Financing Sustainable Growth and Building the Capital Markets Union in the European Union
DOI:
https://doi.org/10.15678/AOC.2019.2104Keywords:
sustainable finances, sustainable investments, sustainable development, capital markets union, European UnionAbstract
The European Union is trying to make environmental, social and corporate governance (ESG) central to its financial system. Investments, which flow through the capital market, should favour sustainable development. The closing of the investment gap in sustainable investment is one of the priorities on the way to the sustainable growth of the EU economy. Very unfortunately, sustainable finance has been made part of the plan to build the capital markets union. In my opinion, including sustainable finance in this process is a misguided solution. The aim of this article is to analyse the conditions of including sustainable finance in the process of building the capital markets union. Since the subject discussed in the article is completely new, the author did not consult any academic studies that could have acted as a point of reference in the conducted analyses. The article can be seen as a pioneering study intended to contribute to fill the gap in this area.References
Delbecque, B. and Carroll, A. (2017) Trends in the European Investment Fund Industry in the Fourth Quarter of 2016 & Results for the Full Year of 2016. The European Fund and Asset Management Association, Quarterly Statistical Release, March, N°68, https://www.efama.org/statistics/SitePages/Statistics.aspx (accessed: 31 August 2018).
European Commission (2015a) 30 September 2015 COM(2015) 468 final Communication from the Commission to the European Parliament, the Council, the European Economic and Social Committee and the Committee of the Regions, Action Plan on Building a Capital Markets Union {SWD(2015) 183 final} {SWD(2015) 184 final}, Brussels.
European Commission (2015b) 2 December 2015 COM(2015) 614 final Communication from the Commission to the European Parliament, the Council, the European Economic and Social Committee and the Committee of the Regions, Closing the Loop – An EU Action Plan for the Circular Economy, Brussels.
European Commission (2016) 14 September 2016 COM(2016) 601 final Communication from the Commission to the European Parliament, the Council, the European Economic and Social Committee and the Committee of the Regions, Capital Markets Union – Accelerating Reform, Brussels.
European Commission (2018a) 8 March 2018 COM(2018) 97 final Communication from the Commission to the European Parliament, the Council, the European Economic and Social Committee and the Committee of the Regions, Action Plan: Financing Sustainable Growth, Brussels.
European Commission (2018b) 24 May 2018 COM(2018) 353 final 2018/0178 (COD) Proposal for a Regulation of the European Parliament and of the Council on the establishment of a framework to facilitate sustainable investment (Text with EEA relevance) {SEC(2018) 257 final} – {SWD(2018) 264 final} – {SWD(2018) 265 final}, Brussels.
European Responsible Investing Fund Market 2016 Statistics (2017) April, https://home.kpmg.com/lu/en/home/insights/2017/04/european-responsible-investing-fund-market-2016.html (accessed: 31 August 2018).
Financing a Sustainable European Economy (2018) Final Report by the High-Level Expert Group on Sustainable Finance Secretariat provided by the European Commission.
Gospodarka o obiegu zamkniętym [Circular Economy] (2018) http://www.europarl.europa.eu/news/pl/headlines/economy/20151201STO05603/gospodarka-o-obiegu-zamknietym-definicja-znaczenie-i-korzysci-wideo (accessed: 28 August 2018).
Janicka, M. (2016) “Financial Markets and the Challenges of Sustainable Growth”. Comparative Economic Research. Central and Eastern Europe 19(2), pp. 27–41, https://doi.org/10.1515/cer-2016-0011.
Janicka, M. (2018) “Capital Market Union – Perspectives on Changes in the Financial System Model in the European Union”. Folia Oeconomica. Acta Universitatis Lodziensis 1(333), pp. 195–206, https://doi.org/10.18778/0208-6018.333.13.
Mind Shift. Getting Past the Screens of Responsible Investing (2017) https://www.im.na-tixis.com/intl/research/environmental-social-governance-survey-findings (accessed: 22 August 2018).
Popławski, K. (2017) Kapitał ma narodowość: obawy w Niemczech wobec chińskich inwestycji. Warszawa: Ośrodek Studiów Wschodnich, https://www.osw.waw.pl/pl/pub-
likacje/komentarze-osw/2017-01-25/kapital-ma-narodowosc-obawy-w-niemczech-wobec-chinskich (accessed: 27 August 2018).
Revelli, Ch. (2018) Academia to be Accountable for Sustainable Finance, https://www.socialsciencespace.com/2018/06/academia-must-take-action-for-responsible-sustainable-finance/ (accessed: 30 August 2018).
Sustainable Finance Glossary (2018) http://www.sustainablefinance.ch/en/glossary-_content---1--3077.html (accessed: 31 August 2018).
What Is Sustainable Finance? (2018) The Economist Explains, https://www.economist.com/the-economist-explains/2018/04/17/what-is-sustainable-finance (accessed: 31 August 2018).
