{"id":3066,"date":"2015-01-21T00:00:00","date_gmt":"2015-01-21T00:00:00","guid":{"rendered":"https:\/\/europeanvalues.cz\/co-cekat-od-unie-kapitalovych-trhu\/"},"modified":"2021-12-16T11:59:41","modified_gmt":"2021-12-16T09:59:41","slug":"co-cekat-od-unie-kapitalovych-trhu","status":"publish","type":"post","link":"https:\/\/europeanvalues.cz\/cs\/co-cekat-od-unie-kapitalovych-trhu\/","title":{"rendered":"Co \u010dekat od unie kapit\u00e1lov\u00fdch trh\u016f?"},"content":{"rendered":"

Zat\u00edm bl\u00ed\u017ee nedefinovan\u00e1 unie kapit\u00e1lov\u00fdch trh\u016f m\u016f\u017ee evropskou ekonomiku odnau\u010dit spol\u00e9hat se jen na bankovn\u00ed p\u016fj\u010dky.
\n<\/strong><\/p>\n

D\u0159\u00edve ne\u017e se sta\u010dil usadit prach rozv\u00ed\u0159en\u00fd spu\u0161t\u011bn\u00edm bankovn\u00ed unie a doladit spole\u010dn\u00fd syst\u00e9m \u0159e\u0161en\u00ed bank v\u00a0\u00fapadku, v\u00a0Bruselu u\u017e to \u017eije pl\u00e1ny na novou \u201eunii\u201c ve sf\u00e9\u0159e finan\u010dnictv\u00ed. \u0158e\u010d je o jedn\u00e9 z\u00a0hlavn\u00edch priorit p\u0159edsedy Evropsk\u00e9 komise Jeana-Clauda Junckera, kter\u00fd m\u00e1 v\u00a0pl\u00e1nu dokon\u010dit resty v\u00a0oblasti vnit\u0159n\u00edho trhu EU a vybudovat jednotn\u00fd trh pro kapit\u00e1l, tzv. Capital Markets Union (CMU). Tentokr\u00e1t v\u0161ak nejde o unii v\u00a0prav\u00e9m slova smyslu. N\u00e1zev se ujal pouze v\u00a0symbolick\u00e9 n\u00e1vaznosti na ozna\u010den\u00ed ji\u017e rozestav\u011bn\u00e9 bankovn\u00ed unie. Ani snahy nejsou nov\u00e9, datuj\u00ed se ji\u017e od 70. let minul\u00e9ho stolet\u00ed, kdy prvn\u00ed unijn\u00ed sm\u011brnice harmonizovaly z\u00e1kony o obchodn\u00edch spole\u010dnostech a po\u017eadavky na \u00fa\u010detn\u00ed v\u00fdkaznictv\u00ed. Navzdory tomu, \u017ee v odpov\u011bdi na finan\u010dn\u00ed krizi byla zrychlen\u011b implementov\u00e1na mnoh\u00e1 regulatorn\u00ed opat\u0159en\u00ed, je kapit\u00e1lov\u00fd trh EU st\u00e1le rozt\u0159\u00ed\u0161t\u011bn\u00fd. Junckerovou ambic\u00ed je zlep\u0161it p\u0159\u00edstup zejm\u00e9na mal\u00fdch a st\u0159edn\u00edch podnik\u016f v\u00a0Evrop\u011b k\u00a0nov\u00e9mu financov\u00e1n\u00ed prost\u0159ednictv\u00edm celoevropsk\u00e9ho kapit\u00e1lov\u00e9ho trhu, a t\u00edm sn\u00ed\u017eit kritickou z\u00e1vislost evropsk\u00e9 ekonomiky na bank\u00e1ch.<\/p>\n

