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Stärkung der europäischen Kapitalmärkte

Author

Listed:
  • Grimm, Veronika
  • Malmendier, Ulrike
  • Schnitzer, Monika
  • Truger, Achim
  • Werding, Martin
  • Landais, Camille
  • Sraer, David

Abstract

Die EU muss stärkere, tiefere Kapitalmärkte aufbauen, um Chancen wie die grüne Transformation oder den Aufstieg der künstlichen Intelligenz zu finanzieren und die Widerstandsfähigkeit der europäischen Volkswirtschaften gegenüber finanziellen Schocks zu fördern. Tiefe und liquide Kapitalmärkte sind eine wesentliche Voraussetzung für langfristiges Wachstum und die Überwindung des Rückgangs des Wachstumspotenzials der Volkswirtschaften in Europa. Die europäische Finanzarchitektur ist jedoch hauptsächlich bankenbasiert mit weitgehend nationalen Finanzströmen. Die Autorinnen und Autoren schlagen fünf Maßnahmen zur Unterstützung einer wachstumsorientierten Agenda für eine Kapitalmarktunion vor. Erstens sollte die EU die Bewertung von ausländischen Finanzanlagen vereinfachen, um grenzüberschreitende Investitionen zu fördern. Dazu sollte sie sowohl die ESAP-Initiative (European Single Access Point) auf Privatunternehmen ausweiten als auch das Insolvenzrecht harmonisieren. Zweitens sollte die EU eine stärkere Marktintegration fördern, indem sie die Europäische Wertpapier- und Marktaufsichtsbehörde (ESMA) reformiert und stärkt. Drittens würde die Stärkung der kapitalgedeckten Altersvorsorge das von institutionellen Investoren eingesammelte Kapital erhöhen, was wiederum auf den Aktienmärkten investiert werden kann. Viertens sollten die EU und die Mitgliedstaaten die Mittel für die staatliche Kofinanzierung von Wagniskapital erhöhen und die Ressourcen durch europäische Institutionen und Initiativen wirksam einsetzen. Schließlich sollte langfristig das Vertrauen in die Kapitalmärkte gestärkt und die Partizipation erhöht werden, wozu die Einführung von individuellen Investitionskonten für Kinder dienen könnte.

Suggested Citation

  • Grimm, Veronika & Malmendier, Ulrike & Schnitzer, Monika & Truger, Achim & Werding, Martin & Landais, Camille & Sraer, David, 2024. "Stärkung der europäischen Kapitalmärkte," Policy Briefs 2/2024, German Council of Economic Experts / Sachverständigenrat zur Begutachtung der gesamtwirtschaftlichen Entwicklung.
    • Handle: RePEc:zbw:svrwpb:320353
    Note: Dieser Policy Brief ist in englischer Version bereits als "Joint Statement" durch den CAE (Conseil d'Analyse Economique), SVR (Sachverständigenrat zur Begutachtung der gesamtwirtschaftlichen Entwicklung) und Deutsch-Französischen Rat veröffentlicht worden unter dem Titel "Enhancing EU Capital Markets": https://cae-eco.fr/en/renforcer-les-marches-ed-capitaux-de-l-union-europeenne
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    File URL: https://www.econstor.eu/bitstream/10419/320353/1/Policy-Brief-2024-02.pdf
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    References listed on IDEAS

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