The creation of the European Union (EU) required closer coordination of monetary and monetary policy these states and the creation of a collective mechanism currency regulation, firstly, in order to minimize transaction costs in the process of mutual trade and economic cooperation and, secondly, to increase the efficiency of execution of money in the territory of the integrated economic space functions of a measure of value, a medium of exchange and a means of payment.
Security necessary conditions transition to a single monetary and exchange rate policy and a single currency based on the merging of national economic complexes occurs in accordance with certain objective laws.
At the same time, along with the general laws of monetary integration, each stage has its own specific laws. IN modern conditions monetary integration, carried out on the basis of a single European currency, creates a powerful incentive for further socio-economic unity of the EU countries. It speeds up capital flow processes and makes the banking and credit system more mobile and efficient.
Monetary integration in the EU has a particularly strong impact on the banking system of the member countries. Here are the consequences:
1) a clearer division of service areas between monetary systems various types;
2) change in the role of the dominant of the monetary system - the Central
jar;
3) implementation of a joint fight against banking risks on the basis of standardization of methods for recognizing risk factors, their systematic standardized accounting, analysis, control and forecasting.
The structure of the banking systems of the euro area countries began to change already in the first half of the 90s. XX century These changes occurred not only under the influence of the formation of a common currency, but also under the influence of economic globalization processes.
The main areas of change in the banking systems of the euro area countries include the following:
unification of requirements for participants in the credit and financial market;
unification of methods for regulating commercial banks and other participants in the credit and financial market;
unification of reporting and forms of used documents;
unification of operating conditions for commercial banks in different countries;
processes of bank mergers at the national level and interpenetration of banks from different countries.
The growing capitalization of European banks and increasing cash flows create favorable conditions for the development of bank mergers and acquisitions. An analysis of bank mergers and acquisitions carried out over the last five years in European countries allows us to come to the following conclusions.
The restructuring of banking systems in European countries was mainly of a “defensive” nature, i.e. was aimed rather at preventing threats associated with deregulation financial sector and globalization, rather than taking advantage of the opportunities it creates.
Strengthening the positions of banks in national markets in most European countries inevitably requires increased internationalization of their activities.
The international activities of European banks are also focused on the United States and quickly developing countries Central and Eastern Europe, Latin America and Southeast Asia.
One of the factors complicating the formation of a unified “banking Europe” is the insufficient development of legal norms for regulating banking systems and financial markets. European central bank, seeking to conduct operations in all European countries, is forced to deal with thirty national legislations and banking regulators. In such conditions, it is especially difficult for retail banks, whose activities are subject to the most stringent regulation.
Currently, European banks are multifunctional institutions that carry out different types of activities in a wide variety of combinations. At the same time, the prospects for internationalization are more favorable for some types of activities than for other types. For technical and other reasons (including those related to less stringent regulation of such banks), wholesale banks can more easily conduct international mergers and acquisitions, while retail banks face significant difficulties in conducting such transactions.
In general, the strategy of banks in the coming years will be influenced by the introduction of new rules of the game associated with the entry into force of the new capital adequacy agreement (“Basel-P”).
The European banking system in the process of integration acquires new qualitative features. In the context of globalization, it is increasingly turning to world economy. In order to meet new realities, European banks are working to improve operational efficiency, increase the capital base, expand financial instruments, strengthen liquidity, and concentrate banking capital.
An important feature of the development of European banks in recent years is the leadership of relatively small banks in the share of foreign assets, as well as in the share of profits earned abroad. Their leadership, among other things, is explained by a strategy aimed at developing activities outside the national market. This strategy is due to the fact that these banks do not have competitive advantages compared to giant banks for development within the country. A striking example is the activities of Austrian banks in Central and Eastern Europe. The rapid advance of Austrian banks (Raiffeisen Bank,
Bank Austria Creditanstalt and Erste Bank) in the countries of Central and Eastern Europe is explained by their relative weakness in the EU market, where they cannot compete with banking giants (Deutsche Bank, HSBC, UBS, Societe Generale, etc.).
Within the EU, in recent years, much work has been carried out to form a single financial space in which banks, investment funds, financial companies could freely sell their services and products. One of the measures to deepen and expand banking and financial integration was the implementation of the Development Action Plan financial services (Financial Services Action Plan - FSAP). It was adopted in December 1998 in Vienna by the EU Ministers of Economy and Finance, and was designed for five years (2000-2005). It contained three main directions:
1) measures to create an integrated wholesale market for financial and banking
services;
2) creation of a single retail market for financial services and efficient payment systems;
3) development of common rules and structures for prudential supervision at the EU level.
European organizations, after implementing most of the measures provided for
FSAP, today sets the following tasks for the banking community aimed at further deepening the banking integration of EU countries:
completion of the transition to International Standards financial statements(IFRS);
measures to harmonize post-market activities related to supply accounting financial instruments and final settlements on transactions with securities;
measures to create a single retail banking market across the EU.
For a number of years, work has been underway aimed at creating a single European payment system (Single European Payment Area - SEPA). This work coordinates and directs the European Payments Council. A project for the functioning of SEPA has already been developed, which will operate on the principle of self-regulation.
The development needs of the EU necessitated the creation of a qualitatively new payment system with the participation of the euro. Currently, settlements in euros are carried out by the TARGET payment system (Trans-European Automated Express Gross Settlement System in real time), the EBPOl wholesale settlement system (EURO 1) and the STEP1 retail settlement system of the European Banking Association (EBA).
Thus, cross-border integration, on the one hand, leads to the consolidation and interweaving of national markets for banking services, the emergence of new formal and informal institutional forms at the mesoeconomic (regional) and megaeconomic (international) levels, and on the other hand, it means the dominance of international institutions over national ones.
Self-test questions
What is the International Monetary Fund, when and for what purposes was it created?
Peculiarities modern organization IMF.
What is the International Bank for Reconstruction and Development, when and for what purposes was it created?
Features of the modern organization of the IBRD.
How is the IMF different from the IBRD?
In what distinctive features US banking system?
What processes characterize the integration of the EU banking system?

