Importance In the context of continued instability of financial and banking systems, the requirements to the central banks in part of the development and implementation of monetary policy increase. On the one hand, those requirements should facilitate inflation reduction and, on the other hand, promote the saturation of the economy with the required monetary funds. This approach necessitates the maintaining of a balance between the measures that are aimed at providing additional liquidity, or its withdrawal, stimulation of entrepreneurial activity, maintaining the stability of the financial and banking sectors. The measures of monetary policy were applied by the countries of the Customs Union de facto taking into account the ongoing integration processes between them. We underline the interest to the analysis of the applied measures and the results of their application. Objectives The purpose of our paper is to identify general and specific trends in the development of monetary spheres of an integration group, analyzing the relationship of parameters of the money market and the GDP, and also the results of the conducting the monetary policy in these countries. Methods In the process of the research, on the basis of statistical and financial analyses, we have identified the relationship between money and GDP parameters, and also through comparative and system analyses, we have disclosed the specifics of applicable regulatory measures. Results We are describing the measures of the central banks' monetary policy of the countries of the Customs Union, applied in the crisis and post-crisis periods, and also analyze the relationship between supplies of money, monetization to GDP ratio. We have also carried out a comparison of forecast and actual parameters of monetary programs of regulators, and described the "side effects" that arise in the course of monetary regulation. Conclusions and Relevance We underline that the monetary policy, which shares similar trends in the countries of the Customs Union, as a whole, has ensured achieving the main goal, i.e., inflation rate reduction. However, devaluation of national currencies, the external debt increase of the monetary regulation authorities, loss of budgetary funds, and compression of the credit market have resulted in the "cost" dislocation in the form of money supply imbalance, a low level of monetization and money multiplier ratio. All these issues are subject primarily to the lack of harmonization of monetary, banking and fiscal policies as well as its weak orientation toward the achievement of macroeconomic indicators, namely, the GDP growth, enhancing of the employment level, and other issues.
Keywords: Central Bank, monetary policy, monetary policy tools, monetization ratio, money supply, inflation, Customs Union
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