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EN
Joint Forum was established under the aegis of the BCBS, IOSCO and IAIS, is nowadays engaged in many important problems related to the stability of the international financial system. The activities of the Forum concern to issues common to the banking, insurance sectors and securities, including the regulation of financial conglomerates. The priority is the improvement of the effectiveness of supervision of the three sectors and also the financial conglomerates. The Joint Forum develops the set of principles, quidances and best practices, which have fundamental importance for the stability of the international financial system. It should be emphasized that the Joint Forum is based on the international cooperation and coordination among different bodies, what is crucial for financial stability in the global crisis.
EN
The causes of the global financial crisis are observed in the various aspects of the functioning of the financial system. It is pointed out that this was excessive bank lending, the development of modern financial instruments - derivatives, increasing role of securitization process, incorrect ratings of the financial instruments of the credit rating agencies, inadequate macroeconomic policies, in particular monetary and fiscal policies, development of the shadow banking market, increase in systemic risk or changes in the management of financial institutions. However, there is one more problem in the global economy. This is the growing importance of the financial sphere, which has started to affect and determine the real economy. This process, known as financialization also increases the risk of instability in the financial system and the role of banking institutions in maintaining the stability of the whole economy. The main aim of the study is to analyze the importance of the financialization process, which is observed in the global economy, in destabilizing the banking sector. The study also identifies its consequences for the framework of the modern banking sector and the functioning of individual banking institutions (original abstract)
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