PONADNARODOWY I PAŃSTWOWY SZCZEBEL REGULACJI POLITYKI STABILIZACJI MAKROEKONOMICZNEJ W WARUNKACH EUROPEJSKIEJ INTEGRACJI GOSPODARCZEJ
THE SUPRANATIONAL AND THE STATE LEVEL OF REGULATION OF MACROECONOMIC STABILISATION POLICY IN THE CONDITIONS OF ECONOMIC INTEGRATION

Summary/Abstract: Financial markets are an extremely important element of the state economy and the «transfer of powers» by the state to the players in those markets usually meets with resistance, also because the participation of the state in the regulation of a financial market has been traditionally recognised as ensuring stability in that sector of the economy. The idea of a higher degree of self-regulation and more responsibility for the financial market vested in the actual players in that market has been increasingly postulated in Literature. However, before these proposals are put into practice, some basic questions must be answered. For example, what are the advantages and disadvantages of self-regulation? Should it be an alternative to obligatory, or state regulation? How to draw its limits effectively? The paper analyses those questions and issues related to them from a legal point of view with the main objective to present to the Polish reader the idea of financial self-regulation and its place within the global financial markets. The process of deepening European integration has affected on more close interdependence of national and supranational level within interacting on market mechanism. More advanced procedural and institutional relations between these two levels have changed the point of view on the economic role of state. Not only in the regulation area but also in the real area. In this context the reason for this article is to put closer national and supranational level of regulation especially affecting the macro economic stabilisation policy in European Monetary Union (EMU). The author of this article took a chance to point the advantages and disadvantages of the dual model of regulation sphere. As a result, two possible ways of conducting and regulating have been pointed out in the macro economic stabilisation policy in EMU, in the future.

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