Banking union as one of the guarantors of economic security in the EU
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Wyższa Szkoła Finansów i Zarządzania, Wydział Prawa Warsaw, Poland
Publication date: 2015-03-31
JoMS 2015;24(1):409–425
Ending the global crisis and the European crisis pointed to further weaknesses and the areas for changes in the functioning of the European Union law. In the area of macroeconomics, the weakness of fiscal policy could be seen as well as some weaknesses of fi nancial institutions in general. Th e strong infl uence of banks and fi nancial institutions on the whole the EU’s economic environment resulted the increase of the ability to compromise decision to introduce an integrated fi nancial framework. This means that BANKING UNION could be created. The purpose of this analysis is to raise the questions and then the attempt to find the answer in the following areas: – Why does Europe need the banking union? – What are the advantages and risks of the banking union? – To what extent the solution proposed by banking union, in practice, will improve the fi nancial security of the EU? The nation security in the terms of economic, legal, political, etc. is a state of permanent work for the correction and improvement of many institutions. The European Union, as an entity even more complex than particular countries – consisting of 27 states, is faced with the challenge of making even greater levels of diffi culty. It should be recognized that one of the most important areas that need to be reformed in the EU is to implement an integrated fi nancial framework, which means the implementation of the banking union.