This paper analyzes the banking systems of the founding states of the Eurasian Economic Union (EAEU) to indentify discrepancies that may hinder the establishment of a single market for financial services. Practical contributions are derived from two dimensions. First, a comparison of the EAEU banking sectors’ structures prior to integration reveals common features such as high concentration, low level of foreign ownership and dominance of state-controlled banks. Significant heterogeneity in the development of the EAEU banking sectors, however, is observed. We expect changes towards reinforced Russian banks’ power in smaller EAEU member states. Intense cross-border competition will drive a further consolidation of domestic credit institutions and decrease the market share of state banks. Second, harmonization of banking regulations and supervisory practices is a critical starting point for moving to a single market for financial services. We report some divergences in the implementation of Basel III standards at the national levels. Russian banks’ regulatory framework is more advanced and compliant with international requirements for capitalization and liquidity. Governance and information disclosure in the EAEU banking sectors, however, remain weak. Unless regulation is strengthened and appropriate prudential tools to control bank risks are properly set, financial integration may facilitate spillover of risks across national borders and threaten the financial stability in the EAEU.

中文翻译：

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金融一体化之路：欧亚经济联盟的步骤

本文分析了欧亚经济联盟 (EAEU) 创始国的银行系统，以确定可能阻碍建立单一金融服务市场的差异。实际贡献来自两个维度。首先，对一体化前欧亚经济联盟银行业结构的比较揭示了一些共同特征，例如高度集中、外资持股比例低和国有银行占主导地位。然而，观察到 EAEU 银行业发展的显着异质性。我们预计会发生变化，以加强俄罗斯银行在较小的欧亚经济联盟成员国的权力。激烈的跨境竞争将推动国内信贷机构进一步整合，降低国有银行的市场份额。第二，银行监管和监管实践的协调是转向单一金融服务市场的关键起点。我们报告了在国家层面实施巴塞尔协议 III 标准的一些分歧。俄罗斯银行的监管框架更加先进，符合国际资本化和流动性要求。然而，欧亚经济联盟银行业的治理和信息披露仍然薄弱。除非加强监管并适当设置适当的审慎工具来控制银行风险，否则金融一体化可能会促进风险跨境溢出并威胁欧亚经济联盟的金融稳定。我们报告了在国家层面实施巴塞尔协议 III 标准的一些分歧。俄罗斯银行的监管框架更加先进，符合国际资本化和流动性要求。然而，欧亚经济联盟银行业的治理和信息披露仍然薄弱。除非加强监管并适当设置适当的审慎工具来控制银行风险，否则金融一体化可能会促进风险跨境溢出并威胁欧亚经济联盟的金融稳定。我们报告了在国家层面实施巴塞尔协议 III 标准的一些分歧。俄罗斯银行的监管框架更加先进，符合国际资本化和流动性要求。然而，欧亚经济联盟银行业的治理和信息披露仍然薄弱。除非加强监管并适当设置适当的审慎工具来控制银行风险，否则金融一体化可能会促进风险跨境溢出并威胁欧亚经济联盟的金融稳定。