XX Апрельская международная научная конференция по проблемам развития экономики и общества. 9–12. апреля 2019
In the XXI century the Arctic region is a matter of huge interest of many parties, including not only countries, but also large companies and international organisations. Fragile environment, influence of climate change, technological progress, rich resource base and unresolved border
disputes guarantee attention to the territory. However, even considering those variables, we believe that system analysis is more relevant, giving an opportunity to see the whole picture instead of fragments and local issues. The main question posed in this work is how to find balance between common and specific, general and individual in the Arctic, and the authors believe they succeeded in solving this problem. We believe that understanding of the Arctic is only possible when taking into consideration its history, geography, environment, legal issues and economic prospects. In other words, the only approach possible needs to cover all the regional issues and analyze these important factors, which is provided by the new institutional economics, through the union of fundamental and applied science.
Integration processes in the EAEU is associated with the development of regional banking regulation that secures the effectiveness of the integration policy and, ultimately, financial stability. The integrity of the regional regulatory mechanism will largely depend on the effectiveness of convergence and supranationalization of the economic and institutional aspects of banking regulation of the EAEU member states, and at the same time – on their synchronization with Basel III. In this regard, a regional regulatory mechanism – mini Basel III – should become the central core of the EAEU regulatory and supervisory system, a tool for mitigation of systemic risks, and a mean for maintenance of stress resilience of the national banking sectors, as well as a channel of interaction with international banking regulation authorities.
However, currently EAEU banking regulation lacks a complete framework, mostly due to the shortage of strategic vision on regulatory convergence and poor understanding of the integration risks due to the absence of reliable tools for measuring imbalances in the banking sector. Besides, a number of issues of institutional supranationalization, including the delegation of the regulatory power from national to supranational level, still remain open.
In this work, the author continues the study of the regionalization of banking regulation and supervision in the EAEU focusing on systemic risks and how the mini-Basel III mechanism could become a key tool in minimization of the system-wide instability and crises.