THE IMPACT OF THE EUROPEAN INTEGRATION PROCESS ON THE BANKING SYSTEMS OF THE COUNTRIES OF CENTRAL AND EASTERN EUROPE
THE IMPACT OF THE EUROPEAN INTEGRATION PROCESS ON THE BANKING SYSTEMS OF THE COUNTRIES OF CENTRAL AND EASTERN EUROPE

Summary/Abstract: The economic integration process begun in Western Europe after the Second World War has led to the harmonization and compatibility of national banking systems to meet the competition exercised by American and Japanese banks. The historical moment of the "Iron Curtain" collapse resulted in the conclusion of the "Cold War" and the confrontation between the two systems, opened the door to collaboration, integration and in the end of the enlarged EU. The central European countries made good progress towards European integration, long before May 1, 2004, when the largest wave of accessions to the European Union (10 countries) was recorded, and January 1, 2007 when Romania and Bulgaria joined. The evolution of the whole European banking system can not be detached from the general economic situation of countries facing failures at both the microeconomic and macroeconomic levels

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