Wird Europas finanzielle Revolution andauern?

In den vergangenen zwei Jahrzehnten haben die Finanzmärkte Europas eine dramatische Expansion erlebt; dabei sind die traditionellen Finanzierungssysteme auf der Strecke geblieben, deren Grundlage die engen Beziehungen zwischen großen Banken und etablierten Unternehmen war. Seit 1980 ist das Verhältnis der Börsenkapitalisierung zum BIP um mehr als das 13fache gestiegen, die Eigenkapitalfinanzierung um das 16fache. 1980 war die Börsenkapitalisierung im Verhältnis zum BIP in den USA und in Großbritannien fünf Mal höher als in Kontinentaleuropa, im Jahr 2000 nur noch um 60 Prozent.

Offenlegungsbestimmungen wurden auf dem ganzen Kontinent verbessert, wie auch die Gesetze zum Schutze von Minderheitsaktionären. 1980 hatte zum Beispiel kein Mitgliedsstaat der heutigen Europäischen Union, mit Ausnahme von Frankreich und Schweden, ein Gesetz gegen Vetternwirtschaft; in Schweden wurde dieses Gesetz zwar 1971 eingeführt, aber erst 1990 zum ersten Mal vollzogen. Im Jahr 2000 hatten alle EU-Mitglieder ein solches Gesetz und es wurde auch in den meisten von ihnen angewandt.

Was hat diesen Wandel herbeigeführt? Nützt er allen EU-Ländern und wird er im Zuge der EU-Erweiterung Bestand haben?

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