Capital Market Union – Perspectives on Changes in the Financial System Model in the European Union

• Authors: Małgorzata Anna Janicka

Title variants

Unia rynków kapitałowych – perspektywy zmiany modelu systemu finansowego w Unii Europejskiej

• Languages of publication: EN

Abstracts

EN

Currently the EU is working on the building of the so‑called Capital Markets Union. 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. So far, the key problem with insufficient dynamics of Economic growth in the EU seems to stem not so much from the structure of investment financing but from mechanisms of the euro zone, which economically polarise its members. The European Union should, first and foremost, thoroughly analyse and reformulate the constituting principles of the euro zone, instead of making another attempt to deepen capital markets integration and changing the financing model dominant in the EU Member States. The objective of the paper is to analyse conditions and rationale of the shift in the role which the banking sector plays in transferring investment resources for the benefit of the European Union capital markets (intensification of disintermediation). Conclusions from the analysis were formulated based on qualitative studies and analyses of source materials prepared by the EU, as well as research and financial institutions (surveys, reports, recommendations), and on the basis of available data.

PL

Obecnie wdrażany w Unii Europejskiej projekt przewiduje budowę tzw. unii rynków kapitałowych. Przebudowa modelu systemu finansowego ma spowodować zmianę głównego kanału pozyskiwania przez przedsiębiorstwa środków inwestycyjnych – z kredytowego na kapitałowy, a w efekcie przyczynić się do zdynamizowania wzrostu gospodarczego w krajach UE. Tymczasem głównym problemem niedostatecznej dynamiki wzrostu gospodarczego w krajach UE wydaje się być nie tyle struktura finansowania inwestycji przedsiębiorstw, co mechanizmy działania strefy euro, które powodują polaryzację ekonomiczną krajów wewnątrz strefy. Unia Europejska powinna przede wszystkim poddać gruntownej analizie i przebudowie zasady konstytuujące działanie strefy euro, nie zaś koncentrować się na kolejnej próbie pogłębienia integracji rynków kapitałowych i zmianie modelu systemu finansowego dominującego w krajach UE. Celem artykułu jest analiza uwarunkowań i zasadności zmiany roli sektora bankowego w transmisji środków inwestycyjnych na korzyść rynku kapitałowego w Unii Europejskiej (intensyfikacja procesu dezintermediacji). Wnioski płynące z analizy zostały sformułowane na podstawie badań jakościowych opierających się na analizach materiałów źródłowych przygotowanych przez UE, instytucje badawcze i finansowe (opracowania, raporty, rekomendacje) oraz na dostępnych danych.

Keywords

EN

capital markets union; European financial market; European Union; euro area; crisis

PL

unia rynków kapitałowych; europejski rynek finansowy; Unia Europejska; strefa euro; kryzys; unia rynków kapitałowych; europejski rynek finansowy; Unia Europejska; strefa euro; kryzys

• Publisher: Uniwersytet Łódzki. Wydawnictwo Uniwersytetu Łódzkiego
• Journal: Acta Universitatis Lodziensis. Folia Oeconomica
• Year: 2018
• Volume: 1
• Issue: 333

Dates

published

2018-02-27

Contributors

author

Małgorzata Anna Janicka

• University of Lodz, Faculty of Economics and Sociology, Department of International Finance

