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

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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