Abstract
The article discusses prospects of further increase in the EEU integration with reference to the target benchmarks that national economies set when making decisions on joining regional integration blocs like the Eurasian Economic Union. The focus is on the possibility of developing high technology production in EEU countries. A two-sector model and analysis of statistical information are used to assess the prospects for the development of innovative production on the territory of the EEU. It is shown that with the developed monopolized structure and low level of production competitiveness, financing innovation by transforming savings into investments is really difficult. The authors suggest a critical assessment of the current inflation targeting policy of the Central Bank of Russia. Based on the macroeconomic model of the interaction of savings and investments and the generalization of data subject to the level of monopolization of the Russian economy, it is argued that the implementation of the inflation targeting policy does not create real prerequisites for the development of high-tech production in Russia and other EEU member countries. It is stated that the current conditions require a policy of mobilizing resources to be invested in innovative projects. It is concluded that in modern conditions, a significant increase in the financing of innovative products is possible only through state support based on the modernization of the taxation system. It is indicated that in the long term, targeted financing of innovative products should be carried out within the framework of the single economic policy of the EEU. The authors suppose that just creation of prerequisites for innovative development in the EEU can increase real attractiveness of this integration block for potential new members.
Highlights
Nowadays there are ongoing discussions on the prospects of expansion of the Euroasian Economic Union (EEU) in the nearest future1
This paper examines the relationship between particular dynamics of the EEU structure and the economic policy, which implies strengthening of the role of administrative coordination
The main principle demonstrating the targeted character of the economic policy of modern Russia is the idea of inflation targeting
Summary
Nowadays there are ongoing discussions on the prospects of expansion of the EEU in the nearest future. Nowadays there are ongoing discussions on the prospects of expansion of the EEU in the nearest future1 Numerous countries demonstrate their interest in various forms of cooperation with the EEU. For economic activity to fade within the EEU. For the further development of the EEU, it is necessary that attractiveness of membership in this regional bloc for potential member states was not based on mere stimulation of the development of trade ties. The current economic policy within the EEU is aimed precisely at trade as a priority. The question arises, if modern conditions can provide an alternative policy that would take the EEU member states beyond the narrow framework of trade cooperation
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