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STABILNOST BANKARSKOG

SEKTORA U EMU

Rezime

Nakon formiranja EMU, postalo je očigledno da su regulatorni okviri EU, bazirani na nacionalnim i nekoordinisanim sistemima, neadekvatni za potrebe jedinstvenog finansijskog sistema. Ključni problem je bio u različitoj implementaciji direktiva i regulativa EU. I pored toga što je obezbeđenje i održavanje finansijske stabilnosti u nadležnosti svih tržišnih učesnika, koji procenjuju razne rizike i moraju prihvatiti posledice svojih transakcija, sistemski rizici nisu pod njihovom kontrolom i izborom. ECB mora upravljati svim potencijalnim negativnim šokovima i krizama preko redovnog praćenja i procene finansijske stabilnosti, finansijske regulacije i supervizije i brojnih mera za upravljanje krizama, na nivou EMU i na nivou nacionalnih kompetencija i organa EU.

Ključne reči: finansijski sistem, bankarski sektor, prudenciona supervizija, Evropska monetarna unija, Evropska centralna banka

JEL klasifikacija: G21, N24, E58

pregledni naučni članak

UDK 336.738 (4-672EU)

dr Dragana MarkovićEkonomski fakultet u Kragujevcu

dmarkovic@kg.ac.rs

mr Srđan FurtulaEkonomski fakultet u Kragujevcu

furtulas@kg.ac.rs

Rad primljen: 09.03.2011.

Odobren za štampu: 05.04.2011.

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Summary

After the formation of the EMU, it became obvious that the EU regulatory framework, based on national and uncoordinated systems, is inadequate for the needs of a single financial system. The key problem was the implementation of various directives and regulations of the EU. Although the provision and maintenance of financial stability remains within the competence of all the market participants, who evaluate various risks and accept the consequences of their transactions, systemic risks are not under their control and choice. The ECB must manage any potential negative shocks and crises through regular monitoring and assessment of financial stability, financial regulation and supervision, and a number of measures to manage crisis, on the level of the EMU and on the level of the national competence and bodies.

Key words: financial system, banking sector, prudential supervision, European Monetary Union, the European Central Bank

JEL Classification: G21, N24, E58

STABILITY OF THE BANKING SECTOR IN THE EMU

scientific review article

UDC 336.738 (4-672EU)

Srđan Furtula MScFaculty of Economics in Kragujevacfurtulas@kg.ac.rs

Dragana Marković PhDFaculty of Economics in Kragujevacdmarkovic@kg.ac.rs

Paper received: 09.03.2011

Approved for publishing: 05.04.2011

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Zakonodavna regulativa i vezana infrastruktura finansijskog sistema EMU

U funkciji neutralisanja različite implementacije direktiva i regulativa u EMU, donete su dve važne inicijative: Akcioni plan finansijskih usluga (Financial Services Action Plan - FSAP) i Lamfalusi komitet. FSAP je lansiran u 1999. godini i sastoji se od zakona propisa EU, vezanih za finansijske usluge. Sadrži 42 ključna zakonska propisa u vezi sa harmonizacijom regulative EU u skladu sa ciljevima jedinstvenog tržišta, i TARGETira ceo finansijski sektor. Zbog potreba harmonizacije primene regulativa EU, Evropski savet je, 2001. godine, formirao i komitet koje je dobio ime po svom predsedniku Baronu Aleksandru Lamfalusiju. U konačnom izveštaju ovog odbora, utvrđeno je da postoje četiri nivoa uspešne harmonizacije regulativa finansijskog sistema na nivou EU. Na prvom nivou, Evropski parlament i Evropski savet usvajaju osnovne zakone i pravila, zatim, na drugom nivou, definišu se pravila implementacije regulatornih propisa, na trećem nivou se nacionalne regulacije i supervizije usaglašavaju sa nivoom EU, i na četvrtom nivou se očekuje primena mera Evropske komisije, koje će doprineti harmonizaciji regulatornih propisa. Lamfalusi proces je ostvario značajne korake ka harmonizaciji zakonadavnih regulativa na nivou EU, posebno na trećem nivou gde je osnovano nekoliko komiteta koji treba da obezbede koordinaciju između nacionalnih supervizora. Direktivom 2005/1/ES, usvojenom 9. marta 2005. godine, ingerencija Lamfalusijevog komiteta, koji je prvobitno regulisao samo sektor HOV, proširena je na bankarstvo, osiguranje i investicione fondove, tj. na celokupni finansijski sektor.

Važan segment finansijskog sektora predstavljaju prekogranični merdžeri i akvizicije. U poređenju sa prekograničnim merdžerima i akvizicijama u ostalim ekonomskim sektorima (45% od ukupnog broja MA), udeo prekograničnih MA finansijskog sektora je

bio relativno nizak (20%). Razlog za to su brojne bankarske direktive, koje nisu precizno regulisale poslovanje kreditnih institucija, što je ispravljeno direktivom 2006/48/ES.

Globalna finanisijska kriza je u 2008. godini uzdrmala čitavu EMU, pa je bilo neophodno prilagoditi i superviziju finansijskog sistema. Evropska komisija je osnovala Grupu visokog nivoa1 (High Level Group), u oktobru 2008. godine, koja je imala ulogu modifikovanja i jačanja supervizije u EU i EMU. U februaru 2009. godine, grupa je publikovala set preporuka o međunarodnoj kooperaciji u finansijskoj integraciji, superviziji EU, i kooperaciji između zvaničnika u kriznim situacijama. Predviđeno je da se okvir za evropsku finansijsku superviziju zasniva na dva glavna elementa:2

1. makroprudenciona supervizija, u čiju svrhu treba formirati Odbor za evropski sistemski rizik (European Sistematic Risk Board - ESRB), koji treba da procenjuje rizike stabilnosti celokupnog finansijskog sistema i da izdaje upozorenja i preporuke za suzbijanje rizika. Analitičku, statističku, administrativnu i logističku podršku ovom odboru treba da pruži ECB.

2. mikroprudenciona supervizija, i osnivanje Evropskog sistema finansijskih supervizora (European System of Financial Supervisors - ESFS), koji treba da procenjuje superviziju individualnih institucija.Prilikom definisanja supervizorskih

aranžmana, ECB sarađuje sa Evropskom komisijom, a formalno je konsultovana i tokom osnivanja Odbora za evropski sistemski rizik i Organa evropske supervizije (European Supervisory Authorities - ESA), gde je sačinila set pravila koja tangiraju sve finansijske institucije.

Kada se posmatra regulacija usluga plaćanja, Evropski parlament i savet usvojili su direktivu za regulisanje sistema plaćanja, 2007/64/ES u novembru 2007. godine. Pored krajnjeg roka za konačnu implementaciju ove direktive, 1. novembar 2009. godine, konačna implementacija ove direktive je izvršena tek početkom 2010. godine. Još jedna važna

1 http://ec.europa.eu/information_society/eeurope/i2010/high_level_group/index_en.htm Grupu čine predstavnici država članica EU i sastaje se tri puta godišnje, 18/09/2010

2 ECB (2010) Financial Integration in Europe, Frankfurt, р. 84.

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Regulatory framework and the related EMU financial system infrastructure

In the function of neutralising different implementations of the directives and regulations in the EMU, two important initiatives have been instigated: the Financial Services Action Plan – FSAP was set in motion, and the Lamfalussy Committee established. FSAP was launched in 1999 and it consists of the legal regulations of the EU pertaining to the financial services. It contains 42 key legal regulations covering harmonisation of the EU regulatory framework with the targets and objectives of the single market, and it targets the entire financial sector. Mindful of the need to harmonise implementation of the EU regulatory framework, in 2001, European Council established a committee that was named after its chairman, Baron Alexander Lamfalussy.

