Academic journal article Journal of Legal, Ethical and Regulatory Issues

Cooperation of Eaeu Countries in Implementation of National Programs for Improving Financial Literacy as a Factor of Integration of Citizens into the Unified Financial Space of the Union

Academic journal article Journal of Legal, Ethical and Regulatory Issues

Cooperation of Eaeu Countries in Implementation of National Programs for Improving Financial Literacy as a Factor of Integration of Citizens into the Unified Financial Space of the Union

Article excerpt

INTRODUCTION

An agreement on the creating of the Eurasian Economic Union was signed by presidents of Russian Federation, Kazakhstan and Belarus at the end of May 2014 in Astana. In January 2015 the document came into force and Armenia and Kyrgyzstan joined into the union. One of the main tasks of the states becomes providing the integration of citizens into the new economic space as of today, when the agreement that is forming basis of the common market of the EAEU and the new quality of the integration processes, has taken on quite real forms in the type of the absence of customs barriers and free migration of labour resources and its implementation passes to the stage of formation of a unified business environment and a common financial market.

Only cooperation of the states in the field of universal financial education will allow providing citizens of the EAEU with the information necessary for free orientation in a single financial space, minimizing possible risks of citizens in the new financial field and accelerating its stabilization. In addition, cooperation in this area will lay the foundation of the solution of the problem of the lack of unified educational projects on the territory of the EAEU, which some experts consider as a factor that significantly impedes the development of the integration partnership-this problem was repeatedly discussed at the meetings of the Eurasian Club of the Moscow State Institute of International Relations (U) of the Ministry of Foreign Affairs of the Russian Federation and the meetings of the expert club "World of Eurasia" in Almaty, as well as in the works of Avetisyan, Zaslavskaya and Galikyan (2016) and ensure the formation of a common ideological base without which full regional integration is impossible (Avetisyan, 2016).

To address this large-scale task, it is advisable to use the experience which is already available in the states to increase the financial literacy of the population and cooperation should be organize at the level of programs which is covering all segments of the population. For this reason, the proposed article aims to analyse national programs of increasing the financial literacy of the population of the member countries of the Eurasian Economic Union for possible coordination and on the basis of the results obtained, to propose possible areas of inter-state cooperation within these projects that facilitate the integration of the population of the EAEU countries into a single financial space Union.

MATERIALS AND METHODS

Over the past decade, individual activities of informing citizens about financial products and services that are available in the markets of countries and disparate advisory materials on the management of personal budgets have been transformed into national programs to increase the financial literacy of the population and such international organizations have become engaged in the protection of consumers' rights and the dissemination of public financial education as the United Nations, OECD and the World Organization of Consumers. National programs of increasing a financial literacy in cooperation with international organizations began to be implemented in the states of the post-Soviet space. Kazakhstan was the flagship of the spread of public financial education in the territory of the EAEU in 2007 and in 2016 the corresponding program was approved by the government of the Kyrgyz Republic (Table 1).

Despite of the experience of implementing programs in each of the countries of the Union and the fact that the problem of the integration of the population of the EAEU into the new financial space is updated every year and the time for its solution is decreasing, the issue of coordination of national programs to increase the financial literacy of the participating countries of EAEU countries has not been considered previously by any of the authors.

The mention of the need to increase financial literacy in the EAEU is found in the lecture "Actual Issues of Raising the Level of Financial Literacy of the Population in the Context of Eurasian Integration" (Sorokin, 2016) and in the article of Ponomarenko and Nikitina (2015), which served as the basis for the first material. …

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