This book deals with the banking integrations, which are becoming crucial at the present time not only because of the increased number of economic integrations, but also in view of their qualitative improvement. This book compares the European Union (EU) as the most successful union, which was able to move from the common financial market to the top of banking integration - the Banking Union, and the Eurasian Economic Union (EAEU) as a relatively young union but having many good prerequisites to become an influential union, established by five states - the Russian Federation, Kazakhstan, Belarus, Armenia, and the Kyrgyz Republic in 2015. The key research question is whether the single market in banking services or banking union is a reachable goal or on the contrary- utopia. Throughout the research, the book uncovers the bottlenecks and barriers that the EU and EAEU policymakers faced during the difficult process of establishing the single market and baking union. However, along with the problems of banking integration, the book identifies many particularities of the harmonization of banking legislations of the EU Member States. These identified particularities can be very beneficial for young unions and serve as a kind of guide in their integration processes. In particular, the book comes to the findings that evolutionary (not revolutionary) harmonization is required in order for the EAEU to become a full-fledged union. The full-fledged union, which was mutually established by the EAEU Member States with the purpose of bringing positive results for all its Member States, but not just as a counterbalance to the EU.

Autorentext

Gulnaz Ospanova is a corporate lawyer and part-time lecturer at Kazakh humanitarian law university (KazGUU, Nur-Sultan, Kazakhstan). She obtained her LL.M degree with specializations in European Economic Law and Foreign Trade at Europa Institute of Saarland University in 2009-2010. After graduation, she participated in two of the largest and important integration processes for Kazakhstan such as Kazakhstan's accession to the WTO and establishment of the Eurasian Economic Union. In negotiations with counter partners, she defended the interests of Kazakhstan in the financial services sector. Her contribution during these integration processes was appreciated by the Letter of gratitude from the Prime Minister of the Republic of Kazakhstan (2015). She combined all her knowledge and work experience in her Ph.D. thesis, which she successfully defended in 2021 at the Philipps University of Marburg.