The Commission is examining whether a currency board could be set up

Date: 10/09/1998

to help stabilise the Russian economy. Such a board would effectively remove control of the rouble from the Moscow authorities and only allow them to issue roubles if they were backed by reserves of foreign currency or gold. Some estimates suggest that Russia would need external funding to the tune of 30-35 billion ecu to operate such a board. Supporters of the move say it would help to re-establish confidence in the rouble, which has slumped to one quarter of its value since the financial crisis began.