Продолжится ли финансовая революция в Европе?

За последние два десятилетия в Европе произошло значительное расширение финансовых рынков за счет традиционной системы финансирования, основанной на тесных отношениях между крупными банками и частными компаниями. Начиная с 1980-го года, отношение капитализации фондового рынка к ВВП возросло более чем в 13 раз, в то время как финансирование путем выпуска новых акций - более чем в 16 раз. Если в 1980-ом году капитализация фондового рынка по отношению к ВВП в США и Великобритании была в пять раз больше, чем в континентальной Европе, то к 2000 году - только на 60%.

На всей территории Европейского континента возросли требования прозрачности финансовой деятельности, улучшились законы, защищающие держателей меньшей части акций компаний. Например, до 1980 года ни одна из стран - членов сегодняшнего Европейского Союза за исключением Франции и Швеции не имела закона, запрещающего торговые операции с ценными бумагами на основе конфиденциальной информации, да и в самой Швеции закон, хоть и принятый в 1971 году, начал реально действовать лишь в 1990 году. К 2000 году такие законы были приняты во всех странах Европейского Союза и сегодня применяются в большинстве из них.

Что вызвало такие перемены? Приносят ли они пользу всем странам Европейского Союза, и не изменится ли ситуация в связи с расширением ЕС?

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