БАРЬЕРЫ ДЛЯ ИНТЕГРАЦИИ ФИНАНСОВЫХ РЫНКОВ СТРАН ЕВРАЗИЙСКОГО ЭКОНОМИЧЕСКОГО СОЮЗА (ЕАЭС)

Abstract

A major role in the integration process of the Eurasian Union belongs to the countries financial market. The study revealed that today the banking sector is the backbone element of the financial system of each participating country of the EAEU. Therefore, the emphasis is focused on substantiating and detailing indicators that determine the level of integration of the EAEU banking sector. As a result of the literature review on the topic of financial globalization, a number of indicators were chosen and measured to conduct the analysis of the selected countries level of financial markets integration. The separate attention was paid to the distribution of mutual FDI in the EAEU. So that, the author identified the main factors that slow down the development of the integration process in the EAEU countries. Among them were: uneven mutual penetration of banks within the region, some discrepancies in monetary policy regimes and substantial gap in the overall levels of economic development in the participating countries. Eventually, the following issues have been considered: necessity of common clearing and settlement infrastructure creation, development of harmonized bank chartering and licensing rules. The set of recommendations were made in order to remove identified obstacles and enhance further development processes.