Does the supranational standardization of banking procedures increase the stability of financial markets or only increase the volume and value of transactions?
ADJUSTMENT OF POLISH BANKS TO INTERNATIONAL STANDARDS AS A FACTOR OF GLOBALIZATION OF THE NATIONAL FINANCIAL SYSTEM
The processes of economic globalization which took place in the second half of the last century were determined by, computerization of business entities, deregulation of financial markets and increasing importance of electronic transfer of information. At the end of the twentieth century Internet and the development of electronic banking are also added to the globalization factors. In Poland, at the beginning of the 90s, processes of marketization and commercialization of the majority of businesses including financial institutions had intensified. Financial institutions including commercial banks have significantly shaped and co-create international processes of unification of norms, systems and banking procedures. This process is conditioned by systemic and normative unification of markets in different countries by expansion of the European Union and the monetary union. On the other hand, the processes of adjusting commercial banks in Poland to banking standards were facilitated by foreign acquisition of domestic banks by capital groups of financial institutions with headquarters located outside Poland. Therefore, the processes of consolidation and concentration of capital in the banking system affected internal procedures, product offers and IT solutions. Banking system currently operating in Poland is one of the most adapted to EU standards sector of the economy. An important date was a year 2004, when Poland became a part of the market structures of the European Union. Currently, it is assumed that the processes of globalization of financial markets and the banking system in Poland have substantially accelerated since 2004 due to Polish accession to the EU. The unification of the provisions of legal regulations relating to banking entities operating in different countries was a key factor in these adjustment processes.
D. Prokopowicz, S. Gwoździewicz, Adjustment of Polish banks to international standards as a factor of globalization of the national financial system (w:) Globalization, the State and the Individual, “International Scientific Journal”, University of Economics and Innovation in Lublin, Free University of Varna “Chernorizets Hrabar”, Chayka, Varna, Bułgaria 9007, Varna 2017, nr 1(13) 2017, s. 73-81. ISSN 2367-4555
as a light answer, standardization of processes is supposed to reduce investor risk, through increased transparency. less guessing of how banks operate and make decisions.
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The problems of adjusting the banking system in Poland to the European Union's financial system standards are described in the publications:
https://www.researchgate.net/publication/327201086_System_and_normative_adaptation_of_the_financial_system_in_Poland_to_the_European_Union_Standards_-_The_Next_Stage
https://www.researchgate.net/publication/327201227_Globalization_and_the_process_of_the_system_and_normative_adaptation_of_the_financial_system_in_Poland_to_the_European_Union_standards
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