The aim of this paper is to study suitable payment-settlement system between the CIS countries. This paper describes current financial situation of the CIS countries. And this paper draws a historical experience on clearing systems and payment unions,...
The aim of this paper is to study suitable payment-settlement system between the CIS countries. This paper describes current financial situation of the CIS countries. And this paper draws a historical experience on clearing systems and payment unions, examining the several cases from simple barter systems to EMU. Especially in this paper will be analyzed experience of former EPU(European Paymet Union) and CMEA(Council of Mutual Economic Assistance). At present trade between the member countries of the CIS is imploding. One possible solution is the restoration of a mechanism of multilateral settlements for trade between CIS countries. Based on the experiences of the Interstate bank, EPU and CMEA, the author concludes that an arrangement similar to the EPU provides promising solution for CIS payment-settlement system. On considering current economic situation of CIS. Most promising payment arrangement is formation of small multilateral settlement system, consisting of four countries (Russia, Ukraine, Belarus, Kazakhstan). At the same time, author suggests several major obstacles which at the moment make the formation of CIS payment union.