References

• Abiad A., Oomes N., Ueda K. (2004), The Quality Effect: Does Financial Liberalization Improve the Allocation of Capital?, “IMF Working Paper”, no. 112.
• Aguiar M., Amador M., Farhi E., Gopinath G. (2014), Coordination and Crisis in Monetary Unions, “NBER Working Paper”, no. 20277.
• Aizenman J. (2014), The Eurocrisis: Muddling Through, or On the Way to a More Perfect Euro Union?, “NBER Working Paper”, no. 20242.
• Arghyrou M.G., Tsoukalas J.D. (2010), The Greek Debt Crisis: Likely Causes, Mechanics and Outcomes, “Cardiff Economics Working Papers”, no. 3, Cardiff Business School.
• Baldwin R., Giavazzi F. (eds.) (2015), The Eurozone Crisis. A Consensus View of the Causes and a Few Possible Remedies, A VoxEU.org eBook, CEPR Press.
• Beetsma R., Giuliodori M. (2010), The Macroeconomic Costs and Benefits of the EMU and Other Monetary Unions: An Overview of Recent Research, “Journal of Economic Literature, American Economic Association”, vol. 48(3), pp. 603–641.
• Bilski J., Janicka M. (2014), Kryzys w strefie euro a nierównowaga zewnętrzna strefy, [in:] T. Gruszecki (ed.), Kryzys a dług publiczny w krajach rozwiniętych, KUL, Lublin.
• Bilski J., Janicka M. (2015), Kryzys strefy euro. Przypadek Grecji, “Studia Prawno‑Ekonomiczne”, vol. XCVII, Łódzkie Towarzystwo Naukowe, Łódź, pp. 199–215
• Bordo M.D., James H. (2013), The European Crisis in the Context of the History of Previous Financial Crises, “NBER Working Paper”, no. 19112.
• Bordo M.D., Markiewicz A., Jonung L. (2011), Fiscal Union for the Euro: Some Lessons from History, “NBER Working Paper”, no. 17380.
• Capital Markets Union: Integration of Capital Markets in the European Union (2015a), PwC, https://www.pwc.com/gx/en/banking‑capital‑markets/pdf/cmu‑report‑sept–2015.pdf. [accessed: 15.10.2016].
• Delors J. (1989), Report on economic and monetary union in the European Community, Committee for the Economic and Monetary Union.
• Ekonomiczne wyzwania integracji Polski ze strefą euro (2014), NBP, Warszawa.
• Euro Area Policies (2015), 2015 Article IV Consultation‑Press Release; Staff Report; and Statement by the Executive Director, IMF.
• European Commission (1990), One Market, One Money: An Evaluation of the Potential Benefits and Costs of Forming an Economic and Monetary Union, European Economy 44.
• European Commission (2015a), 30.09.2015 COM(2015) 468 final Communication from the Commission to the European Parliament, the Council, the European Economic and Social Committee and the Committee of the Regions Action Plan on Building a Capital Markets Union {SWD(2015) 183 final} {SWD(2015) 184 final}.
• European Commission (2015b), 30.09.2015, SWD(2015) 183 final, Commission Staff Working Document Economic Analysis Accompanying the document Communication from the Commission to the European Parliament, the Council, the European Economic and Social Committee and the Committee of the Regions Action Plan on Building a Capital Markets Union {COM(2015) 468 final}{SWD(2015) 184 final}.
• European Financial Stability and Integration Review (EFSIR): A focus on Capital Markets Union (2016), European Commission, Brussels, 25.04.2016, SWD(2016) 146 final, Commission Staff Working Document.
• Feldstein M.S. (2015), Ending the Euro Crisis?, “NBER Working Paper”, no. 20862.
• Financial Services: Implementing the Framework for Financial Markets: Action Plan (1999), Communication of the Commission, COM(1999)232, 11.05.1999.
• Financial Services. Turning the Corner. Preparing the challenge of the next phase of European capital market integration (2004), European Commission, Brussels.
• Financing Europe’s Investment and Economic Growth. The shortcomings of Europe’s financial system must be addressed if investment and overall growth are to recover. Fixing the banks is not enough (2014), Report produced by Llewellyn Consulting for the IRSG, City of London, TheCityUK and Paris Europlace.