Banky toti\u017e zaji\u0161\u0165uj\u00ed zhruba 70 procent financov\u00e1n\u00ed evropsk\u00e9 ekonomiky, zat\u00edmco v\u00a0Americe 80\u00a0procent ve\u0161ker\u00e9ho financov\u00e1n\u00ed\u00a0poch\u00e1z\u00ed z trh\u016f<\/a>\u00a0\u2013 firma jednodu\u0161e z\u00edsk\u00e1 pen\u00edze emis\u00ed akci\u00ed \u010di vyd\u00e1n\u00edm sv\u00fdch dluhopis\u016f. Oba modely financov\u00e1n\u00ed maj\u00ed sv\u00e9 p\u0159ednosti. V\u00fdhodou financov\u00e1n\u00ed skrze emisi cenn\u00fdch pap\u00edr\u016f je p\u0159edev\u0161\u00edm pro investory velmi lukrativn\u00ed mo\u017enost jejich obchodov\u00e1n\u00ed na trhu. Firma pak touto cestou m\u016f\u017ee po\u0159\u00eddit zdroje levn\u011bji. Tam, kde by banka cht\u011bla p\u011btiprocentn\u00ed \u00farok, m\u016f\u017ee za kapit\u00e1l na trhu podnik zaplatit t\u0159eba jen 3,5 procenta. Spole\u010dnost si sama nastav\u00ed kupon na \u00farovni bankovn\u00ed sazby \u010di n\u00ed\u017ee, a pokud je schopn\u00e1 naj\u00edt kupce, m\u016f\u017ee v\u00fdznamn\u011b u\u0161et\u0159it. Nejde ale jen o v\u00fdhodn\u011bj\u0161\u00ed sazby. Zat\u00edmco z\u00edskat 8-10 let\u00fd \u00fav\u011br od banky m\u016f\u017ee b\u00fdt pro st\u0159edn\u011b velkou firmu probl\u00e9m, kapit\u00e1lov\u00fd trh je schopn\u00fd j\u00ed dlouhodob\u00e9 financov\u00e1n\u00ed nab\u00eddnout. A takov\u00ed giganti jako nap\u0159\u00edklad Microsoft \u010di Facebook by bez tzv. rizikov\u00e9ho kapit\u00e1lu (venture capital), specializuj\u00edc\u00edho se na nov\u00e9 projekty slibuj\u00edc\u00ed neobvykl\u00fd v\u00fdnos (nebo tak\u00e9 ztr\u00e1tu), nikdy nevznikli.<\/p>\n

P\u0159ibl\u00ed\u017een\u00ed se americk\u00e9mu modelu m\u016f\u017ee v\u00a0Evrop\u011b sehr\u00e1t roli \u201erezervn\u00ed pneumatiky\u201c pro p\u0159\u00edpad, \u017ee se \u00fav\u011brov\u00fd model zalo\u017een\u00fd na bank\u00e1ch porouch\u00e1. To se tak\u00e9 b\u011bhem finan\u010dn\u00ed krize stalo. P\u016fj\u010dov\u00e1n\u00ed v\u00a0euroz\u00f3n\u011b se od roku 2008 propadlo o 40 procent a je dnes\u00a0ni\u017e\u0161\u00ed ne\u017e p\u0159ed deseti lety<\/a>. Kapit\u00e1lov\u00e9 trhy v\u00a0Evrop\u011b nejsou bohu\u017eel dostate\u010dn\u011b hlubok\u00e9 a rozvinut\u00e9, aby tento tradi\u010dn\u00ed kan\u00e1l financov\u00e1n\u00ed nahradily. A\u010dkoli od roku 1993 v\u00a0EU d\u00e1vno ofici\u00e1ln\u011b funguje jednotn\u00fd trh, podniky st\u00e1le \u010del\u00ed fragmentovan\u00fdm n\u00e1rodn\u00edm kapit\u00e1lov\u00fdm trh\u016fm s\u00a0odli\u0161n\u00fdmi regulacemi a obchodn\u00edmi praktikami.\u00a0<\/em>Odstran\u011bn\u00ed n\u00e1rodn\u00edch bari\u00e9r by tak m\u011blo p\u0159in\u00e9st re\u00e1ln\u00e9 benefity. \u010c\u00edm v\u00edce kapit\u00e1lu bude proudit p\u0159es hranice hledaj\u00edc investi\u010dn\u00ed p\u0159\u00edle\u017eitosti, t\u00edm vy\u0161\u0161\u00ed bude konkurence a sni\u017eov\u00e1n\u00ed n\u00e1klad\u016f. V\u00a0\u0161ir\u0161\u00edm pojet\u00ed pak v\u011bt\u0161\u00ed diverzita financov\u00e1n\u00ed slibuje vy\u0161\u0161\u00ed efektivitu a odolnost syst\u00e9mu.<\/p>\n

