CONTROVERCY IN THE EVOLUTION OF THE WORLD
             AND EUROPEAN FINANCIAL REGULATION

                               Alexandru Olteanu, Professor PhD
				“Nicolae Titulescu” University

                          Mădălina Antoaneta Rădoi (Olteanu), PhD
                              “Nicolae Titulescu” University


ABSTRACT: The financial regulation structures are linked to traditions and differ from one
country to another. The financial revolution, and in Europe, the creation of unique market of
the financial services launched again debates over the suitability of the regulation structures.
        5-10 years ago, the debates were quartered over the virtues, especially on the
disadvantages that the self-regulation system shows vs. the regulation practiced by the public
organisms within the law provisions. The debate is based now on types of problems: the role
of the central bank and the problem of the specialization.
        Regarding the role of the central bank, there are arguments if the central bank is the
proper authority to supervise banking and act in accordance with it, as a councilor, after
all.
        Regarding the specialization, there are arguments if a super or hiper authority,
authorized to regulate all the types of services and financial institutions is more adequate
than the regulation by specialized agencies.
        At the level of the European Union, there is an extra problem if the national
authorities must keep the prerogative of financial services supervision, however in
accordance with the basic principle of the economic and monetary integration, or if, on the
contrary, it is better to form a European supervision authority for the financial services.

Keywords: globalization; financial regulation; financial supervision; financial markets efficiency,
financial conglomerates.

JEL codes: F 36