Financial markets play an important role within the economic system and in the development of the economy. A stable financial system is the basis for growth and higher employment. One of the central tasks of the Ministry of Finance is the shaping of the legal framework in such a way that the financial markets can fulfil their economic function, i.e. to ensure access to and an efficient allocation of capital in a fair and transparent manner.
When developing financial market policies, the changes that occurred during the last decade need to be taken into account. The integration of financial and capital markets within the European Union, globalisation, and the recent financial crisis have shaped the current regulatory framework, and they will continue to do so. Generally speaking, integration and globalisation lead to a more efficient allocation of capital, but also to greater vulnerability due to the higher degree of inter-connectedness.
The Ministry of Finance has responded to these challenges, and provides the framework for a sound and efficient financial system, in order to further strengthen investor confidence. This legal framework is based to a large extent on EU-legislation. For the most recent initiatives in the field of financial services, please refer to the website of the European Commission.