The EU banking system is a three-tier system: at the head is the European Central Bank, which is entrusted with the functions of the central bank of the European Union, at the second level - the central banks of the EU member countries and at the third - commercial banks of all member countries (more than 6,000).

European system of central banks

The European Central Bank (ECB) and the national central banks of the euro area form the European System of Central Banks - ESCB (see Fig. 3.1). At the same time, the national central banks of countries outside the euro area are members of the European System of Central Banks with a special status: they are not allowed to participate in decision-making regarding the implementation of a single monetary policy for the euro area and implement similar solutions. A feature of such a multi-level system is the limitation of the functions of national central banks and the transfer of key powers to the European Central Bank. This structure of the banking system began to take shape in 1988 and, having undergone certain changes, mainly of a quantitative nature, exists to the present day.

The ESCB, like the ECB and national central banks, has a status of independence from other EU bodies, as well as from national governments and other institutions. In turn, institutions

The European Union and the governments of the EMU member states do not have the right to interfere in the activities of the European System of Central Banks. Independence is ensured primarily by the approved minimum terms of office for bank directors, in particular, for the governor of the national central bank - five years, for members of the ECB Executive Directorate - eight years. Dismissal is possible only due to physical incapacity or serious errors in the performance of their activities. All disputes and disagreements regarding the implementation of activities are within the competence of the European Court. With this independence, the ESCB is accountable to the European Parliament, to which the ECB submits an annual report on its activities. Quarterly reports on the activities of the ESCB are heard and discussed at quarterly negotiations with the European Parliament in the presence of the President of the ECB or, if necessary, members of the Executive Directorate.

Rice. 3.1.

The highest governing body of the ESCB is the Governing Council, which consists of members of the Executive Directorate and the governors of the national central banks of the euro area countries. The functions of the Governing Council include adapting instructions and making decisions to ensure the achievement of the objectives of the creation of the ESCB, defining key elements of the EU monetary policy, such as interest rates, the size of the minimum reserves of National Central Banks, development of specific instructions for conducting monetary policy. In addition, the Governing Council approves the rules for the internal organization of the European Central Bank and its governing bodies, acts as an adviser to the ECB and determines the manner in which it represents the European System of Central Banks in the field of international cooperation. The Board of Governors manages the work of 13 Committees: internal auditors, emission, budget, external communications, accounting and cash income, legal, market operations, monetary policy, international relations, statistical, banking supervision, information systems and payment and settlement systems.

The Executive Directorate, the second governing body, consists of the President, Vice President and four members. They are selected from citizens of eurozone member countries at a meeting of heads of government on a proposal from the Council of Europe after consultation with the European Parliament and the Governing Council of the ECB. The tasks of the Executive Directorate include the implementation of monetary policy and management of the actions of the National Central Bank within the framework of its implementation, as well as the development of the necessary departmental instructions.

The third governing body of the ESCB is the General Council, including the President, Vice-President of the European Central Bank, and the governors of the national central banks of all EU countries. The General Council is entrusted with the following tasks:

• implementation of advisory functions of the ESCB;
• collection and processing of statistical information;
• preparation of quarterly and annual reports on the activities of the ECB, as well as weekly consolidated financial reports;
• development and adoption of the necessary rules for standardization of accounting and reporting on operations carried out by the National Central Bank;
• development job descriptions and rules for employment at the ECB.

The President of the European Central Bank is simultaneously the chairman of all three governing bodies, while in the first two he has a casting vote in the event of an equal distribution of votes. In addition, the President represents the ECB in external organizations or appoints a proxy for this role. In relation to third parties under the law, he represents the ECB.

