ANALYSIS OF INTEGRATION PROCESSES IN THE FINANCIAL SECTOR OF THE COUNTRIES OF THE EURASIAN ECONOMIC UNION

Nataliya Kazakova¹*, Margarita Melnik², Cholpon Nuralieva³, Olga Shemetkova⁴, Aleksey Bolvachev⁵ and Dzholdosheva Tamara⁶

¹Doctor of Economics, Professor, Head of Financial Research Center, Plekhanov Russian University of Economics, axd_audit@mail.ru
²Doctor of Economics, Professor, Department of Accounting, Analysis and Audit, Financial University of the Russian Federation Government, mmargarita@fa.ru
³Doctor of Economics, Professor, Department of Accounting, Analysis and Audit, Kyrgyz Russian Slavic University named after the First President of Russia B.N.Yeltsin, nur-cholpon@mail.ru
⁴PhD, assistant professor, head of the Faculty of finance Plekhanov Russian University of Economics, ol-shem@mail.ru
⁵Doctor of Economics, professor, head of the Scientific Educational Center of Economics and Finance, Plekhanov Russian University of Economics, abol55@mail.ru
⁶Doctor of Economics, professor, head of the department of finance and credit, International Academy of Management, Law, Finance and Business, Bishkek, t.djoldosheva@gmail.com
*Corresponding author

Abstract

The Eurasian Economic Union (EAEU) is an international organization of regional economic integration aimed at improving the competitiveness of national economies, creating conditions for sustainable development and raising the living standards of member countries. One of the main characteristic features of integration are profound changes in the financial sphere - in the securities market, insurance, credit and foreign exchange market, as well as the formation of supranational financial institutions.

The purpose of this study is to analyze and assess the impact of the functioning of the EAEU on the development of financial institutions of member countries on the example of the Kyrgyz Republic. The research and information base was based on public reports of the National Statistical Committee, the Ministry of Economy and the National Bank of the Kyrgyz Republic, as well as on the results of scientific work related to the formation of a strategy for the development of financial markets. EAEU member states for the period up to 2025.

The scientific results consist in identifying promising areas for the development of relations within the EAEU aimed at optimizing financial systems, increasing the role of national currencies in mutual settlements, reducing the role of the US dollar in settlements and reserves, transferring the monetary and financial sector of the Union countries to internal sources of credit and linking monetary growth mass with growth of gross domestic product (GDP). Positive expectations of the EAEU member countries are associated with forecasts of a single financial services market by 2025, which should ensure effective protection of the interests of consumers of financial services, mutual recognition of licenses in the banking system and in the insurance market, as well as in the services sector.

Keywords: Eurasian Economic Union, economic integration, financial institutions.