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Unia Rynków Kapitałowych – ewolucja czy rewolucja europejskiego modelu rynku kapitałowego?

100%

Czykierda M.

Studia Iuridica

2018

vol. 76

153-170

In September 2015, the European Commission announced the first actions of its plan to build a Capital Markets Union in Europe. The undertaken restructuring of the financing model is designed to make a shift in the main channel through which enterprises raise investment funds, from loans to capital, and – as a result – contribute to more dynamic growth in the EU Member States. I describe the key features of the Commission’s plan and discuss the economic rationale behind it. The plan has many strengths but also some weaknesses, such as limited ambition in the supervision and enforcement of securities regulations. Other challenges to the development of European capital markets include the financial transactions tax, the low-interest-rate environment, cultural reasons, and potential political opposition. My paper deals first of all with highlighting the structure of the financial sector in the European Union. It provides a overview of the role of the different financial and no financial sectors in offering capital funds to accomplish the needs of households, companies, governments, etc.. I also describe the history of capital market integration in the EU. The paper also analyses some important aspects of the implementation of the Capital Markets Union, which will be a key step in completing the EU Single Market. I concluded that the integration of the capital markets will be a strong step in supporting economic growth and competitiveness in the EU in the long run.

Integracja rynków kapitałowych w Unii Europejskiej z perspektywy Polski

80%

Jagodzińska-Komar E.

Kwartalnik Nauk o Przedsiębiorstwie

2017

vol. 44

issue 3

85-93

The aim of the single capital market of the EU is the access of all Member States to the funds, according to the same principles, and the diversification of sources of financing for enterprises, paying special attention to the SME sector. The author highlights that the improvement of attractiveness of the capital markets in the EU countries would result in a greater number of investments from the world. This, in turn, would increase the ability of the European economy to respond to shocks and to reduce debt.

Celem jednolitego rynku kapitałowego UE jest dostęp, na tych samych zasadach, wszystkich państw członkowskich do funduszy i dywersyfikacja źródeł finansowania dla przedsię-biorstw, ze szczególnym uwzględnieniem sektora MŚP. Autorka podkreśla, że poprawa atrakcyjności rynków kapitałowych w państwach UE wpłynęłoby na większą liczbę inwestycji ze świata. To z kolei zwiększyłoby zdolność europejskiej gospodarki do amortyzowania wstrząsów i do obniżania poziomu zadłużenia.

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1 Kwartalnik Nauk o Przedsiębiorstwie

1 Studia Iuridica

1 Czykierda M.

1 Jagodzińska-Komar E.

1 2019

1 2017

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Unia Rynków Kapitałowych – ewolucja czy rewolucja europejskiego modelu rynku kapitałowego?

Integracja rynków kapitałowych w Unii Europejskiej z perspektywy Polski