The main goal of the European System of Central Banks is to maintain price stability, which assumes in the medium term the level of consumer inflation of up to 2% per year while preventing long-term deflation. As practice shows, the ESCB generally copes with this task. The inflation rate reached its minimum in July 2009 (-0.7%), its maximum in July 2008 (4.1%), and currently inflation is 0.4%. Between 1996 and 2016, the average inflation rate was 1.7%, which is in line with the target.

As part of achieving the goal, the ESCB solves the following tasks:

1) determines the main directions of monetary policy and implements them;

• 2) stores and manages official gold and foreign exchange reserves of countries. The contribution of each National Central Bank is determined according to its share in the capital of the ECB. The volume of reserves on January 1, 1999 at the European Central Bank amounted to 39.46 billion euros, of which 85% were in foreign currency, the remaining 15% in gold. In May 2016, reserves amounted to 682.7 billion euros, of which monetary gold accounted for 377.7 billion euros, SDRs accounted for 51.5 billion, and the reserve position in the IMF amounted to 22.9 billion euros. The joint gold reserve of the Eurozone countries as of June 2015 is 10,790.9 tons. Official gold and foreign exchange reserves can be used for foreign exchange interventions. Foreign exchange reserves remaining at the disposal of national banks are used by them to fulfill their obligations towards international organizations. Conducting other transactions with these reserves in excess of the limit established by the Governing Council must be agreed with the ECB to ensure consistent exchange rate and monetary policy;
• 3) ensures the correct functioning of payment and settlement systems. To make payments within Europe, two pan-European systems have been used since 1999 bank payments: TARGET (Trans-European Automated Real-time Gross Settlement Express Transfer System - TARGET) with domestic clearing settlement systems (Real Time Gross Settlements - RTGS) and EBA (European Banking Association system - Euro Banking Association). The Single Euro Payments Area has now been introduced (Single Euro Payments Area - SEPA).

In addition, the ESCB carries out banking supervision and advisory functions. In particular, he advises the Council of Europe, the governments of EU member states and national central banks on issues money circulation, means of payment, statistical data, stability credit organizations, financial markets, and also carries out work on collecting and publishing statistical data.

The main functions of the ESCB are the functions traditional for central banks:

Issue of banknotes. Monopoly on issuing decisions

in the eurozone it is owned by the European Central Bank;

• determination and implementation of monetary policy;
• maintaining bank accounts, monitoring the payment system;
• control and supervision of the banking system.

"International banking operations", 2009, N 4

Today, the euro is the second most important reserve currency, and, according to many experts, in particular the former head of the US Federal Reserve Alan Greenspan, there are all the prerequisites for the euro to replace the US dollar as the world's main reserve currency. The article presents an analysis of the situation that has developed around the single European currency in connection with the financial crisis.

The impact of European Central Bank policy on foreign exchange markets

The single European currency is under the jurisdiction of the supranational banking system (the European system of central banks, led by the European Central Bank). Therefore actions European Bank have the most direct impact not only on the economy of the member states of the European Union, but also on the entire international financial currency system.

Due to the current global economic turmoil, the actions of the national central banks of the member states of the European Union have become even more dependent on the policies of the European Central Bank, to which, following the decision to create a monetary union and the introduction of the euro, responsibility for the monetary and exchange rate policy of the European Union was delegated. All operations in the money and forex markets began to be carried out by the European System of Central Banks.

The stability of prices in the European Union and the stability of the euro in the monetary and financial markets depend on how well-coordinated, calibrated and timely decisions are made by the leadership of the European Central Bank, primarily by the Governing Council.

As stated by the European Central Bank, the start of the recovery of the European economy is expected no earlier than in 2010. However, given the fact that the policy of the monetary authorities of the currency bloc has always been characterized by conservatism and lack of flexibility, stable growth of economic indicators in the euro area will be possible speak later than the specified date. Thus, anti-crisis decisions of the leadership of the European Central Bank may make it possible to predict the future position of the euro in the international monetary and financial system and the economy of European countries.

The difficulty of coordinating the monetary policy of the authorities is explained by the specifics of the integration union of European states. Being an integrated supranational association of states that have transferred a significant part of their sovereign rights, especially in the economic and monetary spheres, to the supranational bodies of the European Union and taking into account the different levels of development of the economies of the member states (especially for post-Soviet states that have recently become members of the European Union) , The European Union requires indispensable consideration financial indicators each individual state that is its member.

Therefore, the actions of national central banks are subject to the policies of the European Central Bank, which, in turn, depends on the state of affairs in national banks countries belonging to the euro area.

To the greatest extent, the independence of national banks of European countries was limited in 1998 in connection with the introduction of the euro into cash circulation, for which the European Central Bank and the European System of Central Banks were formed, which have all the powers to conduct the monetary policy of the European Union, in particular the right for the issue of euros. It is these institutions that have become the most independent from political influence in the European Union.

