Experience of Integration Processes in the Financial Sphere: Theory and Practice

Integration processes are an integral part of the globalization of the world economy. They represent a qualitatively new form of interstate relations, the ultimate goal of which is to increase the rate of economic growth and ensure the competitiveness of the entire production system. At this stage, regional economic integration is defined as a process (dynamic approach) and a state (dynamic approach) associated with a qualitative improvement in cooperation between countries in a certain area to a new level, strengthening economic ties, exchanging mutual experience and technology, as well as eliminating trade, economic, financial and other barriers within the integration structure can be characterized as a static approach). Integration associations can have several forms in terms of goals and objectives, methods of their implementation, the level of implementation of decisions made within the association, their impact on trade and economic relations with third countries. Integrating countries should choose a specific integration model based on their goals and capabilities. An integration model is a set of common views on the system of relations, which provides for the formation of close relations between the subjects of integration to achieve their goals.