NEW REGULATORY MEASURES AND THEIR INFLUENCE ON THE EU CAPITAL MARKET – SOURCES OF BUSINESS FINANCING

Year 2012, Volume: 4 Issue: 2, 81 - 90, 01.12.2012

Jan Mačí Markéta Bartoňová

https://izlik.org/JA95SB68DB

Abstract

Financial sector has been coming through the significantly turbulent period due to
the financial crisis in 2008 to 2010 and following debt crisis in the European
Monetary Union. These periods might be generally called as financial crises
which may have many causes. Crises may be caused by a failure of investments,
deposits and credits, etc. The above mentioned situations have definite influence
on business financing. Generally speaking we can state that the enterprises have
worsened access to external finance at the time of these crises. That is why macro
and micro prudential regulatory measures attempt to eliminate especially
information asymmetries and moral hazard among investors and issuers
(borrowers) and thus contribute to the overall stability of the financial system.
The article focuses on the institutions established in response to the financial crisis
of 2008-2010 in the European Union (e.g. European Systemic Risk Board –
ESRB, European System of Financial Supervisors – ESFS). And it aims to assess
contribution of these institutions to stabilizing the financial sector.

Keywords

financial crisis , market regulation , European Union , business financing , capital market

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