The EEC will develop a concept of the formation of the common financial market of the Eurasian Economic Union
On November 30, 2016 in Moscow at the session of the EEC Council with the participation of Deputy Prime Ministers of the countries of the Eurasian Economic Union (EAEU) the order of the Supreme Eurasian Economic Council “On developing the Concept of creation of the common financial market of the Eurasian Economic Union” was approved.
In accordance with the Treaty on the EAEU, the parties committed to create the common financial market in the banking and insurance sectors, and in the securities market by 2025.
“The main parameters of the common financial market are established by the Treaty on the EAEU. However, the specific stepwise actions in this sphere are not specified anywhere. In this context, it is obvious that on such highly sensitive and regulated market as the financial market it is necessary to have a clear “road map”,” said the EEC Member of the Board - Minister in charge of Economics and Financial Policy Timur Suleimenov. “It should stipulate how the EAEU countries will move in this direction, i.e. what regulations will be developed by the Commission for the five Member States and which acts will need to be harmonized at the national level, what steps will have to be taken to create the common or integrated infrastructure. All these issues will be reflected in the new document. The Concept is the framework, an umbrella for all agreements in the financial sphere.” The Minister in charge of Economics and Financial Policy of the EEC also said that the Commission has long been in negotiations with national banks of the parties and governments. “We have approval from the Member States. We expect that the Concept will be submitted for consideration of the Supreme Eurasian Economic Council in May 2017 at the next Summit,” said Timur Suleimenov.
The draft disposition of the SEEC will be submitted to the Supreme Eurasian Economic Council before the end of this year. It is expected that at the end of the summit at the level of the presidents of the Union countries, the governments, national banks of the EAEU Member States together with the Eurasian Economic Commission will be tasked with developing the Concept of the formation of the common financial market of the EAEU.
The development and adoption of the Concept will become an important factor in deepening financial integration of the Union States and create conditions for their sustainable development.
Press-release at the official Eurasian Economic Commission web-site