BANKING UNION: EUROPEAN UNION'S IMPACT ON SYSTEM OF FINANCIAL LAW

This Article presents the changes of EU regulation of financial system after the global financial crisis of 2008. Economic efficiency and financial stability issues are central to the governance of financial system, and the achievement of either requires effective institutions, regulations and policy. Following of the crisis, the Commission therefore announced a consistent response to the crisis across the whole EU. This approach resulted in essential changes of financial services legislations. Moreover, the establishment of the European Banking Union with single oversight and resolution of banks in the Member States of the euro area created the new legal framework of financial safety net.