ПРОБЛЕМЫ И ПЕРСПЕКТИВЫ СОЗДАНИЯ ОБЩЕГО ФИНАНСОВОГО РЫНКА ЕАЭС

Abstract:
The article analyzes the problems and prospects of creating a common financial market within the framework of the Eurasian Economic Union. The analysis revealed that the Russian financial system occupies a dominant position in key indicators (capitalization, liquidity, institutional development), forming an asymmetric integration architecture. It is proved that the asymmetry of infrastructure is twofold: on the one hand, it serves as an «anchor of development», ensuring the transfer of practices, infrastructure solutions and institutional models to the less developed financial systems of the Union countries, and on the other hand, it increases the sensitivity of the entire union to internal macroeconomic and financial shocks in Russia. Based on the SWOT analysis, a system identification of the factors determining the current integration configuration was carried out. It has been established that the processes related to payment and technological integration are developing most steadily, while the formation of a single investment space is limited by the institutional inconsistency and structural heterogeneity of national markets. The conclusion is formulated that the further trajectory of integration is conditional. With the reduction of regulatory barriers, increased comparability of national financial systems and the development of risk management mechanisms, the EAEU common financial market can act as a factor in accelerating economic growth and increasing the investment attractiveness of the region. The persistence of structural imbalances, sanctions restrictions, and regulatory fragmentation will hinder the transition from partial to systemic integration of financial markets.