ESA and EC to road map space technology R&D

• Book ID: 104366118
• Publisher: Elsevier Science
• Year: 2003
• Tongue: English
• Weight: 275 KB
• Volume: 16
• Category: Article
• ISSN: 0961-1290
• DOI: 10.1016/s0961-1290(03)00703-8

✦ Synopsis

Russia and the Euro

Deputy Finance Minister Alexei Ulyukayev says the central bank had been amassing euros in its currencies basket for several months and this is likely to continue to ensure diversification of holdings in a climate of currency instability. The proportion of euros in Russia's reserves was now more than 25%, compared with less than 10% at the start of '02. Chief economic advisor, Andrei Illarionov said the share of euros was set to grow further. Russia's foreign trade is 38% denominated in euros. The shift to the euro is significant because it is likely to be a long-term shift, Russia moving closer to Europe.