Customs Union discusses creation of supranational body to regulate financial market

         Belarus, Russia, and Kazakhstan are exploring the possibility to set up a supranational body to regulate the integrated financial market within the Single Economic Space (SES), Minister of Economy and Financial Policy of the Eurasian Economic Commission (EEC) Timur Suleimenov said at the public forum “Eurasian Economic Integration: Achievements and Challenges” held in Kazan. The minister believes that it is highly important to create common financial market within the Customs Union and the SES. “It will facilitate efficient capital distribution, diversify the risks, promote competition in the financial services market, and eliminate the barriers in mutual admission to markets,” said Timur Suleimenov. He added that the EEC is working in this direction. In particular, the agreement on the requirements for operating in the financial markets of the SES is almost completed. “A strong financial market will facilitate internal funding of our economies. We will become less dependent on external financing,” the minister emphasized.