EN
This article discusses the legal solutions and legal construction of the new European Financial Supervision, which create the European System of Financial Supervisors (ESFS), consisting of three European Supervisory Authorities – European Banking Authority, European Securities and Markets Authority, and European Insurance and Occupational Pensions Authority. The principal aim of this publication is to compare legal construction of the new European Financial Supervision with legal concept of the European System of Central Banks. The outline of the essay is as follows. Section 2 analyses and compares with the ESCB legal organizational structure of the macro-prudential and micro-prudential new European Financial Supervision. Section 3 describes legal instruments of the authorities of the integrated European Supervision which can be used to achieve financial stability within the European Union. This part of the essay also deals with legal instruments of the ESCB, which ensure the unified European monetary policy within the Euro Zone. Section 4 describes key principles behind functioning of the European Financial Supervision and the ESCB. Finally, section 5 of this essay contains conclusions about similarities and differences of legal concept and construction of the European Financial Supervision and the ESCB.