In the final report of this Committee, it was concluded that there are four levels of successful harmonisation of the financial system regulatory framework on the EU level. On the first level, European Parliament and European Council are adopting basic laws and regulations, thereupon, on the second level, rules for implementation of regulatory framework are defined, on the third level national regulations and supervision are being harmonised with the EU level, and on the fourth level, it is expected to have the implementation of measures of the European Commission, which is to contribute to the harmonisation of the regulatory framework. Lamfalussy process achieved significant steps towards harmonisation of the regulatory framework on the EU level, especially on the third level, where several committees were established in order to provide for the coordination between the national supervisors. In the Directive 2005/1/ES, adopted on 9 March 2005, the competencies of the Lamfalussy Committee, initially regulating only the sector of securities, were extended to cover banking, insurance and investment

funds, i.e. the entire financial sector. An important segment of the financial sector

is the cross-border mergers and acquisitions. In comparison with the cross-border mergers and acquisitions in other economic sectors (45% of the total number of MA), the share of the cross-border MA in the financial sector is rather low (20%). The reason for this is numerous banking directives, which did not regulate precisely the operations of the crediting institutions, and this was rectified in the Directive 2006/48/ES.

Global financial crisis during the year 2008 had shaken up the entire EMU, thus it was necessary to adjust also the supervision of the financial system. European Commission established the High Level Group,1 in October 2008, which was given the role of modifying and strengthening supervision in the EU and in the EMU. In February 2009, the Group published a set of recommendations on the international cooperation in the financial integration, supervision in the EU, and cooperation between officials in crisis situations. It was foreseen that the framework for European financial supervision shall be based on the two main elements:2

1. Macro-prudential supervision, where it is necessary to form an European Systemic Risk Board – ESRB, which was to assess risk to stability of the entire financial system and issue warnings and recommendations for suppression of the risks. Analytic, statistical, administrative, and logistic support to this Board was to be provided by the ECB.

2. Micro-prudential supervision and the establishment of the European System of Financial Supervisors - FSFS, which was to assess supervision of individual institutions. When defining supervisory arrangements,

ECB is cooperating with the European Commission and is formally being consulted also during the establishment of the European Systemic Risk Board and the European Supervisory Authorities – ESA, where it sets out rules that are impacting all the financial institutions.

When regulation of payment services is

1 http://ec.europa.eu/information_society/eeurope/i2010/high_level_group/index_en.htm, the Group consists of the representatives of the EU member states and they are meeting three times a year, 18/9/2010.

2 ECB (2010), Financial Integration in Europe, Frankfurt, p. 84.

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direktiva koja treba da ubrza proces finansijske integracije je revidirana direktiva iz 2001. godine, koja sada nosi broj 2009/924/ES. Ova direktiva treba da doprinese implementiranju SEPE i detaljnije reguliše prekogranična plaćanja u EMU. Njom se zahteva od svih banaka EMU, koje sada nude usluge direktnog zaduživanja na nacionalnom nivou, da te usluge prošire na celokupnu EMU. Takođe, ovom direktivom su precizirane provizije i naknade za prekogranična i nacionalna direktna zaduživanja. ECB je uključena i u donošenje direktiva, koje regulišu elektronski transfer novca. Ključna novina u ovim direktivama jeste promena termina “kreditna institucija” u “finansijska institucija”.

Evropski sistem centralnih banaka i Komitet za regulaciju HOV u Evropi (Committee of European Securities Regulators - CESR), konsultujući se sa Evropskom komisijom, Komitetom za superviziju banaka u Evropi i ostalim relevantnim tržišnim učesnicima, publikovao je “Preporuke za sistem saldiranja HOV i centralne učesnike u EU”, u cilju smanjivanja rizika finansijske stabilnosti. Radna grupa Evropski sistem centralnih banaka i CESR, sarađuju u cilju definisanja standarda za obračun i poravnjanja i redovno održavaju sastanke sa predstavnicima banaka i obračuna i poravnjanja HOV.

ECB, da bi pokrenula aktivnosti privatnog sektora i usaglasila ih sa finansijskom integracijom, obezbeđuje statističke podatke i pruža neophodnu podršku za STEP tržište. STEP (Short-term European Paper) inicijativa je uspešno lansirana u junu 2006. godine i podrazumeva emitovanje evropskih kratkoročnih HOV. Sprovodi je asocijacija finansijskih tržišta (The Financial Market Association) i Evropska bankarska federacija (European Banking Federation - FBE). U decembru 2009. godine bilo je nenaplaćeno 404,8 milijardi evra u STEP HOV. Ovom velikom iznosu doprinela je odluka Saveta guvernera ECB, u oktobru 2008. godine, da se lista prihvaćenog kolaterala za evrosistemske kreditne operacije proširi sa STEP HOV, koje izdaju banke.

Jedan od osnovnih elemenata integracije finansijskog tržišta jeste i integracija vezanih infrastruktura. Postoje dva tipa dominantnih učesnika infrastrukture finansijskih tržišta: centralna obračunska jedinica (Central Counterparty for Clearing - CCP) i centralna jedinica za saldiranje (Central Securities Depositary for Settlement - CDS). Transakcije prekograničnog obračuna i plaćanja su u velikoj meri ostale neharmonizovane u EMU, tako da je u 2006. godini, prosečna cena po transakciji usluga obračuna i poravnjanja akcija u nacionalnim okvirima iznosila 0,35 evra a prekoranična 2,33 evra, dok je u 2008. godini, u nacionalnim okvirima smanjena sa 0,35 na 0,25 evra po transakciji, a u prekograničnim okvirima povećana sa 2,33 na 2,88 evra po transakciji.

U cilju harmonizacije prekograničnih obračuna i poravnjanja HOV, Evropska komisija je 2001. godine, formirala grupu eksperata iz privatnog sektora, koja je imala savetodavnu ulogu. Po svom predsedniku Albertu Đovaniniju, grupa je nosila naziv Đovanini grupa (Giovannini group). U svojim izveštajima 2001. godine i 2003. godine, grupa je identifikovala 15 ključnih barijera za prekogranični obračun i poravnjanje, počev od razlika u tržišnoj praksi, zakonskim, fiskalnim, tehničkim barijerama itd.3 Takođe, Đovanini grupa je utvrdila da prosečna prekogranična transakcija kupoprodaje akcija uključuje 11 posrednika, u poređenju sa 5 posrednika kod transakcije u nacionalnim okvirima, i sa 15 različitih instrukcija trgovanja.4

Ključni interes bio je da se izvrši redukcija pravnih i fiskalnih barijera i obezbedi koordinacija mera privatnog i javnog sektora. ECB bila je blisko povezana sa ovim zahtevima i učestvovala je u Ekspertskoj grupi za nadgledanje i savetovanje u vezi sa pitanjima obračuna i poravnjanja (Clearing and Settlement Advisory Monitoring Expert Group - CESAME) i Grupi za pravnu sigurnost (Legal certainty group). CESAME grupa je osnovana u julu 2004. godine, na osnovu izveštaja Đovaninijeve grupe, sa ciljem da obezbedi pravnu vezu između tela privatnog i javnog sektora, da bi se

3 ECB (2007) Financial Integration in Europe, Frankfurt, р. 59.4 ECB (2010) Financial Integration in Europe, Frankfurt, р. 56.

