The financial harmonization in the member states of the Eurasian Economic Union (EEU) will meet international standards and the best international practice, Timur Suleymanov, Minister of Economy and Financial Policy of the Eurasian Economic Commission, said in Yerevan on April 3. He added that this is stipulated in the Treaty on the Eurasian Economic Union.
He clarified that for the banks the matter concerns the Basel Committee on Banking Supervision, for the insurance organizations - International Association of Insurance Supervisors, for the securities market - International Organization of Securities Commissions. Suleymanov stressed that the Eurasian Economic Commission is to ensure the strategic similarity in development of the EEU member states' financial markets with due regard for the economic peculiarities of the countries. "If we want to have a single financial market, we should have common regulation. We should realize that we have common game rules", he said.
The members of the Advisory Committee of the state structures and business communities of Armenia, Belarus, Kazakhstan, Russia, as well as employees of the Eurasian Economic Commission, attended the April 3 session of the Eurasian Economic Commission's Advisory Committee for Financial Markets.
The participants discussed the work at the Agreement on the requirements to the activities on the financial markets and at the plan of harmonization of the EEU member states' legislations. They also discussed the draft agreement on mutual accreditation of the brokers and dealers of the EEU member states at the national stock exchanges.
In addition, the Protocol on admission of the Armenian Government and the Armenian Central Bank to the Agreement on exchange of information in the financial field was presented at the session.
The session covered the preliminary results of the working group, which is working out a coordinated stand on the expediency of elaboration of a new motor liability insurance product in the EEU member states, as well as the prospects of creation of a reinsurance capacity.
The session also covered the results of the working group on currency regulation and currency control in the EEU.
Suleymanov said, "We will not be able to promote the integration without coordinating our currency policy. To meet the business and strategic interests of our Union, we should search for the answers in coordination of our key economic policies". "The current level of economic integration of our countries demonstrates that there are no impartial economic prerequisites to introduce a single national currency in the EEU today", he said.
The participants also discussed the plan of the research activities of the Financial Policy Department of the Eurasian Economic Commission for 2015-2016.
The Eurasian Economic Commission (EEC) is a permanent regulatory body of the Eurasian Economic Union. It started functioning on February 2, 2012. The main objective of the Eurasian Economic Commission is to ensure functioning and development of the EEU, to prepare proposals for its further integration.
At the moment there are four countries represented within the EEC: the Republic of Armenia, the Republic of Belarus, the Republic of Kazakhstan and the Russian Federation. The EEC holds the status of supranational regulatory body and the keystone of its activity are the interests of the Eurasian community as an integrative initiative where no national interests prevail over those of the community. Decisions of the Commission are binding on the territory of the EAEU member states. The activity of the EEC comprises separate functions, each supervised by a Board Member (Minister). Each function encompasses a number of industries and areas of economic activity. Members of the Board and EEC Departments coordinate with the relevant government bodies within their respective fields of expertise.
At present time the EEC comprises of 23 departments. Moreover, 18 consultative committees were established for the Departments to prepare proposals for the EEC Board and to negotiate with national bodies of member states. The Board Members (Ministers) are the chairmen of the committees in accordance with their professional profile. In its activity the Board always maintains the inclusive dialogue with its key partners. The first level is the interstate dialogue which entails development of effective cooperation with national bodies during the decision-making process. The second level is a direct collaboration with business community. The key professional principles of the EEC activity are avoidance of politicization, balance of interests, effectiveness and transparency. The EEC is actively involved in the international cooperation in order to promote the vision of the Eurasian Community and to attract key partners from the European and Asia Pacific regions to the integration processes.