Pot\u00ed\u017e je v tom, \u017ee v\u00a0podstat\u011b nikdo zat\u00edm nev\u00ed, co p\u0159esn\u011b bude nov\u00e1 iniciativa obsahovat. Experti se mohou jen dohadovat, co v\u0161e by pod pojem unie kapit\u00e1lov\u00fdch trh\u016f mohlo spadat. Rozhodn\u011b se neo\u010dek\u00e1v\u00e1 stvo\u0159en\u00ed trhu jako takov\u00e9ho pomoc\u00ed regulac\u00ed a p\u0159edpis\u016f, ale sp\u00ed\u0161e nastaven\u00ed vhodn\u00fdch podm\u00ednek a klimatu pro rozvoj alternativn\u00edho financov\u00e1n\u00ed. Unie kapit\u00e1lov\u00fdch trh\u016f p\u0159itom zahrne zejm\u00e9na sf\u00e9ru zprost\u0159edkov\u00e1v\u00e1n\u00ed \u00fav\u011br\u016f mimo \u0159\u00e1dn\u00fd bankovn\u00ed syst\u00e9m zalo\u017een\u00fd na vkladech st\u0159adatel\u016f. Bude se t\u00fdkat jak poji\u0161\u0165oven, tak instituc\u00ed spadaj\u00edc\u00edch do st\u00ednov\u00e9ho bankovnictv\u00ed.<\/p>\n

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Jonathana Hilla, komisa\u0159e pro finan\u010dn\u00ed stabilitu, finan\u010dn\u00ed slu\u017eby a kapit\u00e1lov\u00fd trh, si p\u0159edseda Juncker pro jeho britsk\u00fd p\u016fvod vybral velmi takticky.\u00a0<\/em><\/p>\n

(zdroj: \u00a9 European Union 2014 – European Parliament)<\/em><\/sup><\/span><\/p>\n

Ze sou\u010dasn\u00fdch diskus\u00ed o bli\u017e\u0161\u00ed podob\u011b CMU plyne, \u017ee by se mohlo jednat o sadu opat\u0159en\u00ed v n\u00e1sleduj\u00edc\u00edch oblastech (se\u0159azeno od nejsnaz\u0161\u00edch po nejn\u00e1ro\u010dn\u011bj\u0161\u00ed). P\u0159edn\u011b, deregulace a odstran\u011bn\u00ed zbyte\u010dn\u011b restriktivn\u00ed legislativy v\u00a0n\u011bkter\u00fdch \u010dlensk\u00fdch st\u00e1tech (nap\u0159\u00edklad pravidla, do jak\u00fdch aktiv mohou investovat penzijn\u00ed fondy, nebo n\u00e1rodn\u00ed pravidla vy\u017eaduj\u00edc\u00ed od nebankovn\u00edch poskytovatel\u016f \u00fav\u011br\u016f, kte\u0159\u00ed neshroma\u017e\u010fuj\u00ed depozita, vlastnit bankovn\u00ed licenci). D\u00e1le, zaji\u0161t\u011bn\u00ed transparence a zve\u0159ej\u0148ov\u00e1n\u00ed spolehliv\u00fdch a porovnateln\u00fdch finan\u010dn\u00edch dat nap\u0159\u00ed\u010d EU. Dal\u0161\u00edm krokem by mohla b\u00fdt \u010d\u00e1ste\u010dn\u00e1 harmonizace auditu, insolven\u010dn\u00edho a restrukturaliza\u010dn\u00edho r\u00e1mce. Nejobt\u00ed\u017en\u011bj\u0161\u00edm a realit\u011b nejv\u00edc vzd\u00e1len\u00fdm krokem by byla alespo\u0148 \u010d\u00e1ste\u010dn\u00e1 koordinace (ale tak\u00e9 zjednodu\u0161en\u00ed a stabilizace) da\u0148ov\u00fdch re\u017eim\u016f v\u00a0oblasti finan\u010dn\u00edch produkt\u016f (nap\u0159. spo\u0159en\u00ed), kde rozd\u00edly mezi n\u00e1rodn\u00edmi syst\u00e9my p\u0159estavuj\u00ed\u00a0z\u00e1sadn\u00ed p\u0159ek\u00e1\u017eku<\/a>\u00a0pro p\u0159eshrani\u010dn\u00ed integraci kapit\u00e1lov\u00fdch trh\u016f. Nakonec se CMU neobejde tak\u00e9 bez pruden\u010dn\u00ed regulace a n\u011bjak\u00e9ho dohledov\u00e9ho org\u00e1nu. To v\u0161e s\u00a0c\u00edlem umo\u017enit lep\u0161\u00ed orientaci investor\u016f a sn\u00ed\u017eit nejistotu na trhu.<\/p>\n