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assessed, it is learnt that the European Parliament and Council have adopted the Directive 2007/64/ES regulating payment systems, in November 2007. In addition to the deadline for the final implementation of this Directive, 1 November 2009, the final implementation of the Directive was completed, however, only in early 2010. Another very important Directive, that was intended to accelerate the process of financial integration, was the revised Directive of 2001, which is now bearing the number 2009/92/ES. This Directive should have contributed to the implementation of SEPA and it was to regulate in more detail the cross-border payments in the EMU. It requests all the banks of the EMU, which are now offering services of direct debiting on the national level, to expand those services on to the entire EMU. In addition, this Directive specifies the commissions and fees for the cross-border and national direct debiting. ECB is also engaged in the passing of the directives which regulate electronic money transfers. The key novelty in these directives is the change of the term “crediting institution” into “financial institution”.

European system of central banks and the Committee of European Securities Regulators – CESR, in consultation with the European Commission, Committee for Banking Supervision in Europe, and other relevant market players, published “Recommendations for the system of securities settlements and central participants in the EU”, for purpose of reducing risks to financial stability. Work group of the European Central Banks System, and the CESR, are cooperating with the aim of defining standards for the clearing and settlement and are holding, on regular grounds, meetings with the representatives of banks and those engaged in securities clearing and settlement.

ECB, in order to set in motion activities of the private sector and harmonise them with the financial integration, provides statistical data and offers necessary support to the STEP market. STEP (Short-term European Paper) initiative was successfully launched in June 2006, and covers the issuing of European short-term securities. It is conducted by the Financial

Markets Association and the European Banking Federation – EBF. In December 2009, there remained an amount of 404.8 billion EUR in uncollected STEP securities. This large amount was aided by the decision of the Council of Governor of the ECB, of October 2008, to expand the list of acceptable collateral for Euro-systems Credit Operations to STEP securities, issued by banks.

One of the basic elements of integration of the financial market is the integration pertaining to the infrastructures. There are two types of predominant participant infrastructures in financial markets: Central Counterparty for Clearing – CCP, and the Central Securities Depositary for Settlement – CDS. Transactions for cross-border settlement and payments have remained to a large extent un-harmonised in the EMU, so that in 2006, the average price per transaction for clearing and settlement services for shares, within the national borders, amounted to 0.35 EUR, and exceeded for the cross-border operation 2.33 EUR, while in 2008, within the national borders, it was reduced from 0.35 to 0.25 EUR per transaction, and for the cross-border transactions it was increased from 2.33 to 2.88 EUR per transaction.

With the objective of harmonising cross-border securities clearing and settlement, European Commission, in 2001, formed an expert group from the private sector to have an advisory role. After its chairman, Albert Giovannini, the group was called the Giovannini Group. In its reports for 2001 and 2003, the Group identified 15 key barriers for the cross-border clearing and settlement, starting from the differences in the market practices, legislative, fiscal, and technical barriers, etc.3 In addition, Giovannini Group determined that the average cross-border transaction for the purchase and sales of shares includes 11 intermediaries, in comparison with 5 intermediaries in case of transaction conducted within the national border, and with 15 different trading instructions.4

The key interest was to make a reduction of legal and fiscal barriers and provide for the coordination of measures between the

3 ECB (2007), Financial Integration in Europe, Frankfurt, p. 59.4 ECB (2010), Financial Integration in Europe, Frankfurt, p. 56.

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otklonile barijere iz Đovaninijevog izveštaja, da pravovremeno pruža neophodne informacije Komisiji, da sarađuje sa Grupom za pravnu sigurnost i Ekspertskom grupom fiskalne saglasnosti obračuna i poravnjanja (Clearing and Settlement Fiscal Compliance Expert Group - FISCO) i da prati i ubrza redukcije barijera privatnog sektora. Grupa za pravnu sigurnost osnovana je u januaru 2005. godine i fokusirana je na analizi zakonskih ograničenja infrastrukture za obračun i poravnjanje. U septembru 2006. godine, podeljena je na tri podgrupe. Dok je Grupa za pravnu sigurnost nadležna za otklanjanje barijera u pravnoj sferi, FISCO grupa je imala nadležnost u harmonizaciji poreskih propisa za prekogranični obračun i poravnjanje. Relevantnu infrastrukturu čine i sistemi za poravnjanja HOV (Securities settlement systems - SSS), čiji je broj pao sa 21 na 19, u periodu 1999-2006. godina, što ukazuje na povećan, ali još uvek nedovoljan stepen finansijske integracije.

U cilju harmonizacije prekograničnih obračuna i poravnjanja, 7. novembra 2006. godine doneta su Evropska pravila za obračun i plaćanje, koja su, takođe, bila u funkciji ubrzanja i poboljšanja efikasnosti obračuna i poravnjanja.

Finansijska stabilnost u EMU

Finansijska stabilnost se može definisati kao stanje u kome je finansijski sistem u mogućnosti da odgovori na neočekivane šokove i ostale finansijske neravnoteže. Obezbeđenje finansijske stabilnosti predstavlja jedan od ključnih zadataka ECB i EMU. ECB ima suverenitet u emisiji evra i mora da kontroliše kvalitet finansijskih institucija, koje učestvuju u transmitovanju monetarne politike u EMU, i da obezbedi likvidnost celokupnog finansijskog sistema.

Da bi se sprečio uticaj finansijskih turbulentnosti i kriza na finansijsku stabilnost, moraju postojati dve linije odbrane:

Prva linija odbrane obuhvata odgovornost banaka, osiguravajućih kompanija i ostalih finansijskih institucija, da samostalno ispitaju kreditni bonitet i rejting svojih pozajmilaca i da

efikasno upravljaju rizicima,Druga linija odbrane uključuje prudencionu

superviziju finansijskih institucija, obezbeđenje upravljanja rizikom, nadgledanje i pravovremenu procenu potencijalnih nestabilnosti i rizika.

