ABSTRACT
The European Commission (EC) supported by majority of European Union (EU) member countries has been promoting a strong liberalization and deregulation of financial markets at both European and international levels. This approach is based on belief that free capital movement and liberalization of financial services is an inevitable condition for establishing a common market, convergence of member countries and for making financial services more efficient and competitive with the rest of the world, and first of all with the US financial industry.
