158 What do you think about challenges and perspectives of financial services market in globalization of economy?

The financial system acts on the one hand as a set of institutions and markets, providing its services to companies, individuals and government, and on the other - as a set of financial relations, in the process generated and used cash funds. The duality of complex financial services is that it plays a leading role in the current global economy, as a form of socialization and its leverage (leverage) in relation not only to the banking sector, and to all economic operators. At the same time, this complex (in the developed countries, the amount of financial assets reaches 500-700% of GDP) becomes the basis for speculation that could devastate the major companies and even countries, which dramatically increases the economic risks. Speculators are using the current market expectations of changes in interest rates, foreign exchange intervention and other action by the national central banks. The central problem of complex financial services - trust between businesses, citizens and government. Countries with low levels of trust are doomed to lag in the economy. The degree of confidence on the policies of the state and national peculiarities of behavior. In Russia, ethical dominant national character is justice. Globalization of the economy includes not only the formation of the global financial services market as a sphere of sustainable commodity-money relations between different countries on the basis of the international division of factors of production, and the internationalization of social, cultural and other human processes, the changing role of the nation-state in regulating the economy. The first important trend in the development of the financial services market is its globalization and internationalization of production and capital as an objective process of strengthening the relationship and interdependence of national economies, the formation of the international capital market. Internationalization is associated with international economic integration - the process of convergence of national production, distribution and financial systems, the formation of regional associations and centers. Increase in turnover is accompanied by an increase in the total volume of world trade business, technological, financial and other services (early HH1 century it exceeded 30%) and components (components, parts) as compared to the standard raw materials and finished goods. Increases of transnational companies (TNCs) in the global production of hi-tech products and services in the financial calculations. The basis of the global financial market is the international stock exchanges, banks, insurance companies, investment funds, financial institutions (World Bank, IMF, International, European and Asian Bank for Reconstruction and Development).

159 What do you think about challenges and perspectives of financial services market in economic integration?

160 What do you think about challenges and perspectives of financial services market in innovative economy? One of the most important components of the integration processes in the present stage because of the special role of financial systems in economics are the processes of financial integration. At the present stage of development of the world economy the process of financial integration is implemented at two levels: global and regional. To refer to the concept of global financial integration more use the term "financial globalization". It manifests itself in the movement to reate a common global financial rynka20. driving forces financial globalization advocate the elimination of barriers to cross-country financial flows, the development of modern technologies in the financial markets, the creation of a global financial infrastructure scale. Global financial integration is realized in two directions - negative integration (removing barriers to the movement of capital between countries and in terms of cross-border provision of financial services) outlines the positive integration (the creation of international standards the financial sector). Regional financial integration is manifested in the creation of a common financial market within a particular group of states and ensuring free movement of capital and financial services between the States. If global integration processes associated with financial and currency liberalization on a global scale, the regional – only within a particular region. To date, the EU has reached the highest level interdependence among states now existing integration groups in the world. It is also the only unit that has passed all stages of economic integration. The basic idea of the EU financial integration stands interest in capacity building, as well as increasing competitiveness of the European economy in the near future the challenges of the new era, namely the emergence of global players in the global financial services market, increasing competition in it and increase the scale of financial crises. In addition to the macroeconomic benefits as positive results integration will also have a wide range of economic agents: due to economies of scale in the single market issuers will be able to raise capital at a lower cost; Investors will have the opportunity to diversify and risk sharing; benefits for consumers are to increase range of services, lower interest rates, as well as reduction in the cost of a range of financial products.