Importance The article considers assets and liabilities reported in the balance sheets of central banks within the Eurasian Economic Union from 2006 to 2015 and presents the analysis of these balance sheets under a new reality. Objectives The aim is to define the specifics of creating money by central banks of the Eurasian Economic Union from the perspective of providing liquidity and absorbing the money supply. Methods The study employs various methods of structural and horizontal analysis at the present stage of integration processes development in the EAEU countries. The analysis of the central banks' balance sheets focuses on identifying the continuity and differences in the mechanisms for monetary policy implementation. Results The analysis shows that the structure of assets and liabilities of the EAEU central banks differ significantly, thus impeding the integration-based monetary policy implementation. Loan relations between the States and central banks are weak, except for crisis periods. Credit and deposit relations between different levels of the banking system are underdeveloped. Conclusions and Relevance To reduce the dollarization of economies, it is more reasonable to partially shift to the reservation of ruble and tenge by using first-class debt obligations of the economies of Russia and Kazakhstan. This would be more conducive to integration processes and real cooperation, which would contribute to integration processes and real cooperation.
Vinokurov E. [Eurasian Economic Union: A sober look]. Voprosy Ekonomiki, 2016, no. 12, pp. 43–60. (In Russ.)
Kotlyarov N.N., Alekseev P.V. [Аssessment of the prospects of the Eurasian economic and monetary integration]. Den'gi i kredit = Money and Credit, 2014, no. 6, pp. 24–30. (In Russ.)
Ivanchenko I.S. [Optimization of Russia's international reserves structure: Theoretical approaches, practical implementation]. Voprosy Ekonomiki, 2017, no. 1, pp. 64–80. (In Russ.)
Krasavina L.N. [Conceptual Fundamentals of Increasing Cooperation between Member-States of the Eurasian Economic Union]. Den'gi i kredit = Money and Credit, 2016, no. 12, pp. 11–16. (In Russ.)
Dubinin S.K. [Russian Economy in the Eurasian Economic Union]. Den'gi i kredit = Money and Credit, 2016, no. 12, pp. 17–20. (In Russ.)
Suvorov I.G. [Priorities of Development of Financial Markets and Banking Sectors of EAEU Countries (Theses)]. Den'gi i kredit = Money and Credit, 2016, no. 12, pp. 24–26. (In Russ.)
Usoskin V.M. [Unconventional Monetary Policy: Methods and Results]. Den'gi i kredit = Money and Credit, 2016, no. 11, pp. 12–18. (In Russ.)
Sinyakov A.A., Yudaeva K.V. [Central bank policy under significant balance-of-payment shocks and structural shifts]. Voprosy Ekonomiki, 2016, no. 9, pp. 5–39. (In Russ.)
Vinokurov E.Yu., Demidenko M.V., Korshunov D.A. [Potential costs and benefits of monetary integration in the Eurasian Economic Union]. Voprosy Ekonomiki, 2017, no. 2, pp. 75–96. (In Russ.)
Knobel' A. [Eurasian Economic Union: Prospects and challenges for development]. Voprosy Ekonomiki, 2015, no. 3, pp. 87–108. (In Russ.)
Gordon A.R., Lazarev I.A. [EAEU Common Financial Market: Stages of Formation]. Den'gi i kredit = Money and Credit, 2016, no. 12, pp. 39–42. (In Russ.)
Abramova M.A., Maslennikov V.V. [Coordination of National Monetary Policies of EAEU Countries in the Context of Shaping a Concerted Monetary Policy]. Den'gi i kredit = Money and Credit, 2016, no. 12, pp. 27–33. (In Russ.)
Polonskii A.E. [Banking Sector Liquidity Management in the Conditions of Transition to Structural Surplus]. Den'gi i kredit = Money and Credit, 2016, no. 10, pp. 3–7. (In Russ.)
Chernyad'ev D.N., Vlasov S.A. [Moderately Tight Monetary Policy is Necessary to Achieve the Inflation Target in 2017]. Den'gi i kredit = Money and Credit, 2016, no. 10, pp. 8–15. (In Russ.)
Krasavina L.N. [The concept of regional economic and monetary union: Difference from the theory of optimum currency areas]. Den'gi i kredit = Money and Credit, 2015, no. 7, pp. 33–40. (In Russ.)
Preksin O.M. [Financial and economic facilities for the development of EAEU]. Den'gi i kredit = Money and Credit, 2016, no. 12, pp. 34–38. (In Russ.)
Borisov S.M. [The Russian ruble in the Customs Union]. Den'gi i kredit = Money and Credit, 2014, no. 2, pp. 14–25. (In Russ.)
Dvoretskaya A.E. [Interaction of monetary and fiscal policy as a factor of financial stability]. Den'gi i kredit = Money and Credit, 2015, no. 10, pp. 20–28. (In Russ.)