Financial integration brings many positive benefits, but of course, in parallel the risks are increasing. As benefits of financial integration are usually considered higher investment returns, higher accumulation of investment capital and its efficient allocation, it is easier to raise capital for large companies as well as for small and medium-sized enterprises, for example through venture capital funds, needs of households are financed easier, there is risk sharing and diversification. The aim of the paper is to analyze processes in financial and capital markets in the face of different approaches and views on the causes of the global crisis and to outline the necessary system changes. When examining the financial integration, there is a need to analyze the process of modifying the financial and capital markets caused by the globalization processes. Generally it is assumed that financial markets are conveyors of globalization, the globalization trends emerge significantly through financial and capital markets as a first instance. It is a multidimensional process, which results in a close interconnection of financial markets in the organization of the market and its infrastructure, as well as in the area of rules and regulations, in the area of pricing, transactions and market models. These processes cause the financial markets to complete their transition from segmentation to full integration. Financial integration and globalization support the trend of efficient allocation of resources and accelerate sustainable economic growth. On the other hand, integrated and globalized financial and capital markets create a number of risks that have global dimensions - the spread of financial contagion and financial crisis. It is logical that financial integration leads to increased levels of risk and their transfer from local markets into the integrated whole. For financial markets, the existence of risk is a typical characteristics. However, here are the risks different - they are related to the transmission of shocks. Closer interconnectedness of markets increases the likelihood that development in one market affects the situation in other markets and the financial crisis may become a global crisis. The global financial crisis has prompted widespread debate among economists, politicians, but also historians, sociologists and the general public. The global financial crisis, its systemic nature, weakened the ability of economies to respond flexibly to new challenges. Increasing geopolitical tensions and problems in the social sector indicate that governments have a problem to deal with global challenges. It shows that economic growth does not automatically lead to improving of the quality of life and does not induce the necessary adaptation of social relations and values, as we might assume. Tendencies are rather the opposite, which evokes the necessity of system changes. It will become a necessity at a national level to change the approach to the functions of the market, state, public sector, the diversity of forms of ownership, a genuine civil - democratic society in terms of historical traditions and specific conditions of each country. At the transnational level obviously increases the role and status of various supranational bodies and institutions, while the importance of ensuring common legislative solutions to many new questions as to ensure legal certainty, protection of personal data, intellectual property protection, etc. will grow. As well as improvement of the fight against corruption, lobbying, moral hazard, reduction of barriers to free access to information in order to strengthen moral and ethical aspects of decision-making.
