Banking union in the Process of Financial Globalization

The process of the European integration, which gradually institutionalised from the European Communities to the European Union, has been in progress for more than fifty years. Contrary to the original purposes of the integration, which emanated from the experience of the World War II, and contrary to the areas, which were harmonised at the beginning of this process, current circumstances bring a change. The original voluntary transfer of sovereignty for the purpose of integration, which was for the state generally acceptable or even favourable in relation to its powers, is now replaced by a situation, where due to the financial and debt crisis, the states end up in a different position vis-a-vis the institutions they have commonly created. The aim of the article is to show the specific circumstances, which unlocked the way for next steps in the European integration. The authors believe that the financial crisis and the impact of financial markets and their instituitons represent the movers of the transition of power to supranational level in the banking sector.