Putin says Russia-EU currency union possible in future

http://english.ruvr.ru/2010/11/27/35734781.html ^

[kronos77]

Russian Prime Minister Vladimir Putin has said that he does not rule out the creation of a currency union between the Russian Federation and the European Union some time in future.

He was speaking during a joint news conference following his talks with the German Chancellor Angela Merkel.

As to this kind of currency union, he said, we understand, of course, that any currency union is a result of the combination of economies, of economic development.

Things should grow ripe, the Russian Prime Minister said.

[Thermalseeker]

As if Russia doesn’t already have their foot on the throat of Europe......

[kronos77]

Putin signals Russia may adopt single currency with Europe in future

English.news.cn 2010-11-27 05:18:33 FeedbackPrintRSS

BERLIN, Nov. 26 (Xinhua) — Russian Prime Minister Vladimir Putin said on Friday he was confident for the euro and Russia and Europe may join single currency someday in the future during his visit to Germany.

The euro has shown its quality as a “stable world currency” even some eurozone countries are suffering debt crisis. Putin said at a forum of business leaders in Berlin

He praised the measures taken by the European Central Bank to keep the stability of the currency and he was confident that the sovereign debt crisis will be overcome in the end.

Putin emphasized the importance of strengthening the cooperation between Russia and the European Union (EU), saying “a rapprochement between Russia and Europe is inevitable, if we want to be successful and competitive.”

“Can we assume that Russia together with Europe will one day be in a single currency zone? I can assume that,” he said.

Putin also criticized the dominance of U.S. dollar in the world economy, which makes it vulnerable.

In a later joint press conference with German Chancellor Angela Merkel, Putin reiterated his will to strengthen cooperation with the EU, saying closer economic cooperation is the first step toward a monetary union.

Merkel also said closer economic ties are the first steps and will be helpful for later adjustments on currency policies in the future.

Before the meeting with Merkel, local newspaper Sueddeutsche Zeitung said on Thursday that Putin called for establishing a free trade zone with the EU, which was doubted by Merkel, saying “I have to pour a bit of cold water on it” as “the recent steps taken by Russia are not in the same direction” on that day.

Related:

[Diogenesis]

”Mr President, your policy is ruining the
the value and impact of the US dollar,
just as it is destroying America.”

[Christian Engineer Mass]

The end of the world and the rise of the antichrist is possible too.

But let’s hope it’s not soon eh?

[HiTech RedNeck]

The Russkies will go Euro too?

[Reverend Wright]

from the article:

“The euro has shown its quality as a “stable world currency” even some eurozone countries are suffering debt crisis. Putin said at a forum of business leaders in Berlin.”

KGB Putin hopes that the euro survives, but rising CDS rates on the PIIGS show that the euro politicians have lost control of the situation, and markets are ignoring their assurances that no-one but Ireland needs a bailout.

[BfloGuy]

Yeah, right.

Putin's not that dumb.

[Cronos]

Ha ha! Not bludiy likely. The Germans wouldn’t want Russia to compete with them. Right now the Paris-Berlin axis is showing strain as is

[wolf78]

As if Russia doesn’t already have their foot on the throat of Europe......

Actually no, it doesn't. Yes, Europe needs Russian energy exports. But what many overlook: Russia needs Europe, too. A few weeks ago Putin made a trip to the Urals to see the progress of the Lastochka, the train that will form the new backbone of Russia's region train networks.



Except that it isn't really a Russian train: Russia urgently needed to replace their aging fleet, so they looked to Siemens, already supplier of Russia's high speed trains. The Lastochka is just a Siemens Desiro ML with improved heating assembled in Russia:



Tunnel boring equipment. Agricultural equipment that works with satnav precision. Heck, even Aeroflot buys Airbus. Russia needs it all. And it needs the know-how after 50 years of communism and another 10 of turmoil.

Yeah, right. Putin's not that dumb.

