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

2019 ◽  
Vol 76 ◽  
pp. 153-170
Author(s):  
Michał Czykierda
Keyword(s):  
Capital Markets ◽  
Market Integration ◽  
The European Union ◽  
Investment Funds ◽  
Eu Member States ◽  
Long Run ◽  
Capital Markets Union ◽  
History Of ◽  
Rate Environment ◽  
The Eu

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.

The Role of Financial Innovation in EU Market Integration and the Capital Markets Union

2018 ◽  
Author(s):  
Emilios Avgouleas
Keyword(s):  
Capital Markets ◽  
Risk Sharing ◽  
Market Integration ◽  
Financial Innovation ◽  
The European Union ◽  
Recent Developments ◽  
Capital Markets Union ◽  
Critical Overview ◽  
The Eu

This chapter offers a critical overview of the issues that the European Union 27 (EU-27) will face in the context of making proper use of financial innovation to further market integration and risk sharing in the internal financial market, both key objectives of the drive to build a Capital Markets Union. Among these is the paradigm shift signalled by a technological revolution in the realm of finance and payments, which combines advanced data analytics and cloud computing (so-called FinTech). The chapter begins with a critical analysis of financial innovation and FinTech. It then traces the EU market integration efforts and explains the restrictive path of recent developments. It considers FinTech's potential to aid EU market integration and debates the merits of regulation dealing with financial innovation in the context of building a capital markets union in EU-27.

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

2018 ◽  
Vol 1 (333) ◽  
Author(s):  
Małgorzata Anna Janicka
Keyword(s):  
European Union ◽  
Capital Markets ◽  
Banking Sector ◽  
The European Union ◽  
Investment Funds ◽  
Member States ◽  
Euro Zone ◽  
Eu Member States ◽  
Financing Model ◽  
The Eu

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.

Ceci n’est pas un Capital Markets Union: Re-establishing EU-led financialization

2020 ◽  
Vol 24 (3-4) ◽  
pp. 248-267
Author(s):  
Nina Haerter
Keyword(s):  
Financial Markets ◽  
Capital Markets ◽  
Market Integration ◽  
Policy Documents ◽  
Policy Initiatives ◽  
Financial Products ◽  
Capital Markets Union ◽  
The Many ◽  
Integration Project ◽  
The Eu

In the 11 years since the outbreak of the financial crisis, the EU has introduced many policy initiatives directed at the financial sector, the most recent one being the Capital Markets Union. The official aim is to integrate Europe’s financial markets, fulfilling decades-old wishes for a Single Market for capital. Some scholars have already voiced concerns about different elements of Capital Markets Union since its inception in 2015, but the extent to which this critique was generalizable remained unclear. Through an analysis of policy documents and interview data inspired by the ‘What’s the Problem Represented to be?’-approach, this paper reveals two common threads among the many Capital Markets Union proposals, which are not explicitly acknowledged: a reduction of prudential rules and various forms of incentivizing financial products with public funds. It is therefore argued that Capital Markets Union is not a market integration project (as its name and official narrative suggest), as much as it is the re-establishment of EU-led financialization, following a long tradition of asymmetrical integration in the Union.

scholarly journals The other side of tax discrimination

2019 ◽  
Vol 40 (2) ◽  
pp. 929-956
Author(s):  
Mateusz Wąsik
Keyword(s):  
Sexual Orientation ◽  
Case Law ◽  
The European Union ◽  
Eu Member States ◽  
Legal Provisions ◽  
Long Run ◽  
European Court ◽  
Domestic Law ◽  
Personal Taxation ◽  
The Eu

The purpose of the paper is to present the tax consequences resulting from the lack of recognition of registered partnerships and same-sex marriages in certain EU member states, taking the example of Poland. These aspects are usually perceived as discrimination of citizens based on their sexual orientation. The author of this paper has focused on various aspects of possible discrimination, mainly concerning discrimination on the grounds of personal taxation, including inheritance and gift taxes. For these purposes, the author analysed the domestic tax rules differentiating couples living in a marriage and couples without that possibility. These legal provisions have been analysed together with the most recent domestic jurisprudence. Furthermore, the paper presents comparative analyses of domestic rules with EU law. Due to the lack of case-law oriented towards fiscal discrimination due to sexual orientation, the relevant CJEU (the Court of Justice of the European Union, hereinafter: the CJEU) and ECHR (the European Court of Human Rights, hereinafter: the ECHR) case-law have been recalled to reveal possible violations of fundamental freedoms and tax discrimination. The author makes a connection between the lack of proper regulations implemented in the domestic law with the unjustified differentiation of cross-border families on tax grounds. In the long run, only the harmonisation of personal taxation at the EU level can lead to a resolution to this situation. Alternatively, as an interim solution, the relevant ECHR judgment may be of assistance.

