Customs Union might set up supranational body to regulate financial market

"As it was said, this process should proceed simultaneously with the harmonization of licenses used by participants of the financial market," the National Bank informed.

The session featured Chairperson of the Board of the National Bank of Belarus Nadezhda Yermakova, Chair of the Central Bank of Russia Elvira Nabiullina, Chairman of the National Bank of Kazakhstan Grigory Marchenko, other representatives of central banks of the three countries. Top on the agenda of the discussion were integration-related matters.

The participants of the session communicated views on the current economic situation and implementation of the monetary policy of Belarus, Kazakhstan and Russia in the first half of 2013, as well as formation, operation and regulation of the integrated financial market of the Customs Union and the Single Economic Space, and a number of other issues, BelTA reports.

"They agreed to keep working on the formation and regulation of the integrated financial market of the member states of the Customs Union and the Single Economic Space in line with the existing legal framework with a view to promoting integration. In January 2013 the parties passed an action plan on information exchange between the authorized agencies of the Customs Union and the Single Economic Space related to harmonization of laws in the banking and insurance sectors, on the currency market and securities market. A number of other draft agreements have been developed and are now being reconciled," the National Bank informed.

The first session of the advisory council for currency policy of the central (national) banks of the member states of the Customs Union and the Single Economic Space was held in April 2012. The Council is an advisory and consultative body designed to coordinate currency policies and work out single approaches to currency policies.