Тенденции и перспективы развития Евразийского экономического союза в контексте опыта европейской интеграции и глобальных вызовов
Despite their differences, the EU and Chinese approaches to logistic connectivity are complementary, rather than competing. Europe does not have the same financial resources to invest in infrastructure as China does, but it does have considerable expertise in the establishment of strong investment, labor, and environmental standards. Through enhanced coordination in the area of soft infrastructure, the EU could foster the adoption of its regulatory practices and principles as a model for a common connectivity framework with the rest of Eurasia. This interest could best be served by initiating cooperation with the Eurasian Economic Union.
The development of the Eurasian Union is becoming increasingly dynamic in the economy, trade and geopolitics. However, its potential is far from being exhausted. The article elaborates what tasks the EAEU should solve in order to remain in demand as an integration bloc.
The institutional aspect of post-crisis banking regulation reform (Basel III) remains unsettled, and as such undermines regulators’ efforts to shape a seamless platform for international financial intermediation. The lack of global acceptance of the Basel III standards amid the internationalization of banking activities is one of the main reasons for regulatory asymmetries which are difficult to handle at the national level. In this context, the efforts of governments and financial regulators are a central core of their policy in protecting banking sectors from systemic risks. It becomes imperative to bring together national mechanisms of banking regulation and to develop a regional system of regulatory institutions, as is evidenced by the single supervisory mechanism in the eurozone countries.
Strengthening stress-resilience of the national banking sectors in the Eurasian Economic Union (EAEU) and the expansion of banking activities to the Eurasian economy will require a conceptual framework of the EAEU banking regulation system. However, different regulatory regimes in EAEU states along with the lack of supranational regulatory institutions may slow the progress of the Eurasian mechanism of banking regulation. This means that operationalization of the EAEU regulatory mechanism will depend on whether the mini-Basel III format as a methodological hub of regionalization and supranationalization will act as an enabler of a resolution to the regulatory trilemma of the feasibility, relevance and opportunities of supranationalization.
The institutional aspect of mini-Basel III is intrinsically linked to the integrity and consistency of the supranational authority for regulation of EAEU financial markets being an authority documented in the treaty on the EAEU; however, the costs of regulatory alignment may exceed the advantages of a single-institution regulatory architecture owing to the existent and tacit risks from the heterogeneity of the national regulatory models. Stemming from the complex financial sector environment that falls short of valid and reliable institutional fundamentals, this article proposes alternative scenarios for the EAEU regulatory mechanism that could be sought for optimization of regulatory logistics and algorithms of regulatory alignment. Based on systematization of the benefits and weaknesses of each of the scenarios as well as on a comparative analysis as to whether the proposed scenarios would ensure a continuum of financial intermediation and financial stability, this article concludes that currently there are no priority approaches to the design of a supranational institutional system in the EAEU. At the same time, the identical structure of national banking sectors together with the least expensive scenario approach could underpin the process of regulatory supranationalization; however, to secure the integrity of the EAEU supranational authority, it should be complemented with an authority that would be responsible for the coordination of EAEU-wide regulatory alignment.
This publication is a collection of articles by the participants of the applied research conference "Integration Processes and State Interests in Eurasia" held on June 18, 2018 at the American University of Central Asia (AUCA) in Bishkek, Kyrgyzstan with financial support from the United States Agency for International Development (US Aid).
A special issue of the interstate journal "The Bulletin of the economy of the Eurasian Union", devoted to the priorities of the second five-year agenda of the EAEU.
This working paper has been prepared by the Russian International Affairs Council (RIAC) as part of the project entitles “Eurasian Economic Integration: Effective Models of Experts’ Interaction.” The aim of this publication is to present the views of experts on the development of the EAEU up until 2025. The paper considers promising areas of integration: transport and logistics; agro-industrial policy; the free movement of goods, labour and education in the EAEU space; and the prospects for the EAEU’s international ties up to 2025. This, of course, is not an exhaustive list of possible areas for integration. It is, however, feasible given the national priorities and expectations of the EAEU member states, an analysis of which has been included as a separate section of this working paper. An understanding of these priorities and expectations is essential to the elaboration of promising areas of integration.
The articles included in this paper have been written by young experts who took part in the joint RIAC–Eurasian Economic Commission schools in 2015–2016 entitled “Eurasian Economic Integration: Priorities, Prospects and Tools” and “The EAEU: Integration for All. Effects and Prospects until 2025.”
Smoking is a problem, bringing signifi cant social and economic costs to Russiansociety. However, ratifi cation of the World health organization Framework conventionon tobacco control makes it possible to improve Russian legislation accordingto the international standards. So, I describe some measures that should be taken bythe Russian authorities in the nearest future, and I examine their effi ciency. By studyingthe international evidence I analyze the impact of the smoke-free areas, advertisementand sponsorship bans, tax increases, etc. on the prevalence of smoking, cigaretteconsumption and some other indicators. I also investigate the obstacles confrontingthe Russian authorities when they introduce new policy measures and the public attitudetowards these measures. I conclude that there is a number of easy-to-implementanti-smoking activities that need no fi nancial resources but only a political will.
One of the most important indicators of company's success is the increase of its value. The article investigates traditional methods of company's value assessment and the evidence that the application of these methods is incorrect in the new stage of economy. So it is necessary to create a new method of valuation based on the new main sources of company's success that is its intellectual capital.