Riznychenko I. Financial imperatives of economic interests' realization in European Union.

The research analyzes both financial imperatives of economic interests' realization of EU countries and of the EU as the integration group as well as the effectiveness of euro integration vector of development of Ukraine on this basis. The essence is revealed and the mechanism of conducting of monetary and budget policies of the EU as the key financial factors of defending national economic interests of the EU countries. The new architectonics of financial stability in Europe is analyzed for the aims of defining the causes, necessity and effects of the establishment of new institutions of financial supervision and control in the EU. The benefits and disadvantages of European integration influence on national economic interests are identified and analyzed. The cluster analysis methods are used to perform a study of EU countries in relation with the fluctuations of some basic financial and macroeconomic indicators during recent years. The methodology is to find groups (clusters) with minimal distance within the cluster and maximal distance between clusters using hierarchical clustering, which has common use in respective models. We found clusters of convergent countries, which have similar financial imperatives that mean that countries in one cluster have similar national economic interest thereby leading to similar behavior with respect to further integration, economic policy of the ECB, etc. The regression model of detecting the existence and estimating the speed of conditional ?-convergence in the EU-27, which is one of the key factors of success of European integration processes on the basis of the following parameters: real GDP per capita, capital formation to GDP ratio, foreign direct investments inflow to GDP ratio, foreign direct investments outflow to GDP ratio and inflation that resulted in detecting conditional ?-convergence in the EU-27 until 2008 (the start of world financial crisis in the EU), since then the convergence is statistically not significant. The relation between the national economic interest of Ukraine and its alternative vectors of integration during the realization of national economic interest is analyzed. The possible instruments of intensification and deepening of cooperation with the EU in financial sphere are proposed.