The economic globalization as a process of formation of the planetary level innovation union

The subject of the study. In the article were researched under which conditions of global structural shifts the processes of economic integration lead for the creation of new forms of the integration in the innovation sphere, in particular within the framework the innovation union, and its practical implementation based on the historical experience of the European Union.The purpose of the study is to determine trends of the modern processes’ development of economic globalization, in particular within the framework the innovation union.Research methods. In the article were used general scientific and special research methods, such as observation, description, analysis, comparison, generalization, systematization.Work results. The modern trends of the world economic system related to globalization were offered; the peculiarities of the processes of economic globalization within the framework of the creation and development of integration groups were researched; the properties inherent in the innovation union as a subclass of the integration group were outlined; the EU’s historical experience regarding the creation and functioning of the innovation union within its borders was analyzed; the indicators used to measure the effectiveness of innovation union’s functioning were structured.Conclusions. To ensure the stabilization of a competitive national economy, in the conditions of modern global changes, there is a need to activate the scientific and innovative spheres, including within the framework of the creation of an innovation union, in order to improve the main components that characterize the state of an economy: the social and ecological sphere, employment, finances etc.