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This publication is based on materials of the round table in the Institute of Europe in November 2004. Participants of this panel, the leading Russian economists and top ranking government officers, agreed that previous attempts to create a ruble zone in the post-soviet area were not successful due to the absence of economic union, which is the must for any monetary integration. At the same time, many speakers pointed out that at present the objective prerequisites for the creation of such a union are being formed: the economics of Russia and other CIS demonstrates impressive growth, mutual economic cooperation is being revived, the payment system is operating normally. The ruble has become more stable, and integration processes in the CIS have entered a new stage.