Formiranjem EMU, monetarna politika je transferisana na viši supranacionalni nivo, dok je obezbeđenje finansijske stabilnosti ostalo na nacionalnom nivou. Za razliku od nekih država gde su centralne banke direktno odgovorne za prudencionu superviziju, ECB nema direktne supervizijske ingerencije, već postoji bliska saradnja između ECB i nacionalnih centralnih banaka i između ECB i nacionalnih supervizora, u cilju identifikovanja potencijalnih rizika nestabilnosti. Kao što je i definisano u stavu 5. člana 105. Mastrihtskog sporazuma, ECB treba da sarađuje sa kompetentnim organima u vezi sa prudencionom supervizijom kreditnih institucija i stabilnosti finansijskog sistema. Ona mora biti konsultovana od strane nacionalnih organa supervizije, Evropskog saveta i Evropske komisije po svim pitanjima implementacije zakonodavne regulative prudencione supervizije kreditnih institucija i stabilnosti finansijskog sistema. Stavom 6. člana 105. Mastrihtskog sporazuma i članom 25.2. Statuta Evropskog sistema centralnih banaka, definisana je mogućnost transferisanja specifičnih supervizorskih zadataka ECB, u skladu sa jednostavnim procedurama, bez prethodne izmene sporazuma.5

Neophodnu podršku ECB u obezbeđenju finansijske stabilnosti pruža Komitet za superviziju banaka (Banking Supervision Committee - BCS), koji je osnovan od strane Saveta guvernera ECB 1998. godine. Komitet za superviziju banaka, pored nacionalnih organa supervizije država članica EMU, obuhvata i organe supervizije država koje nisu pristupile EMU.

ECB, u funkciji nadgledanja i procene uticaja faktora na finansijsku stabilnost, koristila je sledeće korake:6

1. U 2000. godini, kreiran je okvir za procenu potencijalnih rizika i nestabilnosti, koji je rezultirao, 2004. godine, u polugodišnji

5 ECB (2008) Monthly Bulletin 10th Anniversary of the ECB, Frankfurt, р. 118.6 Isto, str. 120.

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private and the public sectors. ECB was closely connected with these requirements and took part in the Clearing and Settlement Advisory Monitoring Expert Group – CESAME, and the Legal Certainty Group. CESAME group was established in July 2004, on the basis of the report submitted by the Giovannini Group, with the aim of providing legal connection between the authorities from the private and the public sectors, in order to eliminate the barriers mentioned in the Giovannini report, to provide timely and necessary information to the Commission, to cooperate with the Legal Certainty Group and the Clearing and Settlement Fiscal Compliance Expert Group – FISCO, and to monitor and accelerate reduction of barriers in the private sector. Legal Certainty Group was established in January 2005, and was focused on the analysis of legal limitations of the infrastructure for clearing and settlement. In September 2006, it was divided into three sub-groups. While the Legal Certainty Group was in charge of eliminating barriers in the legal sphere, FISCO Group was competent for harmonisation of fiscal regulations for the cross-border clearing and settlement. Relevant infrastructure is also made up of the Securities Settlement Systems – SSS, with their number falling from 21 to 19 in the period 1999-2006, which indicates that the degree of financial integration was increased, but as yet not sufficiently.

For purpose of harmonisation of the cross-border clearing and settlement, on 7 November 2006, European Rules for Clearing and Settlement were passed, which were also in the function of accelerating and improving the efficacy of the clearing and settlement operations.

Financial stability in the EMU

Financial stability may be defined as a situation where the financial system in able to respond to unanticipated shocks and other financial misbalances. Securing financial stability is one of the crucial tasks of the ECB and the EMU. ECB has sovereignty in the issuing of EUR and must control the quality of

financial institutions, which are taking part in the transmission of the monetary policy in the EMU, and also to secure liquidity in the entire financial system.

In order to prevent any impact of financial turbulences and crises on financial stability, what must be present are the two lines of defence:

The first defence line covers the accountability of banks, insurance companies and other financial institutions, to independently investigate credit solvency and rating of their credit beneficiaries and to have an efficient risk management function in place.

The second line of defence covers a prudential supervision of financial institutions, provides for risk management, monitoring and timely assessment of potential instabilities and risks.

With the formation of the EMU, monetary policy was transferred on to a higher supra-national level, while securing financial stability remained at the national level. Contrary to some other States, where central banks are directly responsible for the prudential supervision, ECB does not have direct supervisory authority, but only a close cooperation between the ECB and the national central banks, and between the ECB and the national supervisors, for purpose of identifying potential instability risks. Under provisions of para 5 Article 105 of the Maastricht Treaty, ECB shall cooperate with the competent authorities regarding the prudential supervision of crediting institutions and stability of the financial system. It shall be consulted by the national supervisory authorities, European Council and the European Commission regarding all matters of the implementation of the regulatory framework of prudential supervision of the crediting institutions and stability of the financial system. In para 6 of Article 105 of the Maastricht Treaty and Article 25.2 of the Statute of the European System of Central Banks, an option is defined for the transfer of specific supervisory tasks on to the ECB, in accordance with the simple procedures, without a prior amendments to the agreement.5

Necessary support to the ECB, in securing financial stability, is rendered by the Banking

5 ECB (2008), Monthly Bulletin 10th Anniversary of the ECB, Frankfurt, p. 18.

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Pregled finansijske stabilnosti (Financial Stability Review - FSR), koji publikuje ECB;

2. Od početka funkcionisanja EMU, Komitet za superviziju banaka koristi regularne makroprudencione analize, bazirane na kombinaciji statističkih kvantitativnih i kvalitativnih informacija dobijenih od NCB i organa supervizije EU, koje su, od 2003. godine, publikovane na godišnjoj osnovi pod nazivom Stabilnost bankarskog sektora EU (EU banking sector stability). Takođe, ovaj komitet publikuje svake godine i Strukture evropskog bankarstva (EU banking structures);

3. Na globalnom nivou, ECB i NCB Evropske monetarne unije, zajedno sa ostalim centralnim bankama EU, aktivno učestvuje u monitoringu finansijske stabilnosti sa Međunarodnim monetarnim fondom, Forumom finansijske stabilnosti, Komitetom globalnog finansijskog sistema i Bankom za međunarodna poravnjanja (Bank for International Settlement).Potencijalna reakcija ECB na finansijsku

nestabilnost, zavisi od činjenica da li je kriza uzrokovana nelikvidnošću ili nesolventnošću učesnika u finansijskom sistemu.7 Ukoliko je kriza uzrokovana nelikvidnošću, NCB mogu, privremeno i bez adekvatnog kolaterala, odobriti hitnu podršku likvidnosti (Emergency Liquidity Assistance - ELA), ali samo onim kreditnim institucijama koje su solventne. U slučaju krize nesolventnosti, odgovornost za krizni menadžment je prepuštena ministrima finansija, koji moraju da odluče o potencijalnoj finansijskoj podršci, i relevantnim organima supervizije, koji treba da sprovedu očekivane supervizorske mere da stabilizuju problematične institucije ili da ih zatvore. U oba slučaja, saradnja između ECB, organa supervizije i ministara finansija je neophodna.

U skladu sa esencijalnom ulogom finansijske stabilnosti, ECB i EMU u proteklih 11 godina, sprovele su brojne akcije i mere da ubrzaju i očuvaju stabilnost finansijskog sistema. Evrosistem, takođe, sprovodi brojne makro stres testove i simulacije finansijskih kriza, kako bi sve finansijske institucije spremno dočekale potencijalne debalanse.

