Az európai tőkepiaci unió és az árnyékbankrendszer – összefonódások és ellentmondások
Absztrakt
Az Európai Unió versenyképessége szempontjából kiemelkedő jelentőségű a tőkepiacok fejlesztése. Erre két uniós projekt is irányul: a tőkepiaci unió létrehozása és az EU árnyékbankrendszerének átlátható, stabil, jól szabályozott pénzügyi piaci szegmenssé való átalakítása. Jóllehet eddig számos akcióterv, program, jogszabály született, mind a két projekt csak igen szerény sikereket ért el. Ebben a cikkben a két projektet együttesen elemezzük, hogy feltárjuk közös elemeiket, a közöttük lévő összefonódásokat és ellentmondásokat. Rámutatunk arra, hogy az európai tőkepiacok fejlesztéséhez és integrációjához nem elegendő néhány szabályozási változtatás, hanem mélyebbre ható beavatkozásokra, a rögzült struktúrákat megtörő lépésekre lenne szükség.
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