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The feasibility of EUAE countries to form a Monetary Union is analyzed. The paper uses SVAR methodology to examine impact of External Shocks to specific case of Armenia and Russia alongside with correlation analyses of responses. In this framework, empirical evidence allows to affirm that Armenia and Russia do not meet a criteria of Optimum currency area "similarities in external shock's responses," the results underline structural differences of economies and asymmetry in external shock'sdoi:10.5296/ber.v8i1.12577 fatcat:jamu7zni3ncg5o6v5nyxhyjihm