¿Continuará la revolución financiera de Europa?

A lo largo de los dos últimos decenios Europa ha experimentado una espectacular expansión de los mercados financieros a expensas de su sistema tradicional de financiación, basado en relaciones estrechas entre los grandes bancos y las empresas sólidas. Desde 1980 la relación de capitalización de los mercados de valores con el PIB se ha multiplicaba por más de 13, mientras que la inversión en capital social se multiplicaba por 16. En 1980 la capitalización de los mercados de valores en relación con el PIB era cinco veces mayor en los Estados Unidos y el Reino Unido que en la Europa continental; en 2000, era sólo un 60 por ciento mayor.

En todo el continente han mejorado las normas relativas a la divulgación de información, como también las leyes encaminadas a proteger a los accionistas minoritarios. Por ejemplo, antes de 1980, ningún miembro de la Unión Europea actual, excepto Francia y Suecia, tenían una ley contra el aprovechamiento de información confidencial... y en Suecia, aunque se promulgó la ley en 1971, la primera vez que se aplicó fue en 1990. En 2000, todos los miembros de la UE tenían leyes contra el aprovechamiento de información confidencial y la mayoría de ellos estaban aplicándolas.

¿Cuál fue la causa de ese cambio? ¿Está beneficiando a todos los países de la UE y persistirá, a medida que continúe la ampliación?

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