Legal Framework for Monetary Policy Coordination at the Global and Regional Levels

Ponamorenko, V. E.

Subject of the research: historical, institutional and regulatory aspects of monetary policy coordination at the global and regional levels. The purpose of the research is to study the current aspects of international monetary policy coordination paying special attention to the prerequisites, legal and institutional foundations of such coordination. This study is predominantly based on scientific papers and documents issued by International Financial Regulators. The set of theoretical ideas generated on the basis of the analysis of the topical issues of international monetary policy coordination will enable to introduce the positive aspects of such coordination on the level of regional cooperation of Central banks within the framework of Eurasian integration associations, primarily the EAEU. The methodology of the research comprises historical, comparative, formal-legal and functional methods, systemic approach. The paper examines alternative (regional) financial support mechanisms (including bilateral currency swaps) implemented by Central banks. It is concluded that it is necessary to find ways of integration in the monetary sphere, bypassing the IMF, which is especially important in crisis periods of economic development. The conclusions given in the paper can form the ground for further studies of international monetary policy coordination in the context of globalization and regional economic integration.