Legal Aspects of Macroprudential Regulation within the EU and the EAEU

Abstract

Introduction. The article examines the legal evolution of the regulation of the activities of the European Systemic Risk Board (hereinafter – ESRB) in the context of the formation of the organizational and legal mechanism of financial integration, and also assesses the reform of the legal acts in the context of building the Capital Markets Union. The paper reveals the results of comparative analysis of the legal foundations of the implementation of macroprudential policy in the EU and EAEU, identifying common and special features in the legal regulation of integration associations.Materials and methods. In the course of research, the following methods of scientific cognition were used: analysis, synthesis, abstraction, generalizations, analogies and others. The methodological basis of research consist of general scientific as well as special-legal methods, including method of dogmatic analysis (interpretation of legal norms, legal and technical constructions, etc.), formal, comparative legal methods.Results of the study. The analysis of the legal basis of the implementation of macroprudential supervision in the EU and the EAEU showed a significant extent of the financial integration in the EU, as testified by the presence of a supranational body, ESRB. However, at this moment there is stagnation in the development of legal regulation of ESRB activities. In the EAEU, in its turn, despite the existence of the legal foundation of regulation, macroprudential supervision is executed by the means of intergovernmental cooperation, and not supranational regulation.Discussion and conclusion. The study showed the existence of significant differences in the legal regulation of macroprudetial supervision in the EU and the EAEU as well as it was revealed that in the absence of comprehensive supranational regulation of the macroprudential supervision in the EAEU, there is potential for the development of a respective institution in the EAEU law.