IMPORTANCE OF THE EUROPEAN BANKING UNION NEW DIRECTIVES

Lucian-Ion Medar () and Irina-Elena Chirtoc ()
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Lucian-Ion Medar: “Constantin Brancusi” University of Targu Jiu, Romania
Irina-Elena Chirtoc: “Constantin Brancusi” University of Targu Jiu, Romania

Romanian Economic Business Review, 2014, vol. 9, issue 4, 27-34

Abstract: European Banking Union has set new rules on monetary market especially for credit institutions and for financial banking groups in general. Economic and monetary union requires accomplishment of political and monetary union and democratic control of the European institutions on a single financial market. In this respect through its management organisms, EU has designed a series of unique mechanisms of financial union and called for a fiscal union. Union of European financial market is possible through a new regulation of the markets. In this project, monetary union of the EU member countries is possible by implementing single mechanism of supervision (Single Supervisory Mechanism) and single mechanism of resolution (Single Resolution Mechanism). European Banking Union may be made by monitoring of a single banking supervisor based on a common system for managing and resolving banking crises and a uniform system of protecting people's savings. Romania opted for these unique mechanisms of macro-prudential supervision of the financial system. And by performing the real convergence criteria of integration, Romania will have all conditions of integration in the ,,euro area,,.

Keywords: Banking Union; Single Supervisory Mechanism; Single Resolution Mechanism; bank resolution (search for similar items in EconPapers)
Date: 2014
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