Z\u00e1sadn\u00edm opat\u0159en\u00edm z\u00a0v\u00fd\u0161e uveden\u00fdch je nepochybn\u011b slad\u011bn\u00ed odli\u0161n\u00fdch insolven\u010dn\u00edch re\u017eim\u016f, kter\u00e9 jsou p\u0159esn\u011b t\u00edm d\u016fvodem, pro\u010d kapit\u00e1lov\u00e9 trhy nejsou v EU t\u00edm, \u010d\u00edm v USA. Insolven\u010dn\u00ed procedury, je\u017e v r\u016fzn\u00fdch \u010dlensk\u00fdch st\u00e1tech Unie trvaj\u00ed r\u016fzn\u011b dlouhou dobu \u010di jsou v\u0161elijak netransparentn\u00ed a nep\u0159edv\u00eddateln\u00e9, zvy\u0161uj\u00ed nejistotu mezi v\u0161emi stranami trhu a sni\u017euj\u00ed jeho efektivitu. Zat\u00edmco banka je dlouhodob\u00fd projekt \u2013 m\u016f\u017ee si po\u010dkat 10 let, ne\u017e skon\u010d\u00ed insolven\u010dn\u00ed \u0159\u00edzen\u00ed, investor fondu takovou v\u00fdhodu nem\u00e1. Riziko dlouhodob\u00e9ho \u010dek\u00e1n\u00ed brzd\u00ed potenci\u00e1ln\u00ed investice na kapit\u00e1lov\u00fdch trz\u00edch a omezuje tak popt\u00e1vku po dluhopisech. Slad\u011bn\u00ed legislativy nap\u0159\u00ed\u010d EU by samoz\u0159ejm\u011b p\u0159edstavovalo velkou v\u00fdzvu, nebo\u0165 rozd\u00edly mnohdy vych\u00e1z\u00ed ze struktur\u00e1ln\u00edch nastaven\u00ed a je ot\u00e1zka, nakolik jsou dan\u00e9 struktury schopny p\u0159ipustit zm\u011bnu. Vyty\u010den\u00ed tohoto c\u00edle nicm\u00e9n\u011b d\u00e1v\u00e1 smysl a v\u00a0p\u0159\u00edpad\u011b \u00fasp\u011bchu by se jednalo o velk\u00fd posun na cest\u011b k\u00a0rozvinut\u00ed plnohodnotn\u00e9 unie kapit\u00e1lov\u00fdch trh\u016f. Co se t\u00fd\u010de harmonizace odli\u0161n\u00fdch da\u0148ov\u00fdch re\u017eim\u016f, st\u00e1ty jako Irsko, Lucembursko \u010di Nizozemsko si h\u00e1j\u00ed velmi specifick\u00e1 pravidla korpor\u00e1tn\u00edho zdan\u011bn\u00ed \u010di v\u00fdnos\u016f z\u00a0investov\u00e1n\u00ed a nelze tak o\u010dek\u00e1vat, \u017ee by s\u00a0harmonizac\u00ed souhlasily. Toto opat\u0159en\u00ed tedy prozat\u00edm z\u016fst\u00e1v\u00e1 zcela mimo realitu.<\/p>\n

