EUROPEAN GUIDELINES FOR IMPROVING THE EFFICIENCY OF THE FINANCIAL SERVICES MARKET OF UKRAINE
EUROPEAN GUIDELINES FOR IMPROVING THE EFFICIENCY OF THE FINANCIAL SERVICES MARKET OF UKRAINE

Author(s): Mykola MYKOLAICHUK, Tetiana DROZDOVA
Subject(s): Economy, Law, Constitution, Jurisprudence
Published by: Editura Universităţii »Alexandru Ioan Cuza« din Iaşi
Keywords: financial services; efficiency; evaluation criteria; government regulation;
Summary/Abstract: The efficiency of the country's financial services market significantly affects the development and competitiveness of its economy. This article has determined that the low level of financial markets development harms Ukraine's position in countries' overall competitiveness rating.Ukraine has chosen integration into the European community as the primary vector of its development. For achieving this task, it is necessary to bring the achievements in socio- economic development closer to the European level and fulfil the conditions for implementing the Association Agreement with the EU, which entered into force in 2017. For the purpose to determine the directions of improving the efficiency of the financial services market of Ukraine, a comparative description of the structure and quality characteristics of the financial services market of the most developed countries, European countries and Ukraine has made. Based on a systematic approach to assessing the attributes of socio-economic development of Ukraine, favourable conditions for the formation of various models of the financial market, the desire for European integration, the most acceptable model was selected and identified priority areas for specific financial systems.Evaluation criteria and strategic guidelines for improving various financial services' efficiency to European countries' norms have identified. As quantitative benchmarks that will characterize the desired achievements in the medium and long term selected a score of financial markets in the overall ranking of global competitiveness. In the next five years, the benchmarks may be the neighbouring EU countries' indicators (Romania, Hungary, Slovak Republic, and Poland). In the long run, they can be a benchmark for Germany, which ranks high in the competitiveness rankings.

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