Transition to a single European currency

The rather long process of transition of the member states of the European Union to a single European currency was ensured by a coherent system, which was approved in 1997 at the Amsterdam summit of the European Union, which determined the main elements of monetary policy, including the new exchange rate mechanism (IOC-2), as well as adopted program documents - "Agenda 2000", which defined the main directions of development of the European Union and its policies in the coming century, and the "Pact of Stability and Growth", which paved the way for the introduction of the euro on January 1, 1999. The latter document is very important for member states of the European Union, since it for the first time provided for the introduction of penalties against member states in case of violation of state budget standards.

In accordance with this document, if a participant in the economic and monetary union exceeds the limit established in the Maastricht Treaty<1>budget deficit limit, the European Council adopts recommendations addressed to this country within three months. Over the next four months, these recommendations should be implemented, including otherwise after a three-month period, sanctions are applied to the violating country: an interest-free deposit in the amount of 0.2% of GDP plus 1/10 of the difference between the real budget deficit (% of GDP) and the established limit. After two years, if the situation does not improve, the deposit automatically turns into a fine. In addition, at the above-mentioned intergovernmental conference, the mechanism of the European Monetary System-2 was agreed upon. This system assumed the regulation of relations between the euro and the national currencies of countries that are not members of the monetary union.

<1>An agreement signed on February 7, 1992 in Maastricht (Netherlands), which laid the foundation for the European Union, in particular establishing responsibility for the monetary policy of the European Union of the European System of Central Banks.

In addition, the security of the single European currency is realized through the efficiency of the technical framework for payments and settlements, in particular the system through which large-scale cross-border transactions can be processed within the same day.

In Europe, there are three alternatives for making international payments:

1. payment system of the European System of Central Banks TARGET<1>;
2. the euro clearing system of the Banking Association, currently called the European Banking Association (EBA - Euro Banking Association);
3. national clearing systems that will perform the functions of aligning working hours in the country with cutoff times for interstate payments, aligning reporting formats, and providing remote access to local payment systems and banks in the economic and monetary union.

<1>Trans-European Automated Real-Time Gross Settlements Express Transfer - TARGET, a transnational automatic settlement system for large payments in real time, which is based on national systems gross settlements in real time of countries using eurocurrency for settlements (http://www.target.com/).

The TARGET system, which handles about 25% of all cross-border payments in the European Union, is directly linked to national RTGS (Real-Time Gross Settlements) clearing systems and allows payments to be processed in real time if there is sufficient coverage in the paying bank's account. The main task of the TARGET system is to reduce the time it takes for payments to pass between financial institutions in the euro area and guarantee their security as much as possible.

The TARGET structure is a decentralized payment system, while only the most important ones remain under the jurisdiction of the European Central Bank general functions.

The Euro Banking Association is a Euro clearing net settlement system whereby information is exchanged throughout the day and final settlement occurs at the end of the settlement day. Founded in 1985 in Paris to promote the commercial use of ECU<2>, it unites 56 clearing banks from 16 countries. This is a very effective system that meets all the requirements of bilateral and multilateral netting. About a third of all cross-border payments in the European Union pass through it.

<2>Abbreviation for European Currency Unit - a European currency unit that operated in Europe from 1979 to 1998, before the introduction of the euro; The ECU was calculated based on the quotes of all currencies that were part of the European monetary system, and became a universal means of payment - an accounting and payment unit that allows making payments between countries and issuing loans.

Structure and functions of the European Central Bank

The European Central Bank has the maximum degree of supranational powers in the European Union system. Pursuing its policies together with national governments whose interests are not always similar, the European Central Bank demonstrates its independence in the following four areas: institutional, operational, personal and financial.

These areas of action are fixed by the Maastricht Treaty, which established that the governors of the national central banks of the European Union, members of the General Council of the European Central Bank, should not have political views, have personal freedom; the members of the three boards of the European Central Bank discussed below are elected for a term of eight years, and the presidents of national banks are elected for a term of five years; the bank has operational freedom: the European Central Bank is given independent choice in the use of money market instruments.

The monetary policy pursued by the European Central Bank is based primarily on operations on open market, as well as on the policy of minimum reserves and on credit management.

Of significant importance is the “general principle” enshrined in a special article of the charter, according to which the European System of Central Banks is governed by the leadership (“decision-making bodies”) of the European Central Bank, and above all by the Governing Council, which includes the Executive Committee and the governors of the central banks of the member countries . Members of the Executive Committee are appointed by the European Council of Heads of State and Government on the recommendation of the Economic and Financial Council for eight years, with no possibility of reappointment.

