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Law & Social Bounds

Articles

Vol. 53 No. 6 (2024): Law and Social Bonds nr 6 (53) 2024

Strengthening and Centralising EU Financial Market Supervision Mechanisms as the European Union’s Response to the Financial Crisis

DOI
https://doi.org/10.36128/PRIW.VI53.1150
Submitted
December 15, 2024
Published
2025-03-21

Abstract

The paper presents the reasons for the establishment of the European Supervisory Authorities from the perspective of the financial crisis experience. The establishment of new authorities at the EU level should be seen as a direct EU response to the financial crisis and a mechanism to counteract further events of this type. The paper presents the main goals and tasks of the ESAs, comparing them with the needs for the stability of the EU financial market. The new created institutional framework and changes in the process of creating law in the EU in the area of the financial market were compared to the solutions existing in this area before the financial crisis.

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