Common Markets Measuring Price Integration in European Agricultural Markets

2006 ◽  
Author(s):  
Crina Viju ◽  
James Nolan ◽  
William A. Kerr
Keyword(s):  
Market Integration ◽  
The European Union ◽  
Monthly Data ◽  
Agricultural Prices ◽  
Eu Integration ◽  
Long Run ◽  
Short Run ◽  
The Individual ◽  
Common Markets ◽  
The Eu

The accession of Austria, Finland and Sweden to the European Union (EU) is assessed from the perspective of market integration in key agricultural sectors. An empirical investigation is conducted using monthly data for two periods: from 1975:01-1994:12 (the pre-EU period) and 1995:01-2004:12 (post-EU period). The existence of market integration both within the countries and within the EU is tested using time-series methods. A long-run equilibrium between prices for the same good in different markets does not exclude the possibility of short-run deviations in the individual data, so part of this analysis consists of estimating an econometric model (error correction) to uncover long-run effects of price deviations. Only a subset of agricultural prices moves together after EU integration.     Full text available at: https://doi.org/10.22215/rera.v2i1.164

Reforming EU securities laws: the new EU Prospectus Regulation

2017 ◽  
Vol 18 (4) ◽  
pp. 53-58
Author(s):  
Dorothee Fischer-Appelt
Keyword(s):  
Capital Markets ◽  
Securities Regulation ◽  
Member States ◽  
Content Type ◽  
Securities Law ◽  
Eu Member States ◽  
Capital Markets Union ◽  
Cost Efficient ◽  
Securities Laws ◽  
The Eu

Purpose To analyse the changes brought about by the new EU Prospectus Regulation, which replaced the EU Prospectus Directive, which has been the cornerstone of EU securities regulation for over a decade. The Regulation is part of the EU Commission’s plans for a Capital Markets Union launched in September 2015, which is intended to achieve a true single market for capital across the EU and allow companies to access the capital markets in a more cost efficient way. Design/methodology/approach This article discusses the key changes to the European prospectus regime included in the new EU Prospectus Regulation and highlights the changes compared to the old prospectus regime. Findings The new Prospectus Regulation will change current prospectus rules and practice for both equity and debt issuances in several areas and will contribute to a more uniform European prospectus regime. For EU Member States, the format of a regulation (rather than directive) that the new Prospectus Regulation has taken means that there will be much less room for divergence of prospectus rules across its member states. The Regulation’s success in making EU capital markets more uniform will depend to a great extent on whether the application of the new rules by member states’ regulators will be more consistent. Originality/value Key EU securities law changes are explained by an experienced EU and US securities lawyer practising in London.

scholarly journals Common Markets Measuring Price Integration in European Agricultural Markets

2006 ◽  
Vol 2 (1) ◽  
Author(s):  
Crina Viju ◽  
James Nolan ◽  
William A Kerr
Keyword(s):  
Market Integration ◽  
The European Union ◽  
Monthly Data ◽  
Agricultural Prices ◽  
Eu Integration ◽  
Long Run ◽  
Short Run ◽  
The Individual ◽  
Common Markets ◽  
The Eu

The accession of Austria, Finland and Sweden to the European Union (EU) is assessed from the perspective of market integration in key agricultural sectors. An empirical investigation is conducted using monthly data for two periods: from 1975:01-1994:12 (the pre-EU period) and 1995:01-2004:12 (post-EU period). The existence of market integration both within the countries and within the EU is tested using time-series methods. A long-run equilibrium between prices for the same good in different markets does not exclude the possibility of short-run deviations in the individual data, so part of this analysis consists of estimating an econometric model (error correction) to uncover long-run effects of price deviations. Only a subset of agricultural prices moves together after EU integration.

scholarly journals National and Collective Practices for the COVID-19 Pandemic Response in Europe

2021 ◽  
Vol 65 (12) ◽  
pp. 50-60
Author(s):  
M. Vedernikov
Keyword(s):  
Early Stage ◽  
Stress Test ◽  
Civil Liberties ◽  
Herd Immunity ◽  
The European Union ◽  
Member States ◽  
Eu Member States ◽  
History Of ◽  
National Programs ◽  
The Eu

