INSTITUTIONAL ASPECTS OF MONETARY AND FINANCIAL REGULATION IN THE EURASIAN ECONOMIC UNION

The importance of developing and putting to practice the coordinated approaches to the monetary and financial policy in the framework of the Eurasian Economic Union is increasing along with the need to enhance the integration cooperation on the basis of the Customs Union (CU) and the Common Economic Space (CES) of Russia, Belarus and Kazakhstan. The relevance of the subject is determined by numerous debatable issues of the monetary integration theory; moreover, the coordination level and timing of the monetary policy, methods and directions of the common financial market formation are not yet defined.

Based on the synthesis and analysis of information obtained by the authors during their training in the Eurasian Economic Commission and from web resources, the article examines the institutional aspects of the monetary relations management in the Eurasian Economic Union and presents the authors’ assessment of factors that promote or hamper the monetary and financial integration in the region. It is shown that the insufficient level of trade and economic integration, poor coordination of monetary and fiscal policy at the continuing high volatility of national currencies in the Eurasian Economic Union hinders expansion of the scope and scale of using the Russian ruble and other national currencies in the mutual foreign trade settlements.

The analysis substantiates the need to boost the institutional consolidation of regional integration, eliminate the remaining administrative and other barriers in the way of the cross-border movement of production factors, ensure consistent implementation of the provisions of the Eurasian Economic Union Treaty aimed at harmonization of the monetary and fiscal policy. 

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