THE EUROPEAN BANKING UNION AND ROMANIA. THE IMPACT OF THE NEW EUROPEANLEGAL FRAME ON THE ROMANIAN FINANCIAL AND BANKING SYSTEM

The paper studies from a legal and economical perspective the European Banking Union, the latest set of measures adopted by the European Union in order to assure the stability of Europe’s financial and banking system and to prevent future crises. At the same time, the paper analyzes the influence this new institutional and legal mechanism could have on the Romanian financial and banking system, if our country is to take part in the European Banking Union. The paper will discuss the four European legal texts, namely the EU Regulation No 575/2013 and the three directives concerning the capital requirements for the banking system, the recovery and resolution of credit institutions and the deposit guarantee schemes, which, together, set up the European Banking Union’s legal frame. Further, the paper will study the implementation and the transposition of these European provisions into national law. The study’s conclusions will take into consideration the advantages and disadvantages connected to Romania’s participation to the European Banking Union, by showing that, in the context of the introduction of the single currency, the participation to the Banking Union is a necessary exercise.