Treść książki
Przejdź do opcji czytnikaPrzejdź do nawigacjiPrzejdź do informacjiPrzejdź do stopki
ofthecrisisthesinglemarketparadigmhasnotprovenstable.In
practice,theideasofmutualrecognitionandregulatorycompeti-
tionhaveencounteredresistanceandcreatedobstaclestomarket
integration.Itispossiblethattheinternalmarketisshiftingtoward
aneconomicandfiscalunionparadigm.4
Theglobalfinancialcrisisshowedthefailureofregulatorysolu-
tionsaimedatensuringfinancialstability,boththoseofalocal
characteraswellasthosethathaveatransnationaldimension.
Theydidnotfulfilltheirfunctionassupervisoryinstitutions;fis-
calandmonetarypolicyprovedtooinefiectiveandtooliberal.
Usingcomplexfinancialinstruments,thecreditriskofrelevant
bankingactivitiesweretransferredtootherfinancialmarket
participants.Banksandinstitutionsthatmanagerisktookover
theroleofintermediariestransferringrisk.Onthefinancialmar-
kets,theimpressionaroseofexcessivesecuritywhilethesafety
netbecameincreasinglyinemcientandinadequatefortherisks
whichaccompaniedtheliberalizationandintegrationoffinancial
markets.Asaresult,thecurrentEUprincipleofthesubsidiarityof
safetynetarchitecturebeforethefinancialcrisiswasdecentral-
ized;itwassignificantlydifierentiatedwithinMemberStatesand
wasnationalincharacter.5Thus,itwasinadequatetothedegree
ofintegrationwithinthesinglefinancialmarket.
AsinglefinancialmarketfortheEUisoneofthepolitical,eco-
nomic,monetary,andlegalaimsofEuropeanintegration.Itis
EUfinancialregulation.Ontheconnectionbetweenlegalintegration
andfinancialstability,see:M.Andenas,I.H.-Y.Chiu,Financialstabil-
ityandlegalintegrationinfinancialregulation,EuropeanLawReview
2013,No.38,pp.335-359.
4J.Snell,Theinternalmarketandthephilosophiesofmarketintegration
[in:]EuropeanUnionLaw,eds.C.Bernard,S.Peers,Oxford:OxfordUni-
versityPress2014,pp.307-324.
5InbalancingMemberStatedesireforsovereigntyagainsttheefiec-
tivenessofthefinancialsafetynet,bankswereallcharteredbyMember
Statesandthesafetynetremainedlargelytheresponsibilityofindi-
vidualnationalgovernments.See:G.G.H.Garcia,M.J.Nieto,Preserving
FinancialStability:ADilemmafortheEuropeanUnion,ContemporaryEco-
nomicPolicy2007,No.25,p.444.
16
INTRODUCTION
