Eforturile Uniunii Europene de a reglementa pieţele financiare ale statelor membre
THE EFFORTS OF THE EUROPEAN UNION TO REGULATE THE FINANCIAL MARKETS OF THE MEMBER STATES

Summary/Abstract: The current EU legislative framework is based on minimum harmonization and mutual recognition. More so, because of the sensitivity of the field of the financial markets – the trigger of the crisis of 2008 – the member states are reluctant to give to the EU the power to regulate with regulations instead of directives.The most important measure, the act that had deep implications in the entire financial sector was the MiFID directive. But the implementation of this measure was very difficult and resulted in a continuous struggle of the Commission with the member states for the complete implementation of the measures taken at EU level in the financial services field. The term”subsidiarity” is often the main excuse invoked by the member states to oppose the desire of the EU governing bodies to deeply regulate the financial markets. As a result the intervention of the EU so far is made through the way of directives, not regulations, thus giving some space to the member states.Subsidiarity means that what can be achieved at a lower level of competence must not be realised at a higher level.The European subsidiarity is a term often defined in connection to the notions of Proportionality and Necessity. Any action by the EU should not go beyond what is necessary to achieve the objectives of the Treaty. The novelty brought by Lisbon is the Protocol on the application of the principles of subsidiarity and proportionality.

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