PROTECTION OF FINANCIAL DEPOSITS IN THE EUROPEAN UNION AND SERBIA

Abstract

Almost the entire twentieth century and the beginning of this century have been marked by crises and wars, which have directly affected the banking sector and jeopardized the various deposits that businesses and citizens hold in their accounts with commercial banks. Following the last major economic and financial crisis that struck much of the world in 2008, numerous institutions and agencies were established within the European Union to provide preventive oversight of the entire financial sector - primarily controlling the establishment and operation of banks -supported by a range of regulations and directives. Given that Serbia has applied for membership in the European Union, it is required to harmonize its legislation with the EU acquis, including regulations concerning the protection of all types of bank deposits. Following the introduction, the first section of this scientific paper elaborates on the concept of bank deposits and their various types. The second section provides an overview of the institutions involved in preventing all forms of risk that could threaten the stability of operations in the entire financial sector, along with the relevant EU regulations that support such efforts. The third section briefly presents the Serbian regulations and institutions responsible for the protection of all types of deposits, which have been harmonized with EU legislation. The paper ends with conclusions, followed by a list of references used in the paper.