European Financial Integration: Economic Aspects, The Existing Legal Framework And The Way Ahead

The process of European financial integration has been put forward in the European Community mainly during the last three decades, in stages, but at a gradually intensified pace. This process, which's starting point was the complete fragmentation of its member states' financial systems, is constantly evolving and aims at shaping a single financial area within its common market. In principle, implementation of financial integration is sought either through the regulatory framework established by intergovernmental and/or supranational authorities, or through self-regulation, or, finally, through market-led initiatives.