Stabilnost prekograničnog bankarstva u EMU

Prekogranično bankarstvo je najčešće koncentrisano u velikim bankarskim grupacijama. Njegov značaj se ogleda u povećanju konkurencije u bankarskim tržištima i doprinosi difuziji inovacija u finansijskim proizvodima i uslugama. Zbog toga, pozitivne promene u prekograničnom bankarstvu su od velike važnosti za finansijsku integraciju i razvoj celokupne EU i EMU. S druge strane, prekogranično bankarstvo može dovesti do diverzifikacije rizika i prihoda, a time i do ograničavanja integracije i stabilnosti finansijskog sistema.

Ako se posmatraju indikatori razvijenosti prekograničnog bankarstva, kao što su prekogranični udeo holdinga banaka EMU u ukupnom udelu tih banaka, udeo stranih podružnica i filijala banaka u državama EMU i broj prekograničnih merdžera i akvizicija, može se zaključiti da razvoj prekograničnog bankarstva ima uzlaznu tendenciju. Osnovni indikator razvoja prekograničnog bakarstva su prekogranični merdžeri i akvizicije banaka EMU. Aktivnosti spajanja i pripajanja banaka su posebno popularne jer omogućuju prednosti pristupa lokalnim distributivnim kanalima, kao i postojećom bazom korisnika, tako da je daleko jednostavnije ostvariti očekivani tržišni udeo u relativno kratkom periodu. Takođe, merdžeri i akvizicije omogućavaju bankama da identifikuju optimalnu veličinu, ostvare ekonomiju obima i da diverzifikuju rizike i prihode. Razvoj prekograničnih merdžera i akvizicija pokazuju i podaci da je u periodu 2000-2004., bilo samo 14% prekograničnih merdžera i akvizicija, a samo u periodu 2005-2006. godina, taj broj se popeo na 38%, u odnosu na ukupan broj MA u EMU.

Problemi sa funkcionisanjem prekograničnog bankarstva, pored problema vezanih za funkcionisanje banaka, odnose se i na razlike u jezicima, potrošačkim preferencijama, nacionalnim karakteristikama. Zbog toga je bilo neophodno ojačati regulatorne okvire za prekogranično bankarstvo, u cilju harmonizacije

7 Nemogućnost da se obaveze izmire u rokovima dospeća, naziva se nelikvidnost i predstavlja trenutno stanje, dok u dugom roku nelikvidnost prelazi u nesolventnost.

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Supervision Committee – BSC, established by the Council of Governors of the ECB in 1998. Banking Supervision Committee, in addition to the national authorities for supervision of the EMU member countries, is also covering the authorities for supervision of the countries that have not as yet joined the EMU.

ECB, in its supervising function and assessment of the factors impacting financial stability, was deploying the following steps:6

1. In 2000, a framework was created for the assessment of potential risks and instabilities, which resulted, in 2004, in a semi-annual Financial Stability Review – FSR, published by the ECB;

2. From the very beginning of functioning of the EMU, Banking Supervision Committee deployed regular macro-prudential analyses, based on a combination of statistical quantitative and qualitative information obtained from the NCB and the EU supervising authorities, which have, from 2003, been published on a yearly basis under the title EU Banking Sector Stability. In addition, this committee is also publishing each year the EU Banking Structures;

3. On a global level, ECB and the European Monetary Union NCB, together with the other central banks in the EU, are taking an active part in monitoring financial stability together with the International Monetary Fund, Forum for Financial Stability, Global Financial System Committee, and the Bank for International Settlements. Potential reaction of the ECB on financial

instabilities depends on the fact whether the crisis was caused by illiquidity or insolvency of the participants in the financial system.7 If the crisis is caused by illiquidity, NCB may, temporarily and without adequate collateral, approve Emergency Liquidity Assistance - ELA, but only to those crediting institutions which are solvent. In case of an insolvency crisis, responsibility for crisis management rests with the finance ministers, who must decide on potential financial support, and also on the relevant supervision authorities

who should conduct supervisory measures in order to stabilise problematic institutions, or to close them down. In both cases, cooperation between the ECB, supervisory authorities, and the finance ministers is necessary.

In accordance with the essential role of financial stability, ECB and the EMU, over the last 11 years, conducted numerous actions and measures in order to accelerate and preserve stability of the financial system. Euro-system, as well, is conducting many macro stress tests and financial crises simulations, in order to prepare all the financial institutions to face readily potential misbalances.

Stability of the cross-border banking in the EMU

Cross-border banking is most often concentrated in the large-scale banking groups. Its importance is reflected in the increased competition on the banking markets and contributes towards a diffusion of innovations in financial products and services. Therefore, positive changes in the cross-border banking are of great importance for financial integration and development of the entire EU and the EMU On the other hand, cross-border banking may lead to the diversification of risks and revenues, and thus also to the limited integration and stability of the financial system.

If we are to observe cross-border banking development indicators, such as the cross-border share of the EMU holding banks in the total share of these banks, the share of foreign subsidiaries and branches of the banks in the EMU member states, and the number of cross-border mergers and acquisitions, it may be concluded that the development of cross-border banking has an upward growing tendency. The main indicators of the cross-border banking development are the cross-border mergers and acquisition of the EMU banks. Activities of mergers and acquisition of banks are especially popular as they allow for an advantage of access to the local distribution channels, but also to the existing consumer base,

6 Ditto, p. 120.7 Incapacity to settle liabilities on maturity is called illiquidity and is a momentary state of facts, while illiquidity persisting

over a long-term period is called insolvency.

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unutar EMU. Prvi korak, ka tome, učinjen je na neformalnom sastanku Ministara za ekonomiju i finansije, u septembru 2004. godine, u Ševeningenu, gde je zahtevano od Evropske komisije da razmotri uslove za prekograničnu konsolidaciju8 u bankarskom sektoru EU.

Prekogranični merdžeri i akvizicije bili su su suočeni sa nedostatkom regulative, u vezi sa procesom supervizije bankarskih akvizicija. Bankarskom direktivom 2006/48/ES, kojom su regulisani odnosi između matične države i države domaćina, nije precizno utvrđena implementacija prudencionih kriterijuma za procenjivanje podobnosti vlasnika akcija u kreditnim institucijama, što je dovelo do nekonzistentne primene određenih odredbi među državama članicama. U decembru 2006. godine, ECB je donela pravni okvir koji je bio usmeren ka rešavanju ovog problema. ECB je podržala zahtevanu specifikaciju prudencionih kriterijuma, razjašnjenje zahtevanih standarda i procedura, naglašavajući zahteve za transparentnošću i primeni odnosa matična država-država domaćin.

