The Common Financial Market of the Eurasian Economic Union: new factors of integration

Abstract

Object: to identify the contradictions inherent in the concept of the development of the common financial market in the countries of the Eurasian Economic Union, preventing its effective implementation, and to substantiate the directions of market development taking into account the use of modern financial technologies. Methods: content analysis and comparative analysis were used in the study, absolute and relative indicators were calculated, a systematic approach based on factor analysis was applied. Findings: based on the analysis of the dynamics of financial markets in the countries of the Eurasian Union, contradictions in the implementation of the concept of creating a common financial market have been identified, which are due to different approaches of the governments of the member states of the Union to the formation of the institutional framework for the development of national markets, which is manifested in the decline in the role of financial markets in the economies of a number of countries as a source of attracting investment capital. Conclusions: the development of digital technologies contributes to the creation of new conditions for the crosscountry movement of capital, securities and other financial products. A key role in this process has recently been played by financial platforms that have taken over the main flow of capital and financial services. At the same time, they realize the integration potential of digital technologies through the establishment of standards for financial transactions, which makes it possible to smooth out the features and differences of national financial systems. As a result, financial platforms can smooth out the existing contradictions and assume the functions of ensuring the effective development of all segments of the common financial market.