The powers to formulate and implement the common monetary policy of the EU countries are vested in the Governing Council, whose main functions are: adapting instructions and making decisions to ensure the achievement of the goals of creating the European System of Central Banks; determination of key elements of the monetary policy of the European Economic and Monetary Union, such as interest rates, the size of the minimum reserves of national central banks; approval of the rules for the internal organization of the European Central Bank and the procedure for representing the European System of Central Banks in the field of international cooperation.

The Executive Directorate, consisting of the President, Vice-President and four members, conducts monetary policy in accordance with the instructions and rules adopted by the Governing Council of the European Central Bank and determining the actions of national central banks.

The General Council, the third governing body, includes the President and Vice-President of the European Central Bank and the governors of the national central banks of all countries of the European Economic Community, regardless of their participation in the European Economic and Monetary Union. The main tasks of the General Council include the following:

• implementation of advisory functions of the European System of Central Banks;
• development and adoption of the necessary rules for standardizing accounting and reporting on operations carried out by national banks.

The President of the European Central Bank, Jean-Claude Trichet, is also the Chairman of all three of its governing bodies: the Board of Governors, the Executive Directorate and the General Council. According to EU legislation, he represents the European Central Bank in external organizations.

When creating the European System of Central Banks, the main goal was to maintain price stability, as stated in the statutes of the European System of Central Banks and the European Central Bank. According to the said document, it is achieved by implementing the following specific tasks:

• defining and implementing EU monetary policy;
• holding international foreign exchange transactions;
• storage and management of official foreign exchange reserves of countries participating in the European Monetary System;
• ensuring the normal functioning of the payment system.

The single monetary policy, determined by the Governing Council of the European Central Bank, is implemented in a decentralized manner by national central banks. It must satisfy the following conditions:

• compliance with market principles;
• equal treatment for everyone;
• simplicity;
• searching for the best ratio of efficiency and cost;
• decentralization;
• continuity;
• consistency.

It must also be consistent with the management decisions of the European System of Central Banks.

The European System of Central Banks stores and manages the official gold and foreign exchange reserves of the countries participating in the European Economic and Monetary Union. Each national central bank's contribution is determined according to its share in the capital of the European Central Bank (under the statute of the European Central Bank, central banks must transfer foreign exchange reserves totaling the equivalent of €50 billion).

Foreign exchange reserves remaining at the disposal of national banks are used by them to fulfill their own obligations in relation to international organizations.

The scope of activities of the European Central Bank includes:

• providing loans, including pawn loans, to financial institutions;
• open market operations with various financial instruments;
• establishing minimum reserve requirements for credit institutions of member countries of the European Monetary Union.

The powers to ensure the smooth passage of payments and manage foreign reserves of member countries, carry out foreign exchange transactions in relation to third countries, store and manage official international liquid reserves of member states, and ensure the uninterrupted functioning of payment and settlement systems are also vested in the European Central Bank.

National banks must contribute to the implementation of the common monetary policy of the eurozone, and the European Central Bank, in turn, contributes to the “smooth implementation of the policies pursued by the competent authorities regarding the sound supervision of credit institutions and stability financial system" <1>.

<1>European Union. Past, present, future. Single European Act. Treaty on European Union. M.: International Publishing Group "Pravo", 1994. P. 23.

The European Central Bank and national central banks may:

• establish relations with financial institutions in third countries and international organizations;
• purchase and sell all types of assets in foreign currency and in precious metals;
• carry out all types banking operations in relations with third countries and international organizations.

The main monetary policy instruments of the European System of Central Banks are defined in the statute (Articles 17 - 24). These include conducting open market operations, regulating the discount rate through deposit and loan transactions, and establishing minimum reserve requirements for credit institutions.

Monetary policy in times of financial instability

In accordance with the Constitutional Treaty of 2004<1>The European Central Bank is included in the system of institutions of the European Union, which will allow it, subject to acceptance by all its member states of this document play a major role in financial and monetary policy, ensuring the further achievement of the goals and objectives of European integration on the basis of integrated basic structural components.

<1>An international treaty designed to act as a constitution for the European Union and to replace all previous constituent acts of the European Union. Signed in Rome on October 29, 2004. Not yet in force.

However, while the Constitutional Treaty has not been adopted by all states belonging to the European Union (thereby creating a turbulent political situation in Europe, which also affects the development of the economy), and the vastness of the international monetary and financial system is destabilized, the action plan for the further development of the European banking system was radical revised, resulting in unprecedented measures to reform the monetary system.

European Union Commissioner for Economic and Monetary Affairs Joaquín Almunia on April 6, 2009 in Brussels called on EU members to show solidarity and coherence in their actions, as well as to cooperate in international affairs in order to have a greater influence in decision-making in the global economy. The European Union became a participant in the initiative to hold the Group of 20 financial summit in London, which advocated reforming the current international financial system and strengthening control over financial structures. The Union has played an important role in stimulating economic recovery - to date financial institutions The European Union is actively pursuing measures to coordinate its actions within the framework of the International Monetary Fund.

