In a commentary published in Germany’s Sueddeutsche Zeitung, Russian Prime Minister Vladimir Putin proposed a stronger integration of economic ties between the European Union and Russia that would ideally lead to establishing a free-trade zone stretching “from Lisbon to Vladivostok.”
The Russian Prime Minister is on a visit to Germany for talks with Chancellor Angela Merkel as well as leaders of some of Germany’s biggest businesses, including E.ON, Siemens AG and Deutsche Bank AG in Berlin.
“In the future a free-trade zone could come into being and we could even consider more advanced economic integration,” Putin wrote. “Indeed, a joint continental market would then be created whose capacities would be in the trillions of euros,” and as such an ideal response to the financial crisis.
The Russian PM began his commentary by declaring that it is obvious today, that the global crisis which broke out in 2008 was not merely due to the growing “bubbles” or mismanaged financial market regulation, but instead due to structural failure.
“The model, after which one regional center rampantly accumulates debt and consumes goods, while the other produces cheap goods and buys up debt, has failed.”
In the article, Putin also advocated for a visa-free zone for people to travel freely between Russia and the European Union.
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