Rola państwa na rynku finansowym – pożądany kierunek zmian
The role of the state in the financial market: Desirable changes direction

Summary/Abstract: The state is one of the most important financial market participants. Its effect on the financial market includes supplying and raising capital, as well as regulating and controlling the processes taking place in the financial market. In addition, through its monetary policy, the state affects the economic situation of the country. The recent global financial crisis has shaken the stability of the financial markets. The observation of the causes and effects of the crisis raises the question, what changes in the financial market are necessary in order to avoid similar situations in the future? One of the areas requiringchanges is the role of the state in the financial market.The aim of the article is to outline the desired direction of such changes. The author draws attention to four areas of change: regulation and supervision, direct state intervention in the financial market, competition in the financial market and financial infrastructure. The article concludes that the state should provide incentives for market participants to take action to promote its development and should not try toregulate all areas of the financial market. It emphasizes a key role of competition in the financial market. The author notes that direct government intervention can have negative effects in the long run (despite the positive results in the short term), and that aninadequate financial infrastructure fosterthe emergence of financial crises.

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