Financial Security – Yesterday and Today
Jarosław W. Przybytniowski
The John Paul II Catholic University of Lublin , Polandhttps://orcid.org/0000-0001-6164-2953
Anna Krawczyk
The John Paul II Catholic University of Lublin , PolandAbstract
The world is faced with huge economic crisis. The collapse in the real economy began from the troubles with the financial sector. They were the result of lack of effective supervision, lack of organization able to embrace and diagnose the possible risks and raising the alarm in the event of dangerous phenomena in the financial sector. There was no warning before the mechanisms of unreliability of ratings issued by rating agencies, specialists in creating the financial engineering giant pyramid based on securities whose value should have been from the beginning find objectionable. Experience of the financial crisis has revealed major shortcomings in the supervision of financial markets, both in individual cases, as well as the approach to the financial system as a whole. Solutions used in the surveillance were not able to prevent a crisis, to ensure proper management and to resolve problems arising there from. Therefore, the need has become a discussion on setting up a single, enhanced, integrated supervision, which will monitor the functioning of the entire financial system in the European Union (EU).
Keywords:
Financial supervision, European Union, financial crisis, financial securityReferences
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The John Paul II Catholic University of Lublin https://orcid.org/0000-0001-6164-2953
The John Paul II Catholic University of Lublin
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This work is licensed under a Creative Commons Attribution 4.0 International License.
This work is licensed under a Creative Commons Attribution 4.0 International License.