Simultaneously with these statements, the European Central Bank, since last fall, has been taking the most active actions to limit the impact of the global financial crisis on the economy and financial markets of the eurozone.

In particular, the European Central Bank ensures a coordinated reduction in rates by the leading central banks of the world, despite the fact that the interest rate has always been considered as an instrument to combat inflation as the main goal enshrined in the bank's charter.

The risk of deflation of the European Union's economy has forced its leadership to take new measures. On 27 November 2008, the European Commission sent a communication to the Council entitled “European Economic Recovery Plan”. It begins by saying that the current circumstances present “a real test for the governments and institutions” of the European Union, which must demonstrate imagination, commitment and flexibility. The authors of the document emphasize that member states must jointly resist the recession. For credibility, the thesis ends with the phrase: “We will sink or swim together.”

The plan is built on two pillars - increasing consumer demand and strengthening the competitive position of the European Union in the long term. For this purpose, a strategy of “smart” investments has been developed, including investments in improving energy efficiency and energy conservation, in clean technologies, as well as in the development of research infrastructure.

The main principles of the plan are solidarity and social responsibility. Of course, such a document, characterized by excessive emotionality, more testifies to the insufficient coordination of the economic policies of the EU member states at the beginning of the crisis, despite the existence of a common economic policy and the Lisbon Strategy (designed to “make the EU economy the most competitive and dynamic in the world, based on knowledge , provide it sustainable development, increase the number of jobs, increase productivity and quality of work, and increase social cohesion") than the existence of an effective anti-crisis plan. The effectiveness of this program will not be judged until the end of 2009.

The situation in the international economic and monetary system made it possible to consider the possibility of shortening the two-year transition period required for potential participants in the eurozone, which was discussed at the European Union summit on March 1, 2009. It was intended to reduce the transition period during the financial crisis, but not to soften the requirements for countries- candidates. However, there is no positive decision on the issue yet. The European Central Bank is against the accelerated accession of states to the eurozone. During the discussion of the issue of early accession, Poland, in particular, asked.

Further strengthening of the position of the European banking system in the economic and monetary fields largely depends on the process of tying third countries to the single European currency, which has been very active lately, and is only accelerating as the financial crisis deepens.

Currently, 16 of the 27 countries of the European Union are members of the eurozone. The latest to join the zone was Slovakia, on whose territory the euro was introduced on January 1, 2009. Latvia, Lithuania and Estonia are now in a transition period, the duration of which may change by decision of the European Central Bank or the European Commission, depending on the readiness of the countries' economies to join. However, the European Central Bank predicts that a prolonged recession will seriously hit the weakened banking sectors of the sixteen countries that make up the euro area.

Therefore, the best way out of this situation is, in the opinion of some heads of central banks of the European Union, to implement strong support for eurozone banks, as well as to continuously monitor the effectiveness of the measures taken by the European Central Bank.

A.V.Sysoeva

State University -

Higher School of Economics

Banking integration c. Western. Europe was formed long before its creation. European. Union (hereinafter referred to as the EU) and began from elements of monetary integration. The Treaty of Rome, which consolidated its creation, was preceded by an agreement on multilateral currency compensation between. France. Italy. Belgium. Netherlands. Luxembourg and. Germany, which joined them in 1947. However, the process of integration in the banking sector. Feri begins at the stage of formation of an economic and monetary union, within which the free movement of goods, services, capital, and currencies is ensured on the basis of equal conditions of competition and unification of legislation in this sphere.

The European banking system, founded in the early post-war years, is the result and at the same time one of important tools European integration and. European monetary system. Creating the effects of a permanently operating banking system required not only fundamental changes at the legislative level of the countries that were part of the monetary union, but also the adoption of unified requirements by all member countries. Processes of reorganization of banking systems of countries. European Monetary Union and creation. The European banking system has gone through several important stages of development.

At the first stage, currency agreements between countries. Western. Europe agreements were concluded primarily on a bilateral basis. On the basis of these agreements, the following were carried out: mutual regulation of balances of payments, non-cash settlement of accounts, mandatory offset of mutual claims and obligations, preferential lending. Thus, during 1947-1950, more than 400 currency clearing agreements were concluded, which accounted for almost two-thirds of internal European trade.

The next stage in the evolution of currency relations was the functioning in 1950-1958. European Payments Union (hereinafter - EPU), which developed on a multilateral clearing basis. This union unites 17 countries. Western. Europe. Calculations within its limits were carried out using a conventional monetary unit, the gold content of which was equal to 1 American dollar. This unit became the prototype of the European currency unit as well. EPS is a prototype. European banking system.

