General characteristic of the modern system of financial services market regulation in the European Union
Keywords:
regulation, the European Union, financial services market, macro- and microprudential regulationAbstract
The article aims to study the functioning of the reformed system of financial services market regulation in the European Union in the post-crisis period. The study argues the reasons of reformation of the analyzed sector’s regulation system in the EU. The onset of crisis phenomena led to the understanding that preferential reforms are not limited by crisis management measures. From the article follows that the financial crisis became a catalyst and, at the same time, the prime cause of the European System of financial supervision creation. During the research was investigated and schematically shown the EU’s two-tier system of financial market supervision. The first macroprudential level aims the EU financial system stability, and the second - microprudential - promotes further integration through vested competence which has compulsory character. Conclusion about the appropriateness and timeliness of the EU regulation and supervision system’s reform and the need for implementation of the European experience in the reforming of Ukrainian state regulation system of financial services markets has been done.References
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