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Formation of the common financial market of the Eurasian Economic Union was discussed at the Eurasian Week Forum & Expo

Formation of the common financial market of the Eurasian Economic Union was discussed at the Eurasian Week Forum & Expo

10/28/2016

On October 26, in Skolkovo Innovation Centre in the framework of the Moscow International Forum for Innovative Development "Open Innovations" and the Eurasian Week Forum & Expo, a roundtable "Problems of business access to financial services in the space of the Eurasian Economic Union (EAEU)" was organized by the Department of financial policy of the EEC. The moderator of the roundtable was the Director of the financial policy Department of Eurasian Economic Commission, Tigran Davtyan, and the co-moderator was the President of the Association of Russian banks Garegin Tosunyan.

In his speech Tigran Davtyan told about the main directions of the development of the common financial market of the EAEU and key tools for the implementation of financial policies in the Union.

"Among the most important vectors for the development of the common financial market is the creation of favourable conditions for the establishment and implementation of activities on the financial markets of EAEU, free movement of capital within the Union (removal of barriers), stimulation of the development of competition, growth of investment attractiveness of the EAEU States, reducing administrative barriers and costs," said Tigran Davtyan.

The Eurasian Economic Commission rolled out activities on convergence of financial and monetary legislation of the EAEU Member States, creation of the infrastructure of the common financial market and institutional framework in order to ensure the activities of the Union in the field of financial markets, development of administrative cooperation within the interaction of national regulators on issues of regulation, development and supervision in financial sectors.

Among the main issues discussed at the event were problems and prospects of national regulation of the financial markets of the EAEU Member States, development prospects for the banking and insurance sector, securities market, the influence of international requirements on national financial markets, the role of rating agencies in the investment attractiveness of the Union financial markets, the establishment of the international financial center in Moscow and Astana, formation of the common exchange space in the EAEU.

The President of the Association of Russian Banks Garegin Tosunyan, the President of the Board of Directors of PARTAD Peter Lanskov, the Member of the Board of Moscow Exchange PJSC Igor Marich, the Vice-President of the Russian Union of Industrialists and Entrepreneurs (RSPP) and the Chairman of the Committee on the Development of Self-Regulation Viktor Pleskachevsky, RSPP Executive Vice-President Alexander Murychev, the President of the National Partnership of Participants of Microfinance Market NAUMIR Alexey Savatyugin, and others spoke at the roundtable.

The discussion was attended by representatives of the Ministry of Finance of the Republic of Belarus, the Russian Bank, the National Bank of the Republic of Kazakhstan, the Kyrgyz Stock Exchange, EXIAR, the Eurasian Development Bank, the CIS Interstate Bank.

Roundtable participants expressed support for the work of the Eurasian Economic Commission on the reviewed activities and expressed their readiness to work actively for further effective development of financial integration and creation of the common financial market of the EAEU.