Developing a single monetary and financial system within the framework of international integration: experience and lessons of the European Union

Given the focus on national sovereignty and participation in local economic integrations, aiming at the avoidance of negative impact caused by external factors, including the use of third-party currencies (especially the US dollar) in international settlements, there are active discussions about creating a single currency within the framework of integrations. This article examines the experience of the European Union as the most famous and successful association of countries with different levels of development in building a common market and creating a single currency, which eventually became one of the key components of the global financial system. The paper also examines the prerequisites and factors for the development of the single European monetary policy, the strengths and weaknesses of the system at different stages of its formation, the positive and negative impact on the integration countries from participation in the single monetary and financial system, which involves the application of certain strict rules and requirements with the aim to ensure its stability and reliability.