CONVERGENCE OF THE MACROECONOMIC POLICIES OF RUSSIA AND BELARUS

СБЛИЖЕНИЕ МАКРОЭКОНОМИЧЕСКОЙ ПОЛИТИКИ РОССИИ И БЕЛОРУССИИ

Sibirskaya, Elena (Сибирская, Елена) () and Oveshnikova, Lyudmila (Овешникова, Людмила) ()
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Sibirskaya, Elena (Сибирская, Елена): Financial University under the Government of the Russian Federation
Oveshnikova, Lyudmila (Овешникова, Людмила): Plekhanov Russian University of Economics

Region: Systems, Economics, Management, 2023, issue 4, 29-36

Abstract: The relevance of the topic. It is necessary to carry out a study of the prevailing trends, prospects and key problems of convergence of the macroeconomic policies of Russia and Belarus in the context of the formation of a single trade and economic space, as well as to ensure the achievement of maximum positive effects at the macro, meso and micro levels in the long term. Goal. Assessment of the current state, problematic issues and prospects for strengthening RussianBelarusian integration in the context of convergence of macroeconomic policy. Methodology. The key scientific approaches were used: system, logical and process. The main methods of scientific cognition were: comparison, expert assessment, analysis and generalization. The information base was made up of scientific publications on the relevant research profile, as well as open sources of the Internet. Results and conclusions. At present, the integration processes between Russia and Belarus in terms of deepening trade, economic and military-political cooperation, as well as increasing the effectiveness of coordination of joint decisions to counter modern challenges and threats have reached a qualitatively different level of development. In particular, at the moment, the basic provisions of the treaty on the creation of the «Union State», as well as 28 Union programs, are being successfully implemented. One of the key programs is the convergence of macroeconomic policy. It is established that the integration and synchronization of trade and economic processes and the entire macroeconomic policy of Russia and Belarus requires the formation of common principles of the functioning of national economies. This is possible only with the construction of a multi-level, balanced and unified planning and forecasting system. One of the most important tools for the convergence of the macroeconomical policy of Russia and Belarus at the moment is the harmonization of VAT. This direction implies the development of general principles of taxation on indirect taxes, which include VAT and excise taxes. Another tool is the development of a unified policy of regulators in order to harmonize monetary policy. Today, the most urgent is the formation of mutually beneficial conditions for the implementation of inflation targeting processes. In the conclusion of the study, the utilitarian component of the positive effect of the convergence of the macro-economic policy of Russia and Belarus is presented.

Keywords: Russian-Belarusian strategic partnership; macroeconomic policy; trade and economic cooperation; integration; programs; planning; effects; prospects (search for similar items in EconPapers)
Date: 2023
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