Systemic Approach to the Analysis of the Mutual Settlements in the National Currencies of the Eurasian Economic Union

Abstract

The novelty of the article consists in a systematic approach to the analysis of mutual settlements in the national currencies of the Eurasian Economic Union (EAEU) on the basis of the upward and downward connection to its integration development. The systemic approach has revealed the fundamental reason for the insignificant share of the mutual settlements in the national currencies of the EAEU (except the Russian ruble), which is caused by the incompleteness of the formation of a common market of factors of production and the preservation of barriers in this area and the need to address this problem. On the basis of the systemic riskology, the risks of dominance of the world currencies in the international settlements of the EAEU countries and the chance to reduce them as mutual settlements in the national currencies become more active, as well as the smooth decline of the US dollar and the euro, were identified. The advantages of mutual settlements in the national currencies based on the development of the integration processes in the economies and mutual trade of the EAEU countries have been substantiated and systematized. The important role of the EAEU Integrated FX Market at the Moscow Exchange in the development of mutual settlements in the national currencies has been revealed. Identification of drawbacks and risks of losses in mutual settlements in national currencies in the EAEU became the basis for the authors’ proposals to reduce them and improve the efficiency of this mutually beneficial form of international settlements of the Eurasian Economic Union. Relevance of the article is due to the new EAEU documents “Main Directions for the Development of the EAEU till 2030", "Declaration on the Further Development of the Integration Processes within the EAEU”. Keywords—Eurasian Economic Union (EAEU); mutual settlements in national currencies of the EAEU; risks of mutual settlements in the national currencies; chance to reduce the risk of losses in settlements; Integrated FX Market