Since the establishment of the European Union in 1957 – through the Treaty of Rome – the increase of the political, social and financial stability across the European Union has been related with the introduction of policies that are supported by all the member states – or at least from the most powerful ones; this is another aspect of the European Union. The achievement of benefits for all its members is based on policies decided by the Union’s representative bodies – like the European Commission and the Council of Europe; at the next level, the European Court of Justice1 has been established aiming to help to the resolution of conflicts that appear while applying the European Union regulations. One of the most important elements of the European Union is the Single Market which has the role of the platform on which financial activities are developed; the borders of the Single Market are defined by the borders of the member states – the fact that there are certain states that do not participate in the Euro-zone do not affect the field in which the activities of the Single Market are developed; Single market is a concept broader from the Euro-zone. All member states belong to the Single market zone but not also in the Euro-zone – the participation in which is depended on specific requirements. The single market has been extensively explored – in all its aspects; however, there are certain of its elements that should be more closely observed and analyzed – the Financial Services sector is such case. The legal history of the specific sector is set under examination in this paper. It is concluded that the development of this sector has been related with specific targets and requirements; the effectiveness of its rules could be higher – taking into consideration the importance of this sector for the further development of the European Union.
The establishment of the European Union has been decided in the context of the need for increasing the