REBRANDING THE CAPITAL MARKETS UNION – TOWARDS AN INTEGRATED FINANCIAL ECOSYSTEM

Ivana Bajakić

doi:10.56461/SPZ_25404KJ

Autori

Ivana Bajakić Doktorka pravnih nauka, Jean Monnet profesorka za finansijska tržišta EU i regulaciju, Pravni fakultet, Univerzitet u Zagrebu. https://orcid.org/0000-0002-4109-0597

DOI:

https://doi.org/10.56461/SPZ_25404KJ

Ključne reči:

Unija tržišta kapitala, finansijska integracija, Kompas konkurentnosti, regulatorni okvir, evropska ekonomska politika.

Apstrakt

U ovom radu analizirana je trenutna situacija i buduće perspektive Unije tržišta kapitala EU u širem kontekstu novih ekonomskih izazova, uključujući klimatske promene, tehnološke transformacije i geopolitička pomeranja. Uprkos značajnim regulatornim reformama za jačanje finansijske stabilnosti i podsticanje inovacija, tržišta kapitala u EU i dalje su previše fragmentisana i nedovoljno razvijena u poređenju sa globalnim partnerima EU i posebno Sjedinjenim Američkim Državama. U radu je naglašena hitna potreba da se mobiliše oko 10 triliona evra štednih uloga građana koji su trenutno u niskoprinosnim depozitima u bankama s ciljem da se podstakne ekonomski rast i to posebno rast MSP i inovativnih startap kompanija. Istaknut je i ključni značaj uspostavljanja Unije štednje i ulaganja, promovisanja prekograničnih ulaganja i poboljšanja finansijske pismenosti građana EU. Inicijativa Kompas konkurentnosti predstavljena je kao strateški okvir za integraciju tržišta kapitala, smanjenje zavisnosti od finansiranja od strane banaka i promovisanje privatnih ulaganja u strateške sektore. Na kraju krajeva, uspeh ovih ambicioznih inicijativa zavisiće od političke volje država članica i harmonizacije regulatornih okvira s ciljem stvaranja kulture ulaganja koja će biti više tolerantna prema riziku.

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