The Future of Monetary Integration in the EEU

Abstract

Importance Almost all regions experience active processes of economic integration. As a result, national currencies become more usable for international payments. The trends are observed in the Eurasian Economic Union (EEU), with the Russian ruble obviously dominating the other currencies. Objectives We identify factors that streamline invoicing processes denominated in national currencies throughout the EEU. Methods We refer to China to analyze the main reasons for using the home currency in international payments, scrutinize the payment mechanism under stringent constraints on the currency laws. Summarizing and analyzing the renminbi internationalization practices, we conclude on the most important factors that intensified payments in national currencies throughout the EEU. Results The article names key factors making the countries use their home currencies to