Serious oscillation at the world financial markets caused new discussions of the second wave of the crisis. In this context among main initiators of a new falling weakness of two basic world currencies is called – dollar and euro. International experts warn that repetition of Soviet ruble’s fate by euro should be prevented.
Different views of the EU members on the problem of supporting weak countries can lead to repetition of Soviet ruble’s fate by euro, the head economist of the HSBC Steven King thinks, BFM reports.
The former Soviet republics stopped using ruble after the dissolution of the USSR, which caused hyperinflation. He supported the position of the European Central Bank, which stops cash position in state obligations of the problem countries. ECB is the only financial institute, which tries to support euro, and ruble had no such support after the dissolution of the USSR, the analyst thinks.
Collapse of the Soviet Union led to destruction of the united currency, which had been the only consolidating factor of the former republics during a short period. King compares this period with the current situation in euro zone.
Europe has the same problems: dramatic decrease of incomes, weak economy growth, and sometimes no access for international loan markets. Moreover, it is hard for poor countries in the south to reach creditors of the north, King says.
Could euro zone repeat ruble zone’s fate? It doesn’t seem so. However, in 1992 nobody could think that ruble zone could collapse.
