REGIONAL COOPERATION AND ECONOMIC INTEGRATION

PART I:
relations with Russia. The advocates of integration of the countries of the former USSR
consider that the enhanced trade and economic cooperation with the EU will prejudice
relations with Russia. Nevertheless Russia itself is interested in creation of an FTZ with
the EU within the framework of one of the four common “road-maps of cooperation” with
the EU.
Therefore the issue of impeding creation of an FTZ between Ukraine and the EU should
be transferred from the political to economic area. This will be an ordinary competition
between the two countries for the EU market with its 450 mln of consumers. Besides, for
Russia an FTZ with the EU is a primary instrument of expansion of exports, while Ukraine
considers it to be an instrument of domestic reforms.
Hence, for Ukraine creation of the FTZ is on the current stage the most optimal way of
integration into the European community, which will facilitate the maturity of the national
economy up to the standards of the EU. Meanwhile the decision on the comprehensive
accession of Ukraine to the EU remains in a purely political sphere and should not prejudice
the development of the FTZ.
The status of a transit country in terms of the energy products flowing from Russia to
Europe and the allknown events of January 2009 also underline the economic component
of the relations between Ukraine and the European countries. There is a number of other
extremely important directions of further development of the economic component in the
relationship between Ukraine and the countries of Europe.
CONCLUSION
Already now we can say, from the point of the economic theory and practice, that the
current crisis has practically an unprecedented character. And now it is quite difficult to
predict its scales, term and dynamics. Given such an uncertainty one can expect volatile
movements of the commodity prices, foreign exchange rates, etc. All this contributes to a
destabilization of economic situation and aggravation of a state of uncertainty.
Analysis of the first year of the world financial crisis shows that the letter goes on under
conditions of extremely high interdependence of national economies. And this means that
the crisis spreads quickly in the international economy, involving practically all countries.
Therefore the crisis gets a universal character with all relevant consequences.
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