European Banking Union and its Role in Strengthening EU Financial Security
The article analyses revolutionary changes of architecture of the European banking system - creation of the European Banking Union and related introduction of a common mechanism of supervision over banking systems of member countries, creation of a common European fund of guaranteed payment of deposits to bank clients; centralisation and harmonisation of the common banking legislation. It reveals strategic importance of the said institutional transformations from the point of view of strengthening the role of supranational mechanisms of regulation and transition of the European Union to a new qualitative level of integration in economic, financial and monetary spheres. The article states that the necessity of existence of the lender of last resort in the European Union and possibilities of expansion of authorities of the European Central Bank for performance of this function within the European Banking Union are revealed in the context of strengthening financial security of EU member countries. The author emphasises that there is a threat of weakening potential of financial stability of a regional association in the event of absence of adequate multisided mechanism of co-ordination.
Volume (Year): (2013)
Issue (Month): 5 ()
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