Sources of Regulations and Supervision over Banks Operating on the Financial Market of the European Union
Abstract
In response to the financial crisis, the European Union and the Member States have launched a major review of the regulatory system and supervision of the financial market. The EU has initiated a number of reforms in the banking sector to increase the resilience of banks and reduce the impact of their potential bankruptcy. For that purpose, the ESFS and the EBU were established, among others. The CMU was also designed, as well as work on the single rulebook started. All those changes, however, concern only the external sphere of credit institutions’ functioning, most of which are too big to fail. Meanwhile, already in 2012, in the?report of the High Level Group chaired by E. Liikanen the need for structural reform of the banking sector in the EU was pointed out, reaching the same inner sphere of its legal and economic being. The proposal of the banking sector structural reform is the first one that directly relates to activities of banks, i.e. the institution responsible for the “breadth and depth” of the latest economic crisis. At the same time it is an important complement to the European Banking Union and therefore should be coordinated with the previously accepted regulations of the European market.
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Vol. 66 No. 1 (2017)
Published: 2017-06-15
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Język Polski
English