Integrating Markets in Banking Services: A Legal Comparison between the European Union (EU) and the Eurasian Economic Union (EAEU)

ISBN-13: 9783031152818 / Angielski / Twarda / 2022 / 188 str.

Gulnaz Ospanova

Opis

This book deals with banking integrations, which are now becoming crucial not only because of the increased number of economic integrations, but also in view of the qualitative improvement of such banking integrations. It compares the European Union (EU), as the most successful union, which was able to move from a common financial market to the prime example of banking integration; the Banking Union; and the Eurasian Economic Union (EAEU) as a relatively young one but with several of the prerequisites for becoming an influential union, and which was established by five countries – the Russian Federation, Kazakhstan, Belarus, Armenia, and the Kyrgyz Republic – in 2015. The key research question is whether the single market in banking services or a banking union is an achievable goal or merely a utopia. In this regard, the book reveals the bottlenecks and obstacles that the EU and EAEU policymakers faced during the difficult process of establishing a single market and banking union. However, along with the problems of banking integration, it identifies many peculiarities of the harmonization of banking legislation among the EU Member States. Recognizing and acknowledging these peculiarities can be very beneficial for young unions and help to guide their integration processes. In particular, the book concludes that evolutionary (not revolutionary) harmonization is required in order for the EAEU to become a full-fledged union.

Spis treści

1. Introduction.- 2. Non-legal barriers to the banking integration.- 3. The EU approach: EU legal barriers for the establishment of the EU single market in banking services/Banking Union.- 4. The EAEU approach: legal barriers in establishment of the EAEU common (single) market in banking services.- 5. Lessons to be learned by the EAEU and the EU Member States.   27

O autorze

Gulnaz Ospanova is a corporate lawyer and part-time lecturer at Kazakh humanitarian law university (KazGUU, Nur-Sultan, Kazakhstan). She obtained her LL.M degree with specializations in European Economic Law and Foreign Trade at Europa Institute of Saarland University in 2009-2010.  After graduation, she participated in two of the largest and important integration processes for Kazakhstan such as Kazakhstan’s accession to the WTO and establishment of the Eurasian Economic Union. In negotiations with counter partners, she defended the interests of Kazakhstan in the financial services sector. Her contribution during these integration processes was appreciated by the Letter of gratitude from the Prime Minister of the Republic of Kazakhstan (2015). She combined all her knowledge and work experience in her Ph.D. thesis, which she successfully defended in 2021 at the Philipps University of Marburg.

Blurb

This book deals with the banking integrations, which are becoming crucial at the present time not only because of the increased number of economic integrations, but also in view of their qualitative improvement. This book compares the European Union (EU) as the most successful union, which was able to move from the common financial market to the top of banking integration - the Banking Union, and the Eurasian Economic Union (EAEU) as a relatively young union but having many good prerequisites to become an influential union, established by five states - the Russian Federation, Kazakhstan, Belarus, Armenia, and the Kyrgyz Republic in 2015. The key research question is whether the single market in banking services or banking union is a reachable goal or on the contrary- utopia. Throughout the research, the book uncovers the bottlenecks and barriers that the EU and EAEU policymakers faced during the difficult process of establishing the single market and baking union. However, along with the problems of banking integration, the book identifies many particularities of the harmonization of banking legislations of the EU Member States. These identified particularities can be very beneficial for young unions and serve as a kind of guide in their integration processes. In particular, the book comes to the findings that evolutionary (not revolutionary) harmonization is required in order for the EAEU to become a full-fledged union. The full-fledged union, which was mutually established by the EAEU Member States with the purpose of bringing positive results for all its Member States, but not just as a counterbalance to the EU.