The purpose of the article is to identify models of banks' activity in the securities and derivatives markets, as well as to analyse changes in these models on the example of the largest banks in the EU. Design/Methodology/Approach: The proposed method uses cluster analysis of the main indicators for banking investment based on the agglomerative hierarchical clustering algorithm of Ward and the Tau Index as the criterion for evaluating the optimal number of clusters. The research covers 29 largest EU banks, spanning the period 2007-2018. Findings: Before the global financial crisis it was possible to clearly identify two clusters, one of which reflected the high engagement of a number of banks in the securities and derivatives market, then after the Great Recession, can be distinguished four main models:(1) a highly active investment strategy in the securities and derivatives markets; (2) an active investment strategy in the securities market; (3) active mix-investment strategy in the securities and derivatives markets; (4) moderate investment strategy in the securities and derivatives markets. Practical implications:The data analysis shows that significant modifications in the investment strategies of banks confirm to some extent the effectiveness and the further need of certain additional regulations to ensure the financial soundness of banking institutions at the EU level, as well as the effectiveness and the further need of the changes in the national legislation of individual EU countries concerning the banking proprietary trading in the securities and derivatives markets. Originality/Value: The paper has enabled to develop an understanding of the modification of the business models of largest EU banks in the financial instruments market.

Organization of the state regulation of tourism in Ukraine and opportunities for its improvement on the basis of learning from the experience of leading tourist countries in Europe is the purpose of the study. The notion and main purpose of the state regulation of tourist activities is substantiated. It is established that the history of the state regulation of tourism in Ukraine points to the frequent change and re-organization of its central body, which did not facilitate the development of tourism. Analysis of the role of the state in the organization and development of tourist activities in different countries of the world allowed determining four types of models of the state participation in regulation of tourism as a constituent element of economy of the mentioned countries: American, Budget-Forming, European and Mixed. Experience of leading tourist countries (France, Spain, Great Britain and Italy) convinces of the necessity for the efficient building-up of the state bodies responsible for the development of the mentioned branch. Efficient organization of tourism in a country and its state regulation, cooperation with non-governmental institutions, active promotion of the national tourist product, implementation of efficient promotion and PR activities and a developed tourist infrastructure facilitate interest in this country by the tourists and inflow of monetary resources.

European integration and the identification of obstacles to full membership in the European Union. Design/methodology/approach: The methodological and theoretical basis of the article is the fundamental provisions of economic theory, the works of scientists and economists in the field of international economic relations and integration. Findings: The article explores the problems of Ukraine’s integration into the EU. The study analyzed the attitude of Ukrainians towards European integration, identified the main arguments for and against accession to the EU countries, as well as the main internal and external threats of the integration process. It has been determined that in recent years the proportion of the population that has supported Ukraine’s accession to the EU has significantly increased. From the integration into the EU, Ukrainians primarily expect to expand the space of their own capabilities and the country's internal development in accordance with modern world trends. It is concluded that the population considers a high level of corruption in the country, problems in the Donbass and the inefficiency of public administration as the main obstacles to this process. Most residents of Ukraine consider it necessary to implement European reforms, but the consequence of their implementation has identified significant problems in terms of their real social effect. It is determined that Ukraine in some macroeconomic indicators lags significantly behind the EU countries, continues to lose its position in the global ranking of countries in terms of economic competitiveness, and remains one of the poorest countries in Europe. A significant problem for the development of Ukraine is the labor migration of the population and, in particular, the increase in the number of illegal migrants - Ukrainians in Europe. The main achievements in the implementation of the Association Agreement between Ukraine and the EU are analyzed and the main threats to the further European integration are identified. It is concluded that Ukraine needs to develop its own “action plan” for the possibility of realizing national interests, taking into account the interests of the parties involved in the integration process. Originality/value: The mood of Ukrainian society, the current position of the state, the main obstacles and priorities that Ukraine faces on the way to the EU have been analysed in detail.

No abstract

Метою статті є аналіз тенденцій інвестиційного забезпечення туристично-рекреаційного сектору Закарпатської області. Методологія дослідження включає загальнонаукові методи, зокрема, методи теоретичного узагальнення, методи порівняння та групування, метод класифікації. Обгрунтовано, що об’єктами інвестиційних вкладень в туристично-рекреаційну сферу є природно-рекреаційні ресурси, соціально-культурні та інфраструктурні ресурси. Визначено економічний, соціальний та екологічний ефекти від вкладення інвестицій в туризм. Проаналізовано динаміку обсягів та структуру капітальних інвестицій в Закарпатській області, фінансові результати підприємств тимчасового розміщення й організації харчування та мистецтва, спорту й відпочинку в Закарпатській області. Визначено, що обсяги капітальних інвестицій в Закарпатській області є одними з найнижчих в Україні, а інвестиційні вкладення в туристичну сферу практично не здійснюються. Практична цінність статті полягає в окресленні заходів як на національному, так і на регіональному рівні, які необхідно вжити для стимулювання залучення інвестицій в туристично-рекреаційний комплекс Закарпатської області.