Supervision on the Single Financial Market of the European Union – An Attempt to Reform

European financial market is a part of the EU single internal market. Significant acceleration of integration processes on this market took place in 1999 together with the creation of the Financial Services Action Plan. However, deepening market integration was not accompanied by the construction of single supervisory structures. The European financial market supervision remained at the national level. The main reason for the adoption of such a solution was political – the EU countries did not want to loss control in the field of monitoring and supervision of a key segment of the economy. The discrepancy between the progress of the European financial market integration and its supervisory structures integration proved particularly problematic during the global financial crisis, which began in2008. The main aim of the article is to present and analyze the framework of the supervision on the EU financial market before the outbreak of the crisis and the reforms which were adopted with regard to the supervision afterwards