highway roadblock Washington State Dept of Transportation/Flickr

Europas Hindernisse für langfristige Investitionen

AMSTERDAM – Eines der größten Probleme der europäischen Wirtschaft ist die mangelnde Liquidität ihrer Kapitalmärkte. Seit der weltweiten Finanzkrise von 2008 wurden eine enorme Menge neuer Regeln eingeführt. Um die in Europa verzweifelt benötigten langfristigen Investitionen zu fördern, wäre es klug, die allgemeine regulatorische Umgebung, die sich in den letzten sechs Jahren entwickelt hat, zu überdenken.

Da die Banken nur zögerlich neue Kredite vergeben, könnte die verzweifelte Nachfrage nach Kapital leicht durch Institutionen wie Pensionsfonds bedient werden. Tatsächlich sind die Ersparnisse von Arbeitnehmern, die noch Jahrzehnte von ihrer Rente entfernt sind, für langfristige Investitionen sehr gut geeignet. Das Problem ist, dass die Fähigkeit von Pensionsfonds und anderen Institutionen, Ersparnisse reibungslos und effizient zu investieren, in vielen Fällen durch die Regeln und Regulierungen behindert wird, die eigentlich zur Sicherung der Stabilität der Finanzmärkte gedacht waren.

Die Wichtigkeit angemessener Regulierung kann nicht hoch genug eingeschätzt werden. Wenn Regeln richtig geplant und umgesetzt werden, können sie die finanzielle Stabilität sichern, das Vertrauen in die Märkte gewährleisten (oder, falls nötig, wiederherstellen) und langfristige Investitionen fördern. All dies hilft den Bürgern, ihre zukünftigen finanziellen Ziele zu erfüllen. Wenn Regulierungen aber nicht gut auf die Funktionsweise der Märkte und die verschiedenen Arten von Marktteilnehmern zugeschnitten sind, können sie Gelegenheiten behindern, die für Investoren und Wirtschaft zuträglich wären.

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