| Summary: | Globalization and financial integration allows a more efficient allocation of capital in economies. However, integrated financial markets contribute to the dissemination of financial contagion among the financially integrated states. The world financial crisis has uncovered the lack of an efficient system of financial supervision. The paper is focused on the analysis of the impact of the world financial crisis on the systems of financial supervision in the EU, the USA and the Czech Republic. We initially describe the contemporary financial crisis. Then we focus on the system of financial supervision in the EU, the USA and the Czech Republic. We conclude that the system of financial supervision in the EU must be reformed in order to coordinate the different national systems of all EU member states. The same holds for the financial supervision in the USA that is quite complicated because of the dual federal-state banking system. The Czech system of financial supervision does not have to be reformed, because it was modified in 2006 (before the crisis) and now it is very simple, definite and well-functioning.
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