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Future of the Supervisory Arrangement in the Financial Market of the European Union
Machová, Soňa ; Karpová, Eva (advisor) ; Šaroch, Stanislav (referee) ; Veselá, Jitka (referee) ; Štěpánek, Pavel (referee)
This work deals with the supervision structure of the EU financial market. The current supervisory framework is the result of recent reforms adopted in response to the global financial crisis. However it seems that it is not able to satisfy all the requirements stemming not only from highly integrated EU financial market environment, but also from the functioning of the single currency and common monetary policy. Therefore the European Commission presented a proposal for the creation of a banking union - single banking supervisor for eurozone countries. It is a solution that could solve many problems of the current system, however it may carry certain risks involved especially in the setting of different conditions between EU countries and between different sectors of the financial market. In the long run, therefore, the European Supervisory System along the lines of the European System of Central Banks would present the most appropriate model for the EU financial market, which should, compare to the banking union, be applied to all sectors and all Member States. Its implementation should, however, be preceded by a consolidation of the economic situation and the harmonization of certain related issues, the functioning of which can significantly affect the whole system.
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