He isn't. But Putin knows very well that in the long run a nation of 140,000,000 will have its problems against ten times as many Chinese. So the question is: Russia can either be a big fish in a a somewhat smaller European pond by being part of the world's largest single market economy, or it can be relegated to a middle power on the world stage. He probably sees the example of Germany which has given up all interest in world domination but which is still able to influence international politics through the European Union.

[wolf78]

I posted a new thread for an insteresting video on the topic here:

http://www.freerepublic.com/focus/f-news/2633667/posts

[Thermalseeker]

Russia needs Europe, too.

Let me make sure I have this straight. Russia is supplying most of the fuel that heats Europe in the winter and the trade offset with Russia needing Europe is because Siemens builds some trains for Pootie's new regional rail system wet dream and Russia buys a few Airbus airplanes and tunnel boring machines to copy? That is somehow equivalent? Are you joking? Are you at all familiar with the history of Russia?

[The Comedian]

How-many-neo-Rubles-does-my-forehead-chip-say-I've-got-left? ping.

"Economic Holocaust" ping.

Moderate volume ping list watching the slow motion Economic Holocaust.

FReepmail me if you want on or off
The Comedian's "Economic Holocaust" ping list...

Frowning takes 68 muscles.
Smiling takes 6.
Pulling this trigger takes 2.
I'm lazy.

[FromLori]

Putin wants in on a global currency you would almost think the Dollar is dying.

A paper entitled “Reserve Accumulation and International Monetary Stability” by the Strategy, Policy and Review Department of the IMF recommends that the world adopt a global currency called the “Bancor” and that a global central bank be established to administer that currency. The report is dated April 13, 2010 and a full copy can be read here. Unfortunately this is not hype and it is not a rumor. This is a very serious proposal in an official document from one of the mega-powerful institutions that is actually running the world economy. Anyone who follows the IMF knows that what the IMF wants, the IMF usually gets. So could a global currency known as the “Bancor” be on the horizon? That is now a legitimate question.

http://www.imf.org/external/np/pp/eng/2010/041310.pdf

http://theeconomiccollapseblog.com/archives/currency-crisis-so-what-happens-if-the-dollar-and-the-euro-both-collapse

[SunkenCiv]

http://www.freerepublic.com/focus/news/2633231/posts

[dynachrome]

I wonder who would pull the strings in this merger, Putin or the EU? Putin is my guess.

[wolf78]

That is somehow equivalent? Are you joking? Are you at all familiar with the history of Russia?

I am indeed serious. Only a few years ago Russia wasn't really able to feed itself. After the fall of the Soviet Union grain harvests plummeted and are only increasing slowly. I am not talking about a few trains. I am talking about a huge rail network: All the old Soviet infrastructure is falling apart. Russia needs both the money from the energy exports and the technology to rebuild its industrial base. What good is seing your neighbor freeze when he is watching you starve in a crumbling house?

Russia is still pretending to be a world power, but without cooperation it is decades behind the western world. And who else should Russia turn to? Can you imagine Russia being China's vasall? The US maybe?

[Thermalseeker]

Next to Arabs, Russians are the biggest bunch of thieves and liars I have ever had the displeasure of working around. (and my experience with both is considerable) Trust them at your own peril. Especially with Putin (KGB) at the helm. Europe will be lulled into a false sense of security with a cozy relationship with Mother Russia. Absolutely nothing good will come of it. Count on that and when the time comes remember where you heard it first....

[wolf78]

Trust them at your own peril.

I'm not talking about trust. I'm talking about interdependence. Russia likes to portray itself as a world power, which it is not any more. Its technology is decades behind the US and Europe, even China, its productivity is weak. The same reasons why they couldn't win the arms race "against Reagan" still hold true.

I'm not saying Putin's words should be take at face value. I'm just saying I understand why Putin makes such suggestions, where he's coming from. Just like a liar reveals a bit of the truth with every lie, Putin's piece in the Sueddeutsche actually says something about the state of Russia (and its fear of China, IMHO).