The EU's monetary and financial mechanism of anti-crisis regulation

Global financial and economic crisis of 2007-2008 has revealed a significant number of imperfections in the European monetary and financial system, especially exposing the absence of effective institutions aimed at regulating monetary and financial interactions in the integrated European economy. Mechanisms of transnational regulation of monetary relations, as it was revealed by the global financial and economic crisis, considerably fall behind and are not able to prevent and promptly react on crises. A necessity emerged to reconsider previous principles of financial and banking discipline and to create some instruments of anti-crisis regulation aimed at overcoming the crises consequences and preventing them in the future.