NEOLIBERAL INSTITUTIONALISM OF THE EUROPEAN CENTRAL BANK: AN ANALYSIS OF BANKING SUPERVISION REGULATION

Abstract

The contemporary world financial crisis is characterized by complexity in global effects, which has not been recorded in economic history so far. The crisis originated in the financial sphere, but it spread to the entire real sector and the world economy as a whole. The question is often asked: was the crisis orchestrated or the result of tectonic disturbances in the functioning of the modern neoliberal credit-market system. Entering into the analysis of the world crisis, it is indisputable that the imposed neoliberal and monetarist model experienced its complete collapse, which fundamentally shook the pillars of neoliberal capitalism. Neoliberalism "opened up" national economies and made them vulnerable to the penetration of Western capital, and unprecedented exploitation through the virtual clapboard and dollar, as national and world money without a real basis and cover. With worthless paper, everything was bought around the world and broke the "disobedient, Basically, it is about the creation of "peripheral states and economies in the interest of large financial capital.

In the paper, we analyze the scope of financial regulations, primarily banking supervision, with the aim of assessing possible limitations and effects as well as implications for the financial systems of countries on the way to European integration.