Architecture of European System of Financial Supervision after the global economic crisis
Journal Title: Współczesna Gospodarka - Year 2015, Vol 6, Issue 4
Abstract
This paper indicates how the last global financial crisis has affected the european financial system. As the depression evolved it brought all the weaknesses in the system of financial supervision to the surface. Then it became clear that deeper integration of the banking system was strongly needed. To mitigate systemic stability risk and improve the coordination process with international organizations, the European Commission decided to establish the European System of Financial Supervision. However, it seemed that it was not sufficient to prevent from further fragmentation of the financial market in Europe. As a result, in 2012 the European Commission initiated the banking union, a new form of political and economic integration.
Authors and Affiliations
Mateusz Muszyński
Keywords
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