The article deals with the national and collective pandemic responses at the early stage of the COVID‑19 spread in Europe. It is noted that the European Union was not ready for such a cataclysm, despite the history of the spread of serious infectious diseases and the presence of special services and road maps. The virus that began to circulate in Asia, was not initially perceived by the EU representatives as a real threat. Moreover, its leadership ignored the voices of some member states of the Union, focusing on solving other problems. In turn, the countries left without Brussels’ attention began to counteract the new Coronavirus independently, using the anti-crisis tools that were prescribed in the existing pandemic plans. The existence of such national programs determined the specificity of the measures taken in the very first days. The author identifies three models of the EU member states’ behavior. The first one was common for the states of the so-called “political core of the EU” which refused to adopt strict lockdown measures due to their unwillingness to weaken democracy, violate human rights and limit civil liberties. The second group, comprised mainly of the EU‑11 countries, imposed severe measures. The author sees the rationale for this step in the fact that local authorities doubted the capabilities of national health systems in passing a pandemic stress test. The third group includes states that have chosen the way of achieving herd immunity – the most controversial option of resistance to viral infection, that has not proven its effectiveness. The article demonstrates that the period of growing national egoism was followed by a stage of decisive measures by the central authorities of the EU. They were able to develop a suitable package of measures that took into consideration the interests of the most affected countries of the Union. The consolidation of the EU after a temporary weakening became possible due to the “reset” of the Franco-German tandem.

Romania and the European Union

2020 ◽  
Author(s):  
Natalia Cuglesan
Keyword(s):  
European Union ◽  
Political Elite ◽  
The European Union ◽  
Eu Member States ◽  
Positive Side ◽  
Eu Membership ◽  
Gdp Growth Rate ◽  
History Of ◽  
High Level ◽  
The Eu

The accession of Romania and Bulgaria to the European Union (EU) is portrayed as one of the most challenging enlargement waves in the history of the EU Integration Process. A member of the EU since 2007, Romania had to overcome significant obstacles to qualify for EU membership. Not fully prepared for EU accession, Romania required post-accession monitoring through the Cooperation and Verification Mechanism in order to stimulate compliance in the fields of corruption, the judiciary, and the rule of law. The problems of the unfinished transition have impacted on its positive post-accession evolution in the first 10 years of EU membership. It has accomplished limited results in the field of democratic consolidation, combating high-level political corruption and experiencing episodes of democratic backsliding. Also, in this period, it has failed to materialize strategic opportunities; it proved unsuccessful in its efforts to join Schengen or in adopting the currency. Playing a more substantial role in EU policymaking proved to be another shortcoming of the Romanian political elite, stressing the incremental pace of Europeanization. Still, despite this pessimistic account, in many respects, Romania has not fallen behind. It had a general compliant behavior with EU legislation, in line with other EU member states; support for the EU has remained high throughout the decade, an indication of the benefits it has brought to broad categories of people. It is not surprising, as more than 3 million people work in an EU member state. Economic growth was another positive side of the first 10 years—despite the adverse effects of the economic crisis—with a substantial GDP growth rate. And not to be dismissed , a great benefit was the consolidation of civil society.

scholarly journals The role of the Capital Markets Union: towards regulatory harmonisation and supervisory convergence

2018 ◽  
Vol 10 (1) ◽  
pp. 103-125 ◽  
Author(s):  
Sérgio Coimbra Henriques
Keyword(s):  
European Union ◽  
Capital Markets ◽  
Risk Sharing ◽  
Careful Analysis ◽  
Legal Framework ◽  
State Governments ◽  
Economic Policies ◽  
The European Union ◽  
Capital Markets Union ◽  
The Eu

Abstract The Council is a crucial intergovernmental institution of the European Union. However, the complex, opaque and consensual character of the decision-making process in the Council puts its legitimacy into question. Intergovernmentalist theory posits that it is sufficiently legitimised, indirectly, by the member state governments. Constructivist research, on the other hand, suggests that socialisation might disturb the relaying of positions from the national to the supranational level, as the former approach implies. This paper aims to explore these issues, in particular related to representation and consensus. It contains an analysis of material generated in in-depth interviews. The Capital Markets Union (CMU) initiative serves as an umbrella term for regulatory changes directed at the overall development of European capital markets. As such, when analysing the legal framework of the CMU, it is important to note that this involves an undertaking which goes beyond the regulation of financial systems, also aiming to achieve supervisory convergence throughout the member states of the European Union. Indeed, it is perhaps one of the clearest examples of federal implications within the EU. All the synchronous movements enacted into law, leading towards harmonisation and supervisory convergence, show us that the CMU is an foundational piece in a collective journey towards ever greater integration in terms of economic governance and economic policies. Nonetheless, even if the CMU is one of the few cross-country risk-sharing mechanisms available to the EU, its implementation faces difficulties (as well as the looming Brexit) that demand careful analysis.

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