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International Law

Legal regulation of financial sphere in the European Union and formation of the single market for financial services

Mescheryakova Ol'ga Mikhailovna

Doctor of Law

Professor, the department of International Law, Peoples' Friendship University of Russia

117198, Russia, g. Moscow, ul. Miklukho-Maklaya, 6




Review date:


Publish date:


Abstract: The organizational-legal forms the EU financial sector regulation are of paramount importance for the successful development not only in the indicated sphere, but the integration overall. The financial market reforms in the European Union lingered for over a decade, and was conducted gradually in accordance with the Lamfalussy, and followed by Larosière proposals that, in turn, became a challenge for testing in crisis circumstances the flexible legal mechanism, which framework was established in the previous decades. This article also touches upon the pivotal aspects of decision-making process in this field. The research methodology contains the general and specific scientific methods of analysis, synthesis, comparison, systemic approach, and historical method. The author underlines that the legal regulation mechanism of the EU financial sector during the implementation of Lamfalissy Plan was characterized with inclination towards the national regulation, while the established structures were oriented towards the creation of the single market for financial services in favorable conditions. The global economic crisis enhanced the tendency to strengthening the supranational control over the financial sector. The reform of Jacques de Larosière, conducted in the crises circumstances, was aimed at enlarging the role of the bodies of the European Union of the second and third pillar. It is concluded that the legal regulation of EU market for financial services is undergoing improvements. The flexibility of the current legal mechanism allows to find new development vectors in the conditions of multispeed integration, as well as overcome negative consequences of crisis events caused by the external factors.

Keywords: financial law, economic integration, financial sphere, securities market, financial services, European Union, international finance, financial policy, European law, legal regulation
This article written in Russian. You can find full text of article in Russian here .

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