THE EFFECTS OF FINANCIAL CRISIS ON THE REGULATORY AND PRUDENTIAL SUPERVISORY FRAMEWORK OF THE CREDIT INSTITUTIONS AT THE EUROPEAN LEVEL

The present paper illustrates and analyzes the modifications at the level of regulatory and prudential supervisory framework generated by the financial crisis aiming to ensure the solidity of the banking system, and supporting the necessity for a macroprudential approach. The first part presents the need to modify the regulatory and prudential supervisory framework. The second part of the paper approaches macroprudential supervision versus microprudential supervision whose combination is required to ensure financial stability evidencing the dimensions of systemic risk manifestation. In the third part is presented the surveillance architecture, some indicators whose values may constitutes inputs for econometric application build up for systemic risk identification and management, and also indicators for systemic risk supervision, and, in the end, some conclusions.