Preconditions and Prospects for Banking Integration in the Eurasian Economic Community

Regional economic integration in the EurAsEC member countries is increasingly often considered by academics from the point of view of cooperation in trade and investment. Much less attention is paid to the activities of banking intermediaries which fund these operations. The expansion and strengthening of cooperation in the region is accompanied by a growing demand for banking services. In the 1990s, cross-border banking operations were practically the only international system available. In the past few years, financial organisations have set up networks in EurAsEC member countries to service their regular clients, whose economic interests extend beyond national economic boundaries. The development of mutual cooperation between their banking systems includes a commitment by EurAsEC member countries to create an integrated financial market as part of the regional bloc, in line with the EurAsEC member countries’ Blueprint for Monetary Cooperation. Given this situation it becomes expedient to examine the level of banking interaction in the member countries and identify existing preconditions for the creation of a single banking and financial services market.