Режим параллельных валют в зоне финансовой интеграции

Abstract

The study presented in the article seems rather relevant due to the fact that the problem of indebtedness in the eurozone members has not been solved yet, and these countries still continue to accumulate debts. Therefore, the eurozone members are expected to find effective ways to restore competitiveness after the crisis of 2009‒2012 without exiting the single currency agreement. The research is aimed at encompassing the relations which come into being as a result of credit use, money circulation, and money transfer payments. Consideration of these issues seems very important since it can help restore the loss of monetary independence. The subject of the article is the ways to denominate debt securities in the currency units under the control of the national governments and the central bank. The main purpose of the paper is to develop the approaches to parallel circulation of a single currency unit which can be devalued to solve the debt problems. The practical significance of the article lies in the possibility to use the European experience in solving the problems of common currency circulation in the process of Eurasian currency and financial integration. In terms of economic theory, the results and general outcomes of the work are important for the development of a concept to rationalize monetary policy and money circulation. In conclusion, the article proposes a parallel currency circulation regime which allows a member country of the currency agreement to stay in the common currency area and retain some functions of the monetary policy which were sacrificed due to the creation and operation of the common central bank.