Direktivom 2005/56/ES, otklonjene su nekompatibilnosti merdžera u vezi sa različitim nacionalnim zakonodavstvima. Ovom direktivom je naglašeno da prekogranični merdžeri moraju biti tretirani istim pravilima i procedurama, kao i merdžeri u nacionalnim okvirima. Takođe, je omogućeno da se ograniče ponude za preuzimanje kontrolnog paketa akcija, kako bi se sprečile akvizicije po niskim cenama.9

Prudenciona supervizija bankarskog sistema u EMU

Prudenciona supervizija se može definisati kao zahtev za oprezno sprovođenje bankarskih i finansijskih aktivnosti, kontrolom u skladu sa zakonodavnom regulativom, i instrumentima za korektivnu akciju.10 Značaj prudencione supervizije i njen uticaj na finansijsku stabilnost raste od sredine 80-ih godina prošlog veka, kada su prekogranične aktivnosti kreditnih institucija i kriza dugova, nametnule potrebu

za formalizovanom regulacijom bankarske aktivnosti na globalnom nivou. Bazelski komitet za superviziju banaka (Basel Committee on Banking Supervision) je osnovno telo koje je intenviziralo razvoj bankarske supervizije, stimulisalo kooperaciju između supervizora banaka i doprinelo dizajniranju opšteg okvira regulative bankarske supervizije.

Godine 1988. usvojeni su Bazel standardi, koji su imali ulogu izjednačavanja uslova pod kojim banke posluju na globalnom tržištu, jer su neke banke imale niže obavezne rezerve i time više mogućnosti za obezbeđenje likvidnosti, u odnosu na druge banke. Na sve vrste i visine kredita primenjivao se isti standard - koeficijent adekvatnosti kapitala (Capital Adequacy Ratio - CAR) od minimalno 8% u EU i SAD. Januara 1999. godine Bazelski komitet je dao predlog novog Sporazuma, nazvanog Bazel II. Konačna verzija ovog sporazuma postala je važeća u EU od januara 2007. godine, a u SAD od jula 2007. godine). Bazel II sadrži tri skupa pravila:• norme adekvatnosti kapitala,• prudencioni nadzor nad promenama

adekvatnosti kapitala.• tržišna disciplina.

Pored tržišnog i kreditnog kvantifikuje se i operacioni rizik. Sve kompanije se razvrstavaju prema rejtingu koji im dodeljuje eksterna rejting agencija (ECAI). U Bazelu II, banke imaju mogućnost da razvijaju internu metodologiju za merenje rizika koja je podložna potvrdi od strane supervizora i umesto zadatog minimalnog kapitala i količnika kapitalne adekvatnosti - bitan postaje proces upravljanja rizikom unutar pojedinačne banke. Za te potrebe koristi se VaR - Value at Risk (mera ekonomskog gubitka koji može pri datoj verovatnoći nastati u nekoj transakciji).

Da bi postojalo poverenje u ogromni bankarski sistem EU, preduslov je da Evropska centralna banka stvori efikasni sistem supervizije kreditnih institucija, implicira primenu brojnih direktiva i obezbedi likvidnost bankarskog sektora.

U EU oblast finansijskih usluga regulisana je primarnim izvorima prava - Mastrihtskim

8 http://ec.europa.eu/internal_market/finances/docs/cross-sector/mergers/cross-border-consolidation_en.pdf 17/05/20109 ECB (2007) Financial Integration in Europe, Frankfurt, рр. 30-40.10 ЕCB (2000) Monthly Bulletin, EMU and banking supervision, Frankfurt, р. 49.

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so that it is by far simpler to achieve anticipated market share over a relatively short period of time. In addition, mergers and acquisitions allow the banks to identify optimum size, achieve an economy of scale and diversify risks and revenues. Development of cross-border mergers and acquisitions is also illustrated by the data showing that in the period 2000-2004 there were only 14% of cross-border mergers and acquisitions, while in the period 2005-2006 alone this number grew to 38% in comparison with the total number of MA in the EMU.

Problems with the functioning of the cross-border banking, in addition to the problems linked with the functioning of banks, pertain also to the differences in languages, consumer preferences, and national characteristics. Thus it is necessary to strengthen regulatory framework for the cross-border banking for purpose of harmonisation within the EMU. The first step in that direction was made at an informal meeting of the Ministers of Economy and Finance, held in September 2004, in Scheveningen, where a request was made to the European Commission to examine terms and conditions for the cross-border consolidation8 in the EU banking sector.

Cross-border mergers and acquisition were faced with the shortage of regulatory framework regarding the process of supervision of banking acquisitions. Banking Directive 2006/48/ES, regulating relations between the home country and the host country, did not precisely prescribe implementation of prudential criteria for assessing eligibility of shareholders in crediting institutions, which caused some inconsistent applications of certain provision amongst the member countries. In December 2006, ECB passed a legal framework directed at the solution of this problem. ECB supported the requested specification of prudential criteria, clarification of requested standards and procedures, stressing the requests for transparency in the implementation of the relationship between the home country and the host country.

In the Directive 2005/56/ES, incompatibilities were eliminated of mergers in connection with

different national legislations. This Directive stressed that the cross-border mergers must be treated under the same rules and procedures as the mergers made within the national framework. In addition, it was allowed for the offers of acquisition of the controlling packet of shares to be limited in order to prevent acquisitions at low prices.9

Prudential supervision of the EMU banking system

Prudential supervision may be defined as a request for a prudential exercise of banking and financial activities, control concordant with the regulatory framework, and instruments for corrective action.10 The importance of prudential supervision and its impact on financial stability is growing ever since the mid-1980s, when the cross-border activities of crediting institutions and the debt crisis imposed the need for a formalised regulation of banking activities on a global level. Basel Committee for Banking Supervision is the main body that has intensified the development of banking supervision, stimulated cooperation between banking supervisors, and contributed towards designing of a global regulatory framework for banking supervision.

In 1988, Basel standards were adopted, having the role of levelling-out terms and condition under which the banks are operating on the global market, as some of the banks had lower required reserved and thus more options for securing liquidity than the other banks. The same standard applied to all types and sizes of crediting activities – Capital Adequacy Ratio – CAR, of a minimum of 8% in the EU and the USA. In January 1999, Basel Committee tabled a proposal of the new Accord, called Basel II. The final version of this Accord came into force in the EU in January 2007, and in the USA, in July 2007. Basel II Accord contains three sets of rules:• Capital adequacy norms;• Prudential supervision of capital adequacy

changes;• Market discipline.

8 http://ec.europa.eu/internal_market/finances/focs/cross-sector/mergers/cross-border-consolidation_en.pdf, 17/05/2010.9 ECB (2007) Financial Integration in Europe, Frankfurt, pp. 30-40.10 ECB (2000), Monthly Bulletin, EMU and banking supervision, Frankfurt, p. 49.

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sporazumom, po kome NCB imaju obavezu da dostavljaju potrebne informacije ECB i da je ECB dozvoljeno da daje savete i konsultacije u vezi nacionalnih zakonodavstava, a koji su povezani sa supervizijom i finansijskom stabilnošću i sekundarnim izvorima prava - direktivama kojima su regulisani principi bankarskog poslovanja i supervizije u EU.