Signing in 1957 of the Rome Treaty of Creation. European. Economic. The Commonwealth (hereinafter referred to as the EEC) began the next stage in the development of currency relations on January 31, 1959 and began to function. The European Monetary Union (hereinafter - EMU), in which all 17 countries that were part of the former cooperated. EPS. Subsequently from the structure. EMU stood out. Monetary union of participating countries. Common Market. The program for creating this union was developed by a special commission headed by the former prime minister. Luxembourg. P. Werner. After the adoption of this program on March 22, 1971. Advice. Ministers. EMU. The document was named "Werner's Plan", the implementation of which was important in development. The European banking system was designed for 10 years - until 1980.

At the first stage (1971-1974 pp), it was envisaged to narrow the limits of exchange rate fluctuations, first to ± 1.2% and then to 0%, to introduce full mutual convertibility of currencies, to unify monetary policy based on its harmonization and coordination, to harmonize economic and financial and monetary policy The second stage (1975-1976 pp) was characterized by the completion of these activities. The basis of the third stage (1977-1979 pp) should be: transfer to supranational bodies. The EU had some powers vested in national governments, creating a European currency with the aim of equalizing exchange rates and prices on the basis of fixed parities. It was planned to create a single budget system, optimization of the activities of banks and banking legislation. The task was to establish a common center for solving monetary problems financial matters and unify central banks. The EU follows suit. Federal Reserve System. USA to harmonize monetary and exchange rate policies.

Despite some changes in the integration process, Werner's Plan was not implemented. This was due to disagreements. EU, in particular between national sovereignty and attempts at supranational regulation of monetary relations, differences in the pace economic development, crises of the 70s and early 80s. Rokiv.

Long-term stagnation in creation. The European banking system lasted from the mid-70s to the mid-80s. The situation began to change qualitatively in the 80s. By this time, economic debt and interstate regulation had intensified. An extensive institutional and organizational structure was formed.

Next attempt to create. The European banking system was associated with transformation. European Monetary Union c. European monetary system. The essence of the development of these processes was determined by the implementation of the chairman’s proposals. Commissions. EU. J. Delors, who, after their appropriate approval in April 1989. Advice. The EU received the name "Plan. Delors" It provided for a phased transformation. We are in the European Monetary System. The European Monetary Union is not just deep monetary integration, but the formation of something common for the member countries. EU. European Central Bank and the replacement of national ones in the future monetary units common currency of the community.

An important event in the implementation of the "Plan. Delors" was the signing in February 1992 in Maastricht and (the Netherlands). Maastricht Agreement, which defined the institutional and legal framework. EMU

On May 2, 1998, the European Council decided which countries would be allowed to adopt the euro from the beginning of the third stage of the economic and monetary union. They became them. Austria,. Belgo gia. Germany,. Ireland,. Spain,. Italy,. Luxembourg,. Netherlands,. Portugal,. Finland and. France. This decision was made on the basis of recommendations. Council for Economic and Financial Affairs. EU resulting from individual benchmark scores. Commissions. EU and. European Monetary Institute on the extent to which individual member countries meet the convergence criteria established. The Treaty of Maastricht and the ducts to the mute.

The third stage (January 1, 1999 - July 1, 2002) became the stage of the practical transition of the member countries to a single currency. From January 1, 1999, the exchange rates of the euro were fixed to the national currencies of the member countries with the euro, and the euro became their common currency. The ECU was also replaced with the Euro in the ratio 1: and 1:1.

Started its activities. The European System of Central Banks (hereinafter - ECB), which includes. ECB and central banks of countries that have adopted the euro

The European System of Central Banks (ESCB) is an international banking system consisting of the supranational European Central Bank (ECB) and the National Central Banks (NCBs) of the member states of the European Economic Community.

The existence of this system is an integral part of the process of establishing the European Economic and Monetary Union. In its structure, the ESCB is somewhat similar to the Federal Reserve System in the United States, consisting of 13 banks headed by The Bank of New-York and generally performing the role of a central bank. At the same time, the national central banks of Great Britain, Denmark, Greece and Sweden are members of the European System of Central Banks with a special status: they are not allowed to take part in decisions regarding the implementation of a common monetary policy for the euro area and implement such decisions.

The European system of central banks includes the European Central Bank and the National Central Banks of the countries participating in the euro area. The statutes of the ESCB and the ECB proclaim the independence of these organizations from other bodies of the Union, from the governments of the member countries of the EMU and any other institutions. This is quite consistent with the normal status of a central bank within a single country. At the same time, the “general principle” enshrined in a special article of the charter is of significant importance, according to which the European System of Central Banks is governed by the leadership (“decision-making bodies”) of the European Central Bank, and above all, by the Governing Council. 32

The Governing Council, the supreme governing body, includes all members of the Executive Directorate and managers of the national securities of the member countries of the European Economic and Monetary Union only.

