CESifo Forum 4/2016 (Winter): Collapse of the Ruble Zone and Its Lessons

CESifo Forum 4/2016 focuses on the collapse of the ruble zone and the lessons to be learnt from it. The states of the former Soviet Union initially formed a common currency area in 1991: the ruble zone. Against a background of diverging fiscal policies pursued by member states, some central banks began to print their own bank notes.This, in turn, led to higher inflation and the break-up of the currency union in 1993.