Supervizija u EU regulisana je direktivom 2000/12/EZ kojom se definiše minimalni osnivački kapital, dozvole i ovlašćenja i definiše se pravna nadležnost između nadzornih organa države domaćina i matične države (države porekla). Ova direktiva je proširena direktivom 2002/28/EZ koja propisuje pravila za dodatni nadzor. Dve dodatne direktive su direktiva 2006/48/EZ, koja obavezuje članice EU da uvedu Bazel II standarde, i direktiva 2006/49/EZ, kojom je definisano da zemlja domaćin ima odgovornost za superviziju likvidnosti i monetarne politike, a supervizija tržišnog rizika mora biti predmet bliže koordinacije države domaćina i matične države. Zemlja domaćin može na svoju inicijativu ili na inicijativu matične države proveriti aktivnosti te kreditne institucije. Ovom direktivom se zahteva da kreditna institucija mora da izvesti nacionalne agencije za superviziju uvek kada njeno obavljanje zadataka može da ima ozbiljne efekte na finansijsku situaciju te banke i čitavog finansijskog sistema.

Zvanične nacionalne agencije za superviziju mogu biti u nadležnosti NCB ili to mogu biti organizacije koje nisu u vezi sa NCB, a imaju saglasnost ECB. ECB mora da koordinira njihovo delovanje i među sobom i sa ECB. Takva koordinacija je obezbeđena Komitetom za evropsku superviziju banaka (Commitee of European Banking Supervision) sa sedištem u Londonu, koji uključuje sve predstavnike NCB i nacionalnih agencija za superviziju. Taj komitet treba da koordinirano deluje i sa drugim institucijama za superviziju kao što je The Banking Advisory Commitee, The Groupe de Contact i The Basel Commitee of Banking Supervision.

Problem koji može nastati u EMU, u vezi sa prudencionom supervizijom kreditnih institucija, rezultat je istorijskog razvoja, političkog uticaja i strukture i tradicije država

članica. I pored brojnih zahteva i direktiva za konsolidacijom nacionalnih supervizorskih sistema, može se konstatovati sledeće:11

1. U svim državama postoji trend smanjivanja broja organa supervizije, ali se ne može identifikovati određeni zajednički tip sistema supervizije, jer postoje tri karakteristična modela. Prvi model je sektorski, gde svaki sektor (bankarstvo, osiguranje) nadgleda jedan supervizorski organ - Grčka, Kipar, Slovenija, a kao varijanta ovog modela Finska i Luksemburg. U drugom modelu postoje dva različita organa supervizije - Holandija i Italija. Treći model podrazumeva da su sve supervizorske funkcije locirane u jednom organu, koji sprovodi prudencionu superviziju i zaštitu investitora - Slovačka, Malta i u novim državama članicama EU, Estonija, Litvanija, Mađarska, Češka.

2. Broj država članica EU u kojima centralne banke imaju funkcije supervizije je povećan.

3. Različiti metodi su odabrani u svakoj državi članici u cilju formalizovanja prudencione supervizije.Pored dosadašnjeg razvoja modela

supervizije u EMU, neophodno je uključiti i uticaj glabalne finansijske krize i moguće načine za prilagođavanje supervizorskih okvira. Evropski savet i Evropska komisija su, u 2009. godini, doneli odluku o osnivanju Evropskog sistema finansijskih supervizora (ESFS) i Odbora za evropski sistematski rizik (ESRB), koji će sprovoditi mikro i makroprudencionu superviziju. Osnovni element ESFS jesu Organi evropske supervizije (European Supervisory Authorities - ESAs), koji imaju ulogu u donošenju pravila, promociji primene zakonodavne regulative i supervizorske kulture država članica, preciznom rešavanju mogućih neslaganja između nacionalnih supervizora, definisanju reagovanja u kriznim situacijama i u osnivanju i upravljanju bazom podataka supervizijskog sistema EU.12

Zaključak

Integracija finansijskog sektora predstavlja neminovnost EMU. Shodno tome, ECB mora

11 ECB (2006) Recent development in supervisory structures in EU and acceding countries, Frankfurt, р. 2-5.12 ECB (2010) Financial Integration in Europe, Frankfurt, pр. 39-42.

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In addition to the market and credit risk, operational risk is also being quantified. All the companies are classified according to the rating assigned to them by an external rating agency (ECAI). In the Basel II Accord, banks are given the option to develop their internal risk measurement methodology, subject to the confirmation by the supervisor and instead of the designated minimum capital and the capital adequacy ratio – what becomes important is the process of risk management within any given bank. For this purpose, what is applied is the VaR – Value at Risk (a measure of economic loss which may occur, at the given probability, in some transaction).

In order to ensure credibility of this enormous EU banking sector, the prerequisite is for the European Central Bank to create an efficient system of supervision of crediting institutions, to imply the implementation of a large number of directives and secure liquidity of the banking sector.

In the EU, the field of financial services is regulated by primary sources of law – by the Maastricht Treaty, where the NCBs are obliged to submit necessary information to the ECB, and that the ECB in turn, is allowed to advise and consult regarding the national legislature, pertaining to the supervision and financial stability, but this field is also regulated by secondary sources of law – directives which regulate the principles of banking business and supervision in the EU.

Supervision in the EU is regulated under the Directive 2000/12/EZ, defining a minimum founding capital, permits, licences and authorisations, and is defining legal competences between the supervisory bodies of the host country and of the home country (country of origin). This Directive was extended by the Directive 2002/28/EZ, prescribing the rules for additional supervision. Two supplementary directives are the Directive 2006/48/EZ binding EU members to introduce Basel II standards, and the Directive 2006/49/EZ defining that the host country is responsible for supervision of liquidity and monetary policy, while the supervision of the market risk must be the subject of closer coordination between

the host country and the home country. The host country may, at its own initiative or at the initiative of the home country, check the activities of any given crediting institutions. This Directive requests that the crediting institution must notify national supervisory agencies every time when its execution of business tasks may have serious effects on the financial situation of that given bank and on the entire financial system.

The official national supervisory agencies may be within the competencies of the NCB, or they may be organisations that are not connected with the NCB, but are having the approval of the ECB. ECB must coordinate their activities, both amongst themselves and with the ECB. Such coordination is provided by the Committee of European Banking Supervision, with the seat in London, which is covering all the representatives of the NCB and national supervisory agencies. This Committee should act in coordination with the other supervisory institutions, such as The Banking Advisory Committee, the Group de Contact, and the Basel Committee of Banking Supervision.

The problem that may arise in the EMU in connection with the prudential supervision of crediting institutions is the result of historical developments, political influence and structure and tradition of the member countries. In spite of numerous requests and directives for consolidation of national supervisory systems, the following may be stated:11

1. In all the countries there is a trend to reduce the number of supervisory authorities, but it is not possible to identify a certain common type of the supervision system, because there are three characteristic models. The first model is a sectorial model, where every sector (banking, insurance) are being supervised by one supervisory body – Greece, Cyprus, Slovenia, and as a variant to this model also Finland and Luxembourg. In the second model there are two different supervisory bodies – Netherlands and Italy. The third model assumes that all the supervisory functions are located in one single body, which is conducting prudential supervision and protection of investors – Slovakia, Malta, and in the new EU member

11 ECB (2006), Recent development in supervisory structures in EU and acceding countries, Frankfurt, p. 2-5.

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aktivno da učestvuje u svim oblastima u kojima može da doprinese uspešnoj finansijskoj integraciji. Bez obzira što njena uloga u različitim delovima organizacije finansijskog sistema varira od savetodavne do direktnog donošenja odluka, finansijski sistem je prožet nastojanjima ECB i EMU da se obezbedi stabilna, zakonom regulisana, opšteprihvaćena finansijska klima, koja će uticati na intenziviranje integrisanosti finansijskog sektora i koja će obezbediti nesmetano delovanje monetarne politike ECB.

