Financial supervisory body of Single Economic Space to be headquartered in Kazakhstan - Marchenko

"We need to build the structure of a single financial institution potentially capable of functioning effectively, and able to counteract the problems of the financial markets arising in a period of crisis. For instance, the issues of counter-cyclical policy are a matter of debate. Therefore, the agreements that have been signed by the Presidents of the three countries, stipulate that there should be a single financial supervisory body and it should be in the territory of the Republic of Kazakhstan," Marchenko said.

However, he noted that the relevant ministries and central banks of the countries of the Customs Union are working on the integration of financial markets.

"Ministries and central banks of our three countries hold regular discussions. We all - Russia, Kazakhstan, Belarus - have a lot to do for the development of common approaches. These tasks also require optimum consistency of macroeconomic, financial, supervisory and monetary policy. Despite the overall similarity, there is a difference in the development of our economies," the head of the National Bank noted.

According to him, a single financial market will be established by 2020.