Granice europeizacji regulacji i nadzoru nad rynkiem finansowym Unii Europejskiej
Limits of Europeanisation of regulation and supervision of EU financial market
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There are taking place fundamental changes in the architecture of financial market supervision (ESFS, EUB, CMU) in the European Union. These changes are associated with respect for prudential rules. Such situation in fact is a return to the era of once criticized interventionism and the maximum state regulation. The most frequently cited nowadays objectives of the rules related to the single EU financial market (e.g. financial stability, consumer protection and the prevention of market abuse) come down to establish uniform rules of conduct for all with consideration of general welfare (according to principle: the single market = unified supervision = uniform regulations). However the only problem is that the strong integration of the legal systems of EU member states may restrict competition (their economies), inhibit innovation and increase systemic risk that constitutes a denial implemented since 2000 the idea of European financial market integration. The process of Europeanisation of regulation and supervision of the EU financial market is inevitable, nevertheless it requires a constant search for equilibrium point between efficiency and wider security and not from the point of view of euro zone, but a common European system.
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