Za stabilnost finansijskog sistema neophodan je kontinuirani proces nadgledanja i procenjivanja i stalan razvoj seta neophodnih mera. U odsustvu apsolutne ingerencije ECB, u vezi sa supervizijom finansijskog sistema, nužna je saradnja i sinhronizovano delovanje svih finansijskih učesnika, ECB, NCB, organa supervizije, ministara finansija itd. Dinamičko okruženje, promene u finansijskom sistemu i vezanoj infrastrukturi, kao i povezanosti između njih, moraju biti reflektovane u odlukama i aktivnostima ECB i NCB. ECB mora biti svesna činjenice da je finansijska stabilnost u EMU determinišući faktor stabilnosti svih sektora EMU.

U prilog tome stoji činjenica da prekogranično bankarstvo, iz godine u godinu, dobija sve veći značaj. I pored brojnih prepreka,

kao što su nacionalne regulative, jezičke i kulturne barijere, potrošačke preferencije, itd., očekuje se intenziviranje u razvoju ovog sektora u narednim godinama. Tome su posebno doprinele inicijative, usmerene ka smanjenju tih prepreka, definisanje prudencionih kriterijuma i supervizorskih okvira, kao i brojne direktive, koje su uvele zakonodavni red u funkcionisanju prekograničnog bankarstva. Takođe, globalna finansijska kriza nametnula je potrebu za novim okvirom finansijske supervizije, da bi se obezbedila finansijska stabilnost u skladu sa povećanim nivoom finansijske integracije u Evropi, kako bi se izbegli sistemski rizici koji nisu u nadležnosti svih tržišnih učesnika.

Može se zaključiti je za uspešnu superviziju potrebno smanjiti prepreke finansijskoj integraciji, omogućiti uniformno transmitovanje zakona EU u nacionalnim zakonima, obezbediti jednak tretman svih tržišnih učesnika, poboljšati raspodelu informacija i kooperaciju i formalizovati reagovanje u kriznim situacijama. ECB i EMU moraju uzeti aktivno učešće u superviziji finansijskih institucija da bi se obezbedila finansijska stabilnost i intenzivirala finansijska integracija, ali, suprotno tome, intenziviranjem finansijske integracije, potencijalne nestabilnosti još više mogu ugroziti sistemsku finansijsku stabilnost u EMU.

Literatura / References

1. Bikker, A. J. (2004) Competition and Efficiency in a Unified European Banking Market, Edward Elgar, Northampton

2. Chang, M. (2009) Monetary integration in the European Union, Palgrave Macmmilan, New York

3. Ehrmann, M... et al. (2001) Financial Systems and the Role of Banks in Monetary Policy Transmission in the Euro Area, Banca d’Italia, Roma

4. Gambacorta, L. i Lannoti, S (2005) Are there Asymmetries in the Response of Bank Interest Rates to Monetary Shocks, Banca d’Italia, Roma

5. Jonung, L., Walker, C., Watson, M. (2008) Building the Financial Foundations of the Euro: experiences and challenges, Routledge, London

6. Franklin, A., Gale, D. (2007) Understanding Financial Crises, Oxford University Press, New York

7. Furtula, S., Marković, D. (2010) Monetarni sistem Evropske unije, Ekonomski fakultet u Kragujevcu, Kragujevac

8. Furtula, S., Šapić, S. (2010) “Reforma finansijskog sektora u evropskim državama kao neophodan preduslov pristupanja EU i EMU”, Računovodstvo, br. 5-6, Računovodstvo d. о. о., Beograd.

9. Talani, L. S. (2009) The Future of EMU, Palgrave Macmillan, New York

10. Schaefer, K. G. (2005) Money, Trust, and Banking: an integrated approach to monetary theory and banking theory, Palgrave Macmmilan, New York

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states, Estonia, Lithuania, Hungary and the Czech Republic.

2. The number of EU member states, in which the central banks are having the supervisory function, has increased.

3. Different methods were selected in every member state for purpose of formalising prudential supervision. In addition to the past development of the

supervisory model in the EMU, it is necessary to include also the impact of the global financial crisis and possible ways for adjustment of the supervisory framework. European Council and European Commission, in 2009, have passed a decision on the establishment of the European System of Financial Supervisors – ESFS, and the European Systemic Risk Board – ESRB, which shall conduct micro and macro prudential supervision. The basic elements of the ESFS are the European Supervisory Authorities – ESAs, who are having the role in passing rules, in the promotion of implementation of the regulatory framework, and in the supervisory culture of the member countries, in precise definition of the solutions in cases of eventual disagreements between the national supervisors, in defining reactions in crisis situations, and in establishment and management of the EU supervisory system data base.12

Summary

Integration of the financial sector is inevitable in the EMU. To that end, the ECB must play an active part in all the fields where it can give its contribution to a successful financial integration. Regardless of the fact that its role, in the different parts of the financial system organisation, is varying from advisory up to the direct decision-making competence, financial system is permeated with the strives of the ECB and the EMU to secure stable, legally regulated, generally accepted financial climate, which shall impact an intensification of the financial sector integration, and which shall secure a smooth running of the ECB monetary policy.

For the stability of the financial system what is needed is a continuous process of supervision and assessment, and a constant development of

the set of necessary measures. In the absence of absolute jurisdiction of the ECB, in connection with the financial system supervision, cooperation is necessary and a synchronised action of all the financial stakeholders, ECB, NCB, supervisory authorities, finance ministers, etc. Dynamic environment, changes in the financial system and related infrastructure, as well the linkage between them, must be reflected in the decisions and activities of the ECB and the NCB. ECB must be well aware of the fact that the financial stability in the EMU is a determining factor for stability in all the EMU sectors.

To that end, the fact remains that the cross-border banking, from year to year, is gaining on importance. In spite of many obstacles, such as the national regulatory frameworks, linguistic and cultural barriers, consumer preferences, etc., what is expected is intensification in the development of this sector during the years to come. This was especially aided by the initiatives, aimed at the reduction of these barriers, definition of prudential criteria and supervisory framework, as well as numerous directives which had introduced legislative order in the functioning of the cross-border banking. In addition, global financial crisis imposed the need for a new framework of financial supervision, in order to secure financial stability in accordance with an augmented level of financial integration in Europe, in order to avoid systemic risks which are not within the field of competence of all the market participants.

It may be concluded that for a successful supervision it is necessary to reduce barriers to the financial integration, to allow for a uniform transmission of the EU laws into the national legal framework, to secure an equitable treatment of all the market players, improve dissemination of information and cooperation, and to formalise reaction in times of crisis. ECB and the EMU must take an active part in the supervision of financial institutions in order to secure financial stability and intensify financial integration, but, conversely, with intensification of financial integration, potential instabilities may jeopardise even more systemic financial stability in the EMU.

12 ECB (2010) Financial Integration in Europe, Frankfurt, pp.