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- W635894711 abstract "The recent international financial crisis has shown that financial and banking problems of a country may have an impact worldwide. Governments have been faced the difficult decisions to save several major banks with taxpayers' money or accept their bankruptcy, which would have meant financial loss to millions of customers. Per total, state aid to banks during the crisis amounts to 13% of EU gross domestic product. The European Union has proposed a new framework for crisis management in the banking and financial sector to prevent any new crisis. The European Commission has established a system of coordination of supervisory activities that allow governments and regulators to identify banks in difficulty and act accordingly. Therefore, no bank is too big or too connected to fail. The reform objectives are to ensure stability and to prevent financing with public money the private banks. E5, E52, E58, G, G2 1. The regulations reform and the financial supervision It is widely recognized that the stronger financial crisis that began in 2007 in the United States of America, as a crisis in the mortgage market, has proved highly contagious and has spread globally, corrupting the banking and financial system in European Union. The international financial markets have been located in the epicenter of the financial earthquake, which has uncovered: some weaknesses in the regulatory system, the profit-hungry corporate governance and promotion of vulnerable financial products, even toxic by some experts. According to Michel Barnier, EU commissioner responsible of the internal market, the crisis that started in the banking sector has been expanded to the public finances, which made it necessary to introduce austerity programs that have had a harsh impact on public finances. 1 Michel Barnier stressed that this critical situation imposed a focus of EU efforts to stabilize the banking system, to remove irregularities" @default.
- W635894711 created "2016-06-24" @default.
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- W635894711 date "2012-01-01" @default.
- W635894711 modified "2023-09-28" @default.
- W635894711 title "The EU Primary Challenge: New Regulations of the Financial System towards a Banking Union" @default.
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