasian Economic Commission, shared views on a new paradigm of the world development after the end of the period of turbulence, noting that the global situation will begin to level off from 2025


Speaking on the side-lines of the 26th St. Petersburg International Economic Forum, Mr. Glazyev noted that – despite the apparent turbulence in the global economy – the contours of a new technological order have already been formed. According to him, it will be centred round a complex of nano-, bioengineering, information and digital technologies. With this in view, it is now important to invest in key industries of the future, in order not to miss the window of opportunity.

“The new world economic order is greatly changing the paradigm of international relations. Firstly, the importance of national sovereignties is being restored, and this means that international law will strengthen its importance after a turbulent period. We expect that a new world currency will be introduced on the basis of an international agreement, and the BRICS group of nations is close to this. I think the life is inspiring us to move in this direction,” Mr. Glazyev emphasised.

As noted by the EEC Minister for Integration and Macroeconomics, the departure of liberal globalisation is another marker of the change of world economic patterns. He believes joint investments are now the main subject of international co-operation. It is for this purpose that the Consortium of Development Institutions was created in the EAEU (the related documents were signed last week on the side-lines of the Eurasian Intergovernmental Council).

"We expect new projects from the Consortium of Development Institutions that would strengthen our integration, connect our countries more and ensure access to the trajectory of sustainable development and growth," Mr. Glazyev said.

As the EEC informed, the Consortium of Development Institutions was created without the formation of a legal entity in order to combine efforts to develop the Eurasian economic integration, promote the economic growth of the Eurasian states and increase investment activity in the regions. It includes the Centre for Strategic Development of the Republic of Armenia, the National Institute for Strategic Studies under the President of the Kyrgyz Republic, and the Agency for Strategic Initiatives (Russian Federation). The development institutes of Belarus, Uzbekistan and Tajikistan have also expressed interest in co-operation with the consortium.