 | Integrating Markets in Banking Services : A Legal Comparison Between the European Union (EU) and the Eurasian Economic Union (EAEU) This book deals with banking integrations, which are now becoming crucial not only because of the increased number of economic integrations, but also in view of the qualitative improvement of such banking integrations. It compares the European Union (EU), as the most successful union, which was able to move from a common financial market to the prime example of banking integration; the Banking Union; and the Eurasian Economic Union (EAEU) as a relatively young one but with several of the prerequisites for becoming an influential union, and which was established by five countries - 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 a banking union is an achievable goal or merely a utopia. In this regard, the book reveals the bottlenecks and obstacles that the EU and EAEU policymakers faced during the difficult process of establishing a single market andbanking union. However, along with the problems of banking integration, it identifies many peculiarities of the harmonization of banking legislation among the EU Member States. Recognizing and acknowledging these peculiarities can be very beneficial for young unions and help to guide their integration processes. In particular, the book concludes that evolutionary (not revolutionary) harmonization is required in order for the EAEU to become a full-fledged union. 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. |
