The novelty of the article consists in a systematic approach to the analysis of mutual settlements in the national currencies of the Eurasian Economic Union (EAEU) on the basis of the upward and downward connection to its integration development. The systemic approach has revealed the fundamental reason for the insignificant share of the mutual settlements in the national currencies of the EAEU (except the Russian ruble), which is caused by the incompleteness of the formation of a common market of factors of production and the preservation of barriers in this area and the need to address this problem. On the basis of the systemic riskology, the risks of dominance of the world currencies in the international settlements of the EAEU countries and the chance to reduce them as mutual settlements in the national currencies become more active, as well as the smooth decline of the US dollar and the euro, were identified. The advantages of mutual settlements in the national currencies based on the development of the integration processes in the economies and mutual trade of the EAEU countries have been substantiated and systematized. The important role of the EAEU Integrated FX Market at the Moscow Exchange in the development of mutual settlements in the national currencies has been revealed. Identification of drawbacks and risks of losses in mutual settlements in national currencies in the EAEU became the basis for the authors' proposals to reduce them and improve the efficiency of this mutually beneficial form of international settlements of the Eurasian Economic Union. Relevance of the article is due to the new EAEU documents "Main Directions for the Development of the EAEU till 2030", "Declaration on the Further Development of the Integration Processes within the EAEU". Keywords-Eurasian Economic Union (EAEU); mutual settlements in national currencies of the EAEU; risks of mutual settlements in the national currencies; chance to reduce the risk of losses in settlements; Integrated FX Market
The novelty of the article consists in the analysis of the "Concept of the Formation of the Common Market of the Eurasian Economic Union (EAEU) countries" on the basis of its interrelation with the process of reproduction taking into account the "Declaration on Further Development of Integration Processes within the Eurasian Economic Union". In this regard, the object of the analysis is the creation of a common financial market, mechanism of attraction and redistribution of the financial resources of the EAEU member states in order to develop a common market of factors of production. The subject of analysis is the development of the Eurasian economic integration. To this end, the authors set out to intensify the cooperation of the industrial production, agriculture and infrastructure projects, the development of criteria for the selection of the interstate projects and target programs for the EAEU countries in the development of the roadmap for the implementation of the concept of the EAEU common financial market proposed to specify its functional and institutional structure, focused on the socioeconomic development of the member states. Based on the theory of risk management, it was proposed to forecast the risks of operations in the EAEU common financial market and to use the chance to reduce them. Keywords-Eurasian Economic Union (EAEU); EAEU common financial market; common market of goods and services; production cooperation; risks of operations in the financial market; a chance to reduce the risk of losses I.
The article analyzes the BRICS countries’ participation in the management reform of the International Monetary Fund and the World Bank Group as an institutional framework of the Jamaica Monetary System (Jamaica Plan 1976). As the novelty of the study, the author considers this problem in the context of the transition from interstate regulation to global financial and economic regulation. The definition proposed by the author (broader than the term “global financial regulation”) is due to a new assessment of the financial risks. The article substantiates the participation of the BRICS countries (as well as all members of the IMF and the World Bank) in the reform and the interest in the relative stabilization of the world economy and Finance. The author grounded the assessment of the group of 20 (G20) as the initiator of this reform in the context of the global crisis and the gradual weakening of the control of the implementation of the recommendations of the summits. Based on the position of the G20 on an integrated analysis of the role of the Bretton Woods institutions in the Jamaica Plan 1976, the author gave a comparative description of the relationship of their functions and role in the functioning of the two global currency systems over 70 years. The author made conclusions about the effectiveness of the BRICS countries’ participation in the IMF and the World Bank Group governance reform regarding the increase of their share in quotas and votes, and their representation in the form of appointment of their own Executive Director to the IMF Executive Board. It has been revealed the negative impact of the transformation of the role of these institutions in the global financial and economic regulators in connection with the introduction of integrated currency supervision over the preparation and use of the sovereign currency reserves of the countries. Summing up, the author formulated proposals for further strengthening the positions of the BRICS countries in the management of the IMF and the World Bank on the basis of improving the new formula for calculating quotas introduced in 2008.
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