GENESIS OF LEGAL REGULATION OF THE EU BANKING MARKET

Abstract

In the article, based on the analysis of the scientific views of scientists, the theoretical approaches to the establishment and formation of legal regulation of the banking market of the European Union are investigated.
The scientific work carried out a systematic analysis of normative legal acts aimed at researching the need to create a single financial market of the Community. On the basis of these legal acts, the author determined the periodicity of such regulation and established the corresponding stages of development of the banking system as a functional component of the EU single financial market.
In the context of the formation of a single banking and financial market of the European Community, it was determined that the primary impetus for substantial changes, which initiated further integration processes, was the adoption of the Treaty of Rome in 1957, which introduced the liberalization of capital movement between European countries.
In addition, in the article, the author investigated the peculiarities of each of the three stages of the development of the EU single banking market, which manifested itself in the gradual convergence of national banking systems, the liberalization of the freedom of capital movement, the delimitation of the competence of regulatory bodies, the gradual convergence of the insurance sector and the securities sector with the banking sector and the creation of a single European system of financial regulators, which forms a single market of financial services of the Community.

Keywords: the single EU banking market, the EU financial market, EU legislation, the First Banking Directive, the Second Banking Directive, the system of European financial regulators.