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European Financial System and Integration of Serbian and Macedonian Banking Sector in It

In: Financial Systems Integration of Balkan Countries in the European Financial System: Impact of Global Crisis

Author

Listed:
  • Srdjan Redzepagic

    (Institute of Economic Sciences, Belgrade)

  • Jovan Zafirovski

    (Faculty of Law “Justinijanus Primus”, University st. Cyril and Metody, Skopje, Macedonia)

  • Djuro Djuric

    (Institute of Economic Sciences, Belgrade)

Abstract

In the process of preparation for membership of the European Union (EU) Western Balkans countries are obliged to harmonize their legal system with the EU law and with the rules providing the functioning of the EU internal market. The provisions regulating the banking sector are highly important for the European economy for the reason that most of the financial resources for the companies and citizens are provided by the banks in their role as financial intermediaries. The integration process in the EU banking sector depends on three community freedoms: movement of capital, freedom of establishment and freedom to provide services. They are all interdependent and without any of these freedoms the integration of the banking sector will not be achieved. This text presents the EU legal framework relating to the banking sector and analyses the process of preparation in the banking sectors of the Republic of Serbia and the Republic of Macedonia for complying with the respectable EU rules.

Suggested Citation

  • Srdjan Redzepagic & Jovan Zafirovski & Djuro Djuric, 2009. "European Financial System and Integration of Serbian and Macedonian Banking Sector in It," Book Chapters, in: Claude Berthomieu & Jean-Paul Guichard & Dejan Eric & Srdjan Redzepagic (ed.), Financial Systems Integration of Balkan Countries in the European Financial System: Impact of Global Crisis, edition 1, volume 1, chapter 14, pages 119-128, Institute of Economic Sciences.
    • Handle: RePEc:ibg:chaptr:finsys-14
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