Prospects for the Integration of Financial Markets in the EAEU: Assessment and Opinions

The  presented  study  examines the   experience of  financial integration  in  the   Eurasian Economic Union (EAEU).

Aim. The study aims  to systematize the  opinions of experts and  specialists on the  integration of financial markets  in  the  EAEU.

Tasks. The authors determine the  directions of research addressing the  problems of financial integration in  the  EAEU; examine various aspects of  consideration of  financial integration in  the  EAEU, specific features of  the  related  issues, and  the  area of  the  formulated  proposals; identify trends in  the  modern discussion of  integration  problems in  the  EAEU.

Methods. The  authors use  general scientific methods to analyze expert opinions on financial integration in  the  EAEU and  to identify problem areas in  its development typical of  the  modern stage, drawing attention  to  the  newly  forming approach to  understanding  the  current  role, objectives, and  prospects of  integration  in  the  EAEU.

Results. This  study identifies five areas of modern research into the  problems of integration of financial markets  in  the   EAEU. These   areas can  be  divided into  the   following thematic  units:  formation of  a single financial market, the  banking sector as  a specific segment of the  financial market, monetary and financial integration,  financial regulation,  creation of  a  single payment  space. The  specific feature  of research in these areas is its focus on the  need  to create a supranational regulatory body (megaregulator) and  relative disregard for the  practical aspects  of  this issue.

Conclusions. The problem of financial integration has  many aspects of consideration and  different depth of exploration, which lays  a foundation for the  objective assessment of the  situation in the  EAEU. Some outcomes of  financial sector  development  in  the   EAEU show  that there are significant  problems and lack of financial integration. Little progress has  been made  in the  integration, which facilitates discussion and  scientific inquiry into the  problem of updating the  model  of financial integration in  the  EAEU and specifying the  vector  of  its development.

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