FINANCIAL SERVICES MARKET AND FINANCIAL INCLUSION: EU EXPERIENCE
Abstract
The financial services market plays a key role in the economy, ensuring interaction between investors and consumers of investment resources, which directly affects economic growth and social stability. The study of the EU experience in the development of financial markets and financial inclusion is relevant for Ukraine, given the European integration aspirations and the need to develop a stable and accessible financial system. The purpose of the article is to study the features of the functioning of the EU financial services market, study the experience of EU countries in increasing the level of financial inclusion, and determine the possibilities of using this experience for the development of the financial sector of Ukraine in the context of European integration aspirations. Methods used in the study: generalization, comparison, analysis, synthesis, methods of economic and statistical analysis. Results obtained. It was found that effective financial supervision, segment development and increased financial inclusion are necessary to create an effective financial services market. The financial supervision system in the EU is considered and the role of supranational regulators in the field of banking, insurance and pension provision, and the securities market is determined. Based on the analysis of indicators, dominant institutions providing financial services were identified. The dynamics of private sector lending were studied and priority areas were identified. Financial inclusion is a key factor in ensuring the population's access to basic financial services, and its development through digital technologies significantly reduces barriers, but requires the development of financial and digital literacy. The practical significance of the results obtained lies in the possibility of their application to improve the national strategy for the development of the financial sector of Ukraine. The identified EU approaches to regulating the financial services market and implementing financial inclusion mechanisms can be used to: increase the availability of financial services for the population and business through the development of digital platforms; harmonization of the regulatory framework in accordance with European standards; building trust in financial institutions.
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