European Union consists of a unique integration model not only due to the long term and ongoing process but also because of the Institutions and regulations under 27 Member States, which attempt to comprise and mostly to harmonize the national laws. Especially after Maastricht Treaty, when the supranational building of the EU was introduced plenty of reforms had introduced in order to increase from the one hand the effectiveness of the complicated and bureaucratic body of EU and from the other hand to control the way that European Union and the individual Member States function in a more effective and productive way. After the adoption of a single currency- the Euro- for sixteen of the Members of the EU in parallel of the important enlargement the structural body of the EU became even more complicated that needed the consistent control whether structural reforms had to be introduced in order the effective function of the EU was to be assured. Under these circumstances, the financial sector is of the greatest importance within the EU as it is –so far- the basement of the integration model and consists of the guardian of deepening integration within the EU. Therefore, the supervision and the reforms in financial services within EU has increased dramatically from 1993, after the Maastricht Treaty and the introduction of supranationality, through 2004-with the great Eastern enlargement and finally until now that the current financial crisis consisted a shock for EU, that attempted to implement new measures and to establish institutional changes in order to supervise the financial sector effectively in a long term.
Inhaltsverzeichnis (Table of Contents)
- Introduction
- The EU's Regulatory reforms after the financial crisis
- A. The initial response to the financial crisis
- B. European Framework for Action
- C. De Larosiere Report and European plan for Recovery
- Conclusion
Zielsetzung und Themenschwerpunkte (Objectives and Key Themes)
This document examines the European Union's response to the financial crisis of 2008 and analyzes the regulatory reforms implemented to address the crisis and its repercussions. The document focuses on the EU's efforts to strengthen the financial sector and prevent future crises.
- The impact of the financial crisis on the EU's financial system
- The EU's short-term and long-term regulatory objectives in response to the financial crisis
- The European Framework for Action and its core components
- The De Larosiere Report and the European plan for Recovery
- The importance of international cooperation in addressing financial crises
Zusammenfassung der Kapitel (Chapter Summaries)
- Introduction: This chapter provides an overview of the European Union's integration model and the challenges it faced in the context of the financial crisis, highlighting the significance of the financial sector in maintaining stability and promoting further integration within the EU.
- The EU's Regulatory reforms after the financial crisis: This chapter focuses on the EU's response to the financial crisis, discussing the need for regulatory reforms and the two-pronged approach adopted by the EU, encompassing both short-term and long-term goals. The chapter explores the immediate response through the European Framework for Action and the subsequent development of long-term strategies embodied in the De Larosiere Report and the European plan for Recovery.
- A. The initial response to the financial crisis: This section delves into the immediate response of the EU to the financial crisis, highlighting the vulnerability of the financial sector within the EU and the need for reforms to control the crisis and its spillover effects. The chapter also explores the short-term goals of the EU's regulatory reforms, particularly in the context of addressing the ongoing financial crisis.
- B. European Framework for Action: This section focuses on the European Framework for Action, which was released by the European Commission in late 2008. The chapter outlines the framework's key objectives, which include coordinating the actions of member states and minimizing the impact of the crisis on European citizens. It also outlines the three main strands of the framework: a new financial market architecture, dealing with the impact on the real economy, and a global response to the financial crisis.
- C. De Larosiere Report and European plan for Recovery: This section introduces the De Larosiere Report, which aims to reform the international financial governance system. The report serves as a foundation for the subsequent European plan for Recovery, further underscoring the EU's long-term commitment to financial stability and reform.
Schlüsselwörter (Keywords)
The key terms and focus topics of this document include the financial crisis, EU's regulatory reforms, financial sector, European Framework for Action, De Larosiere Report, European plan for Recovery, international cooperation, financial governance, and financial stability.
- Quote paper
- Stavroula Chrisdoulaki (Author), 2010, EU’s Position: Regulations on the financial sector, Munich, GRIN Verlag, https://www.grin.com/document/160552
