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Euro in the world and in Russia. by Olga Butorina, Moscow State Institute of International Relations . Functions of international currency. Euro and Dollar in the world. Russia’s aims. decrease dollarization $60 bln cash

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euro in the world and in russia

Euro in the world and in Russia

by Olga Butorina,

Moscow State Institute

of International Relations

russia s aims
Russia’s aims
  • decrease dollarization $60 bln cash
  • diversify currency structure of foreign trade & trans-border settlements
  • decrease Forex risks
european union s aims
European Union’s aims
  • euro - international currency
  • invoice currency in energy trade
  • euro - regional foreign currency (Europe, Mediterranean, French Africa, Russia, CIS countries)
opportunities
Opportunities
  • alternative to the dollar
  • deals with the rest of Europe and Mediterranean
  • better access to EU financial markets
challenges
Challenges
  • rooted dollarisation
  • small depth of euro-ruble market
  • higher volatility of exchange rate (managing float – USD)
  • wider spreads
  • exports of raw materials
conclusions
Conclusions
  • Euro is good for external operations, no internal euroisation
  • No reasons to join EU and Eurozone
  • Ruble in Russia and CIS
  • Euro in gas trade, than – in oil
  • High XR volatility in future, new risk management is needed