• Firoozmand S., Haxel P., Jung E., Suominen K. (2015), Report State of SME Finance in the United States in 2015, TradeUp Capital Fund and Nextrade Group, LLC.
• Geeroms H., Karbownik P. (2014), A Monetary Union Requires a Banking Union, Department of European Economic Studies, Bruges European Economic Policy Briefings 33 College of Europe, Brugge/Natolin.
• Global Top 100 Companies by market capitalization (2015b), PwC, https://www.pwc.com/gx/en/services/audit‑assurance/publications.html [accessed: 15.10.2016]
• Grauwe P. de (2013), Design Failures in the Eurozone – can they be fixed?, European Commission Directorate‑General for Economic and Financial Affairs, London School of Economics, London.
• Grauwe P. de (2016), Economics of Monetary Union, Oxford University Press, Oxford.
• Green Paper on Financial Services Policy (2005–2010) (2005), European Commission COM(2005) 177.
• Horvath R., Komarek L. (2002), Optimum Currency Area Theory: an Approach for Thinking about Monetary Integration, “Warwick Economic Research Papers”, no. 647, Department of Economics, University of Warwick.
• http://ec.europa.eu/eurostat/statistics‑explained/index.php/National_accounts_and_GDP/pl [accessed: 15.10.2016].
• Janicka M. (2002), Proces tworzenia jednolitego rynku finansowego Unii Europejskiej – stan obecny i perspektywy, “Bank i Kredyt”, no. 6, pp. 19–31.
• Janicka M. (2005), Jednolity rynek finansowy Unii Europejskiej – początek kolejnego etapu – “Zielona Księga”, “Bank i Kredyt”, no. 9, pp. 42–54.
• Kouretas G.P., Vlamis P. (2010), The Greek Crisis: Causes and Implications, “Panoeconomicus”, no. 4, pp. 391–404.
• Majone G. (2012), Rethinking European Integration after Debt Crisis, “Working Paper”, no. 3, The European Institute, London’s Global University, London.
• Meltzer A.H. (1996), Monetary Union: Benefits, Costs and a Better Alternative Research Showcase @ CMU, Tepper School of Business, Carnegie Mellon University, Pittsburgh.
• Molle W. (2000), Ekonomika integracji europejskiej, Fundacja Gospodarcza, Gdańsk.
• Moloney N. (2014), EU Securities and Financial Markets Regulation, Oxford University Press, Oxford.
• Obstfeld M. (2013), Finance at Center Stage: Some Lessons of the Euro Crisis, European Commission, Directorate‑General for Economic and Financial Affairs, Economic Papers 493, April 2013, http://ec.europa.eu/economy_finance/publications/economic_paper/2013/ecp493_en.htm [accessed: 15.10.2016].
• Pessoa A. (2013). Regional integration and the euro crisis: problems and solutions, Faculdade de Economia, Universidade do Porto, http://www‑sre.wu.ac.at/ersa/ersaconfs/ersa13/ERSA2013_paper_01153.pdf [accessed: 20.11.2016].
• Petrakos G. (2014), Economic Crisis in Greece. European and Domestic Market and Policy Failures, “Région et Développement”, no. 39, http://region‑developpement.univ‑tln.fr/fr/pdf/R39/1‑Petrakos.pdf [accessed: 11.10.2016].
• Principles for a European Capital Markets Union. Strengthening capital markets to foster growth (2015), “Deutsche Boerse Group, Policy Paper”, February.
• Reports of the Advisory Scientific Committee ESRB (2014), Is Europe Overbanked?, no. 4/June.
• Risk capital markets, a key to job creation in Europe. From fragmentation to integration (1999), “Euro Papers”, no. 32.
• White Paper Financial Services Policy 2005–2010 (2005), European Commission, Brussels.
• www.imf.org
• Zielińska K. (2016), Financial Stability In The Eurozone, “Comparative Economic Research”, vol. 10, no. 1, pp. 157–177.
• Zika J. (2006), Costs and benefits of a monetary union, Term Paper 2005/2006, European Economic Policies, IES FSV UK 2006.

Identifiers

DOI

10.18778/0208-6018.333.13