Roundtable Discussion "Pathways for the Development of the International Monetary System: An EAEU Perspective"
On August 18, 2025, a research group from HSE University and Mariam A. Voskanyan, Head of the Department of Economics and Finance at the Russian-Armenian University, held a joint seminar at the Faculty of World Economy and International Affairs as part of the "International Academic Cooperation" project. During the seminar, Mariam Voskanyan and Violetta Romanova, a participant of the project “Approaches to an Alternative International Monetary System”, presented their research findings. Mariam Voskanyan discussed the key characteristics and challenges in the development of the Armenian financial system, including uneven progress, a weak connection to the real economy, a high level of dollarization, high interest rates and insufficient integration into the global economy, She also addressed the opportunities for deepening the integration of Armenia's financial system into the global financial system through the country's participation in integration associations. Following Mariam Voskanyan's presentation, seminar participants discussed opportunities to expand the practice of payments in BRICS national currencies, including through integration associations that include BRICS member states (e.g., the EAEU).
The following topic of discussion concerned the preparedness of BRICS countries for the use of national currencies in international settlements. Violetta Romanova presented interim results of her research, conducted under the guidance of A.V. Podrugina, the leader of the project "Approaches to an Alternative International Monetary System". Her work involved calculating a national currency development index for BRICS countries and ranking them according to the level of institutional development influencing the use of their currencies in international settlements. The index is based on parameters such as the development of central bank digital currencies, the state of financial markets operating in the national currency, the efficiency of national payment systems, and the intensity of the use of the national currency in international settlements. At the end of the seminar, participants discussed opportunities to continue Violetta Romanova's research from the perspective of the index calculation methodology.