REFLECTIONS ON UNION EUROPEAN BANKING PROJECT

The international financial crisis has revealed malfunctioning of surveillance systems available until 2007-2008, as well as the relationship between banks and governments, which led to the idea of creating a European Banking Union, as a measure to prevent new negative phenomena. The project provides a centralized supervision of European banks, conducted by European Central Bank and the European Banking Authority, and common banking rules into European Union and the establishment of a common fund to guarantee bank deposits.