STRUKTURA NADZORU FINANSOWEGO W UNII EUROPEJSKIEJ A KRYZYS FINANSOWY
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Date
2010
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Wydział Prawa i Administracji UAM
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STRUCTURE OF THE EUROPEAN UNION FINANCIAL SUPERVISION
Abstract
STRUKTURA NADZORU FINANSOWEGO W UNII EUROPEJSKIEJ A KRYZYS FINANSOWY
Wprowadzenie wspólnej waluty w Europie w 1999 r. przyspieszyło integrację rynków finansowych, ze wszystkimi tego konsekwencjami. Pamiętając o korzyściach, jakie niesie ze sobą integracja, nie można zapomnieć o nowych zagrożeniach, które w tych warunkach mogą uaktywnić się z większą siłą, jak choćby „efekt zarażania”. Bardzo istotne jest również w tym kontekście powstawanie (trudnych w nadzorowaniu) transgranicznych konglomeratów finansowych. Ryzyka systemowe w przypadku nadzorowania sektorów finansowych, integrujących się krajów, są tym większe, im mniejsza jest koordynacja tych działań.
Proces jej zwiększania został uruchomiony jeszcze przed powstaniem Unii Gospodarczej i Walutowej, jednakże za kamień milowy uznaje się objęcie całości rynku finansowego w Unii Europejskiej procedurą Lamfalussy’ego i stworzenie – na poziomie unijnym – nowych sektorowych komitetów krajowych nadzorców (CEBS, CEIOPS, CESR). Nie była to jedyna inicjatywa mająca poprawić koordynację procedur nadzorczych, zarówno w skali mikro, jak i makro. Niemniej jednak obecny kryzys finansowy udowodnił nieadekwatność przyjętych rozwiązań w stosunku do problemów właściwych globalnemu rynkowi finansowemu, na co szczegółowo wskazywał w 2009 r. „Raport Grupy Larosière’a”. W artykule przeanalizowano i szczegółowo oceniono zmiany, jakie wprowadza się obecnie w zakresie struktury nadzoru finansowego w Unii Europejskiej, wynikającymi z sugestii zawartych w tym raporcie.
STRUCTURE OF THE EUROPEAN UNION FINANCIAL SUPERVISION AND THE FINANCIAL CRISIS Summa ry The introduction of Euro as a common currency in 1999 accelerated the integration of European financial markets with all its subsequent consequences. Acknowledging the benefits resulting from the integration, one should not ignore the dangers that the new circumstances may activate and magnify, not to mention the contagious disease effect. Hence, what becomes important in that context is the development of new, albeit difficult to supervise, financial trans-border conglomerates. Moreover, when it comes to the supervision of the financial sectors of the integrating states, it should be remembered that the lower level of the coordination of those activities, the higher the system risks. Although already before the formation of the Economic and Monetary Union certain measures aimed at improving the financial supervision of the EU markets had been taken, the breakthrough came with the Lamfalussy process implemented in the whole EU financial market and the creation of national committees such as the CEBS, the CEIOPS or the CESR operating at the EU level. Other initiatives that followed also aimed to improve the coordination of the supervisory procedures both at the macro as well as the micro scale. And yet, the recent financial crisis has once again revealed the inadequacy of the procedures adopted till date, which proved unable to cope with the challenges of the global financial market. The Larosière Groups Report published in 2009 detailed the shortcomings of the system and proposed some improvements. They are being currently implemented in the financial supervisory structures throughout the European Union.
STRUCTURE OF THE EUROPEAN UNION FINANCIAL SUPERVISION AND THE FINANCIAL CRISIS Summa ry The introduction of Euro as a common currency in 1999 accelerated the integration of European financial markets with all its subsequent consequences. Acknowledging the benefits resulting from the integration, one should not ignore the dangers that the new circumstances may activate and magnify, not to mention the contagious disease effect. Hence, what becomes important in that context is the development of new, albeit difficult to supervise, financial trans-border conglomerates. Moreover, when it comes to the supervision of the financial sectors of the integrating states, it should be remembered that the lower level of the coordination of those activities, the higher the system risks. Although already before the formation of the Economic and Monetary Union certain measures aimed at improving the financial supervision of the EU markets had been taken, the breakthrough came with the Lamfalussy process implemented in the whole EU financial market and the creation of national committees such as the CEBS, the CEIOPS or the CESR operating at the EU level. Other initiatives that followed also aimed to improve the coordination of the supervisory procedures both at the macro as well as the micro scale. And yet, the recent financial crisis has once again revealed the inadequacy of the procedures adopted till date, which proved unable to cope with the challenges of the global financial market. The Larosière Groups Report published in 2009 detailed the shortcomings of the system and proposed some improvements. They are being currently implemented in the financial supervisory structures throughout the European Union.
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Keywords
Nadzór finansowy, Financial supervision, Kryzys finansowy, Financial crisis, UE, EU
Citation
Ruch Prawniczy, Ekonomiczny i Socjologiczny 72, 2010, z. 2, s. 173-195.