Economic Integration: Prospects for the Formation of Common Monetary and Financial Mechanisms of the EAEU in the Context of International Experience

Abstract

In the context of developing integration forms of economic interaction within the Eurasian Economic Union, one of the pressing issues is the monetary and financial integration of the Union member states. It is particularly important in the context of geopolitical changes, sanctions restrictions, and the use of financial and payment instruments as a means of pressure. Aim. The purpose of this article is to determine the possibilities and specifics of using common financial and currency instruments in the Eurasian Economic Union (EAEU), taking into account the existing retrospective international experience. Methods. The methodological basis of the study is the methods of analysis and synthesis, the method of generalization, the method of analogies. A retrospective analysis of the practices of applying international monetary and financial integration instruments is conducted using materials from the EU, the EAEU and the CMEA. Results. The need to improve the monetary and financial mechanism of interaction between the EAEU countries as an element of economic integration is substantiated. The possibilities and limitations of applying the experience of organizing mutual settlements within the CMEA in modern conditions in the EAEU space are determined. Conclusions. Our analysis of the existing monetary and financial architecture within the EAEU suggests the feasibility of exploring new settlement mechanisms for mutual trade between EAEU countries. The creation of a payment system within the EAEU with a new regional currency will facilitate increased foreign trade turnover, reduce macroeconomic risks, and lessen dependence on the reserve currencies of unfriendly countries.