The main functions of the Board of Governors include:

adapting instructions and making decisions to ensure the achievement of the objectives of the creation of the European System of Central Banks;

determination of key elements of the EEMS monetary policy, such as interest rates, the size of the minimum reserves of National Central Banks,

development of specific instructions for its implementation.

In addition, the Governing Council approves the rules for the internal organization of the European Central Bank and its governing bodies, acts as an adviser to the ECB and determines the procedure for representing the European System of Central Banks in the field of international cooperation.

The Executive Directorate includes the President, Vice President and four members selected from among candidates with extensive professional experience in financial or banking sector. They are appointed from among the citizens of the EMEA member countries at a meeting of the heads of government of these countries on a proposal from the Council of Europe after consultation with the European Parliament and the Governing Council of the ECB (for subsequent elections). The Executive Directorate shall conduct monetary policy in accordance with the instructions and rules adopted by the Governing Council of the European Central Bank and thus direct the actions of the NCB, adopting departmental instructions as necessary.

The General Council, the third governing body of the European System of Central Banks, includes the President and Vice-President of the European Central Bank and the Governors of the National Central Banks of all countries of the European Economic Community, regardless of their participation in the EEAS.

The General Council carries out functions that were previously carried out by the European Monetary Institute and which need to be continued in the third stage of the EMEA plan.

The main tasks of the General Council include the following:

implementation of advisory functions of the ESCB;

collection and processing of statistical information;

preparation of quarterly and annual reports on the activities of the ECB, as well as weekly consolidated financial statements;

development and adoption of the necessary rules for standardization of accounting and reporting on operations carried out by the National Central Bank;

taking measures related to the payment of the Authorized Capital of the European Central Bank to the extent not regulated by the General Agreement of the EEC;

development of job descriptions and rules for hiring at the ECB;

organizational preparation for the procedure for establishing the final fixed exchange rate national currencies to the euro.

The President of the European Central Bank is simultaneously the chairman of all three of its governing bodies: the Board of Governors, the Executive Directorate and the General Council; Moreover, in the first two cases, he has a casting vote in the event of an equal distribution of votes.

In addition, the President represents the ECB in external organizations or appoints a proxy for this role. In relation to third parties, he, by law, represents the ECB.

The national central banks of the member countries are an integral part of the European System of Central Banks and act in accordance with the directions and instructions of the ECB. In organizing the activities of the European Central Bank, the institution of curators is widely and successfully used, in which each of the six members of the Executive Directorate oversees a specific area of ​​activity of the European Central Bank.

The Governing Council of the ECB is empowered to develop monetary policy, and the Executive Directorate is responsible for implementing it. To the extent possible and appropriate, the European Central Bank shall make use of the capabilities of National Central Banks.

During the development and creation of the ESCB, preparatory work was carried out, in particular, by three committees and six specialized working groups, bringing together representatives of National Central Banks and the European Monetary Institute.

This experience of close cooperation continues within the ESCB with necessary modifications.

Thirteen Committees operate under the leadership of the Board of Governors:

Committee of Internal Auditors;

Banknote Committee;

Budget Committee;

External Communications Committee;

Accounting and Cash Revenue Committee;

Legal Committee;

Market Operations Committee;

Monetary Policy Committee;

International Relations Committee;

Statistics Committee;

Banking Supervision Committee;

Information Systems Committee;

Payment and Settlement Systems Committee.

The intermediaries that allow the European Central Bank to implement a common monetary policy in the countries participating in the EMU are its authorized counterparties.

Credit institutions selected for this purpose must meet a number of criteria:

under the conditions of mandatory reserves, the circle of authorized counterparties is limited only to those credit institutions that have created minimum reserves;

otherwise, the range of possible authorized counterparties extends to all credit institutions located in the euro area.

The ECB has the right to refuse access rights on a non-discriminatory basis credit institutions which, by the nature of their activities, cannot be useful in carrying out monetary policy;

the financial position of authorized counterparties must be checked by national authorities and found to be satisfactory (this provision does not apply to branches of organizations whose headquarters are located outside the European Economic Area);

counterparties must meet any specific operational criteria established by National Central Banks or the ECB.

Authorized counterparties have access to the capabilities of the European System of Central Banks only through the National Central Bank of the EEAS member state in which they are located. NCBs collect applications to participate in the operations of the European Central Bank and transmit this data to the ECB's central computer in Frankfurt. Based on the collected applications, the ECB determines the market price of resources and issues appropriate instructions to the National Central Banks, which distribute transactions among counterparties.

Taking into account the capabilities of modern information technologies, even relatively small organizations can participate in the operations of the ESCB.

If necessary, tenders can be carried out within an hour based on electronic information exchange.

The European System of Central Banks has the right to deny access to monetary policy instruments for reasons of reliability or in the event of a gross or repeated violation of its obligations by a counterparty.