The introduction of Russian ruble is the only real opportunity to save the Belarusian economy, noted the head of the Association of Small and Medium Enterprises, Sergei Balykin. "This year has demonstrated the inadequacy of the Belarusian economic model and the failure of leadership to effectively manage the economy," said the expert.

According to Sergei Balykin, this is illustrated by "the unprecedented sharp decline in the Belarusian ruble and the standard of living," BelaPAN.

"The causes of the economic disaster are internal only, said the expert. - The 2010 economy was pumped with blank money, which became evident after the presidential election. Unfortunately, the authorities haven’t learned a lesson from what happened and keep on printing money. One can assume that the policy of blank money distribution will go on next year, as power does not see any other methods of problem-solving."

"One can’t talk about credibility of the Belarusian ruble in such circumstances, as the national currency is getting more and more deprived of the functions of money; its credibility is falling and will continue to fall," says Sergei Balykin.

To rescue the economy, the Belarusian ruble must be replaced by any credible money, the expert says. The most attractive currency is the Russian ruble for several reasons, he adds.

"First of all, the Russian ruble enjoys far greater confidence than the Belarusian one. Second, Russia is our main trading partner, and our common currency may reduce costs when trading. Third, the introduction of the Russian ruble is a much more realistic project than, say, Belarus' accession to the euro zone," said the head of the Association of Small and Medium Enterprises.

According to Sergei Balykin, Alexander Lukashenko will be the opponent of the introduction of the Russian ruble on the territory of Belarus. The introduction of the Russian ruble will deprive Lukashenko of the opportunity "to shift his own economic failures on the people’s shoulders." "It's no secret that the power introduces a kind of inflation tax and solves economic problems at the expense of its own people by printing blank money," he explained.

This expert believes that Lukashenko’s statement on the possible introduction of the Russian ruble as the single currency in the Eurasian Economic Union is a tactical ploy of the President.

"On the one hand, he seems to agree on the Russian ruble, thus feeding ego of Russia's leadership, on the other hand, he postpones this action to a distant prospect. Also, speaking of the introduction of the Russian ruble in the EEU, Lukashenko draws Kazakhstan in this process, thus making the equation more complicated," concluded Sergei Balykin.

As Telegraf previously reported, President of Belarus Alexander Lukashenko hopes that the Eurasian Union will be formed earlier than planned by his Russian counterpart Dmitry Medvedev. "We’ve formed the basis (common economic space) within 18 months. Well, let's finish it by the end of 2013," suggested the Belarusian leader on November 19.

The president also considers it possible to introduce single currency within the Eurasian Union. The recent trilateral meeting was focused on the transition, supranational currency similar to the European Currency Unit ECU, used in non-cash settlements.

"Maybe, we’ll accept the Russian ruble, if it’s going to be interesting to everyone. And he has all chances for that," also noted Alexander Lukashenko.

Telegraf