Zabrana povlašćenog pristupa finansijskim tržištima

Dimitrijević, Duško (2012) Zabrana povlašćenog pristupa finansijskim tržištima. Evropsko zakonodavstvo, XI (39-40). pp. 241-250. ISSN 1451-3188

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Abstract

This article examines the EU regulation which specifies the types of acts concerning the prohibition of measures establishing privileged access to financial institutions by European Community institutions and member states’ public authorities. The Treaty establishing the European Community enshrines the free movement of capital as a fundamental freedom. It is intended to remove all restrictions to movement of capital, so that the member states may take full advantage of the financial market. Article 102 (ex Article 104a) of the Treaty establishing the European Community enact that “any measure, not based on prudential considerations, establishing privileged access by Community institutions or bodies, central governments, regional, local or other public authorities, other bodies governed by public law, or public undertakings of member states to financial institutions, shall be prohibited”. This regulation is aimed at achieving price stability by cutting off public entities’ possibilities to legislate or administer their access to credit on more advantageous terms than their economic situation allows for. It is an essential element of the submission of the public sector in its financing operations to the discipline of the market mechanism and so it contributes to strengthening of budgetary discipline, whereas, moreover, it places the member states on an equal footing as regards public sector access to financial institutions. Thus, the public sector is subject to market realities when financing budget deficits. Detailed rules are contained in Council Regulation (EC) No 3604/93 of 13 December 1993 specifying definitions for the application of the prohibition of privileged access referred to in Article 104a of the Treaty.

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