Eurasian Economic Union's functioning plays stabilizing role for member-states - Medvedev
GORKI, Moscow region. April 13 (Interfax) - The Eurasian Economic Union's (EEU) activity has a stabilizing effect on the economies of its member-states amid global economic instability, Russian Prime Minister Dmitry Medvedev said.
"External factors, including instability of the global financial and commodity markets, affects our activities in general and the state of affairs in the economic sector [in particular], but statistical data show that the union's functioning plays a stabilizing role for the economies of the five states," Medvedev said at an expanded meeting of the Eurasian intergovernmental council.
"A single market with 180 million consumers is more stable by definition and offers more reserves than the separate economies," he said.
Taking into account global economic trends, it is of great practical importance to meet regularly not only at the level of chairmen but also at the level of heads of financial and economic agencies and at the level of Central Bank chairmen, he said.
"The work in this format makes it possible to react to changing trends quicker, ensure more precise wordings in aligning national anti-crisis plans, economic stabilization plans, and development programs, and this eventually creates a basis for developing a coordinated macroeconomic policy of the EEU member-states," Medvedev said.
Russia supports Kazakhstan's presidency in the EEU in 2016, he said.
"It's important to thoroughly address the improvement of the Eurasian integration's contractual and legal basis. We are so far lagging behind the schedule for drawing up the regulations," he said.