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The core component of the European Union policy in re-

lation to financial services is to achieve an integrated

market for financial institutions, to address the need

for stronger synergies within the EU and to face an in-

creasingly globalised world market. Soundly regulated

and safe financial institutions are crucial for financial

stability in the EU.

The rules developed by the EBA for the banking sector

enable appropriate prudential oversight of credit insti-

tutions and investment firms and foster the harmonisa-

tion of supervisory standards and practices amongst EU

banking supervisors. In addition, the EBA has an impor-

tant role in promoting consumer protection in relation to

financial products and services offered by payment insti-

tutions, e-money issuers and mortgage credit providers.

The tasks of the EBA are defined in a wide variety of

EU regulations and directives in the area of financial

and banking regulation, which are all aimed at foster-

ing the single market approach. These include, among

others, the capital requirements framework (consisting

of the capital requirements directive (CRD IV) and the

capital requirements regulation (CRR)), the bank recov-