Abstract. The aim of this study is to present the new architecture of the European financial supervision the necessity of which had been brought into sharp focus by its deficiencies in the current financial crisis. The study presents through the prism of the report edited by the de Larosière Group the main generating elements of the financial crisis, the deficiencies of the risk management, of corporate governance regulations, the lack in applying the regulation framework and in supervision regarding risk management.

Keywords: micro- and macro-prudential supervision; European Systemic Risk Council; European System of Financial Supervision; financial crisis; stress test.