Building the Single European Capital Market

Abstract

Abstract The implementing necessity of some regulators of the financial markets that would help at the financial stability in economic crisis conditions led to reactions of the financial supervisory authority and their international associations through IAIS, IOSCO Multilateral. U.E cannot stay out of this reaction and must adapt to the international trend through the reorganization of the regulatory institutions of financial market after another model. Model that includes the regulation of the capital market of all country members’. Our research is preoccupied with the construction of a unique capital market in Europe; to realize this we need at least 3 basic elements. Firstly, a concept concerning the new markets, secondly, a unique reglementation and thirdly, a unitary infrastructure that will ensure the implementation of unique regulations. Like in other situations, EU works in a unique reglementation framework, builds infrastructure elements such as EMIR (European Market Infrastructure Regulation), without having a clearly contoured concept concerning the new unique market. The construction of a European capital market integrated in the global economy formed a cornerstone of the action plan on financial services and is one of the key objectives of the European Union. Our research proposes to realize a modulation that will ensure the optimal evolution of a unique European capital market, modulation that will ensure a reglementation symbiosis, pretty uneven in most European states. The reglementation that will have the consolidation phase with relative few legislative initiatives and a smoothing phase in which the European rules must be transposed in an efficient way in the national legislation and put into application correctly of the supervision authorities of each state member. The reglementation must allow establishing and showing the way this will be working in practice. It will be a challenge not only for the member states, but also for the EU institutions responsible of the monitorization of progress and the insurance of coherence application in the Union. The elaborated politics at the EU level are affected and have a influence over the politics and legislation from the other parts of the world. Therefore, it will be very important that they will get involved closely the reglementation authorities from the outside of the European union and ensure that the operating range of the rules, both in and outside EU, to be reasonable and equitable, and designed to facilitate the commercial exchanges and the provision of services abroad. This article resumes the actual state of some key elements from the unique European capital market and includes our opinions regarding this evolution, we consider that a unique european capital market is important in building a new Europe.