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\u00a0Ve vn\u00edm\u00e1n\u00ed Brit\u016f jde o v\u00edtan\u00fd p\u0159esun pozornosti Unie sm\u011brem k p\u016fvodn\u00edm ekonomick\u00fdm t\u00e9mat\u016fm<\/em><\/p>\n

(zdroj:\u00a0REUTERS\/STEFAN WERMUTH)<\/em><\/sub><\/span><\/p>\n

I m\u00e9n\u011b ambici\u00f3zn\u00ed snahy v\u0161ak naraz\u00ed na jasn\u00e9 p\u0159ek\u00e1\u017eky. Nap\u0159\u00edklad na mocn\u00e9 z\u00e1jmov\u00e9 skupiny po\u010d\u00ednaje bankami, kter\u00e9 neuvid\u00ed r\u00e1dy konkurenci v\u00a0jin\u00fdch kan\u00e1lech financov\u00e1n\u00ed a budou varovat p\u0159ed nebezpe\u010d\u00edm st\u00ednov\u00e9ho bankovnictv\u00ed.\u00a0Studie Bruegelu<\/a>\u00a0p\u0159ipom\u00edn\u00e1, \u017ee agenda rozvoje kapit\u00e1lov\u00fdch trh\u016f se rovn\u011b\u017e nebude l\u00edbit v\u00a0t\u011bch \u010d\u00e1stech kontinent\u00e1ln\u00ed Evropy, kde se na trhy nahl\u00ed\u017e\u00ed skepticky a jaksi s\u00a0inherentn\u00edm podez\u0159en\u00edm. A samoz\u0159ejm\u011b bude vadit ur\u010dit\u00e1 mal\u00e1 m\u00edra nutn\u00e9 centralizace (a\u010dkoli ta nebude c\u00edlem sama o sob\u011b, jako v\u00a0p\u0159\u00edpad\u011b bankovn\u00ed unie). Probl\u00e9mem se uk\u00e1\u017ee b\u00fdt pl\u00e1n na zaveden\u00ed dan\u011b z\u00a0finan\u010dn\u00edch transakc\u00ed, kter\u00e1 by trh naopak v\u00edce fragmentovala a sni\u017eovala jeho likviditu \u2013 \u0161la by tak p\u0159\u00edmo proti snah\u00e1m o CMU. Na z\u00e1v\u011br se jist\u011b objev\u00ed i tradi\u010dn\u00ed narativ obrany n\u00e1rodn\u00ed suverenity, a to nejen v\u00a0Brit\u00e1nii.<\/p>\n

Pr\u00e1v\u011b Brit\u016fm by se v\u0161ak n\u00e1pad s CMU mohl zamlouvat. V jejich vid\u011bn\u00ed jde o v\u00edtan\u00fd p\u0159esun pozornosti Unie od politicko-soci\u00e1ln\u00edch ot\u00e1zek sm\u011brem k p\u016fvodn\u00edm ekonomick\u00fdm t\u00e9mat\u016fm jako je obchod a ekonomick\u00e1 integrace. Z\u00e1jem kontinentu vyj\u00edt Brit\u00e1nii vst\u0159\u00edc bude p\u0159itom tentokr\u00e1t zna\u010dn\u00fd. Kapit\u00e1lov\u00e1 unie, na rozd\u00edl od t\u00e9 bankovn\u00ed, nem\u016f\u017ee b\u00fdt pouze projektem euroz\u00f3ny. Zat\u00edmco bankovn\u00ed unie se bez Brit\u00e1nie obejde, CMU d\u00e1v\u00e1 smysl jedin\u011b v p\u0159\u00edpad\u011b, \u017ee Britov\u00e9 budou \u201ein\u201c. D\u016fvod je z\u0159ejm\u00fd, v Lond\u00fdn\u011b se nach\u00e1z\u00ed nervov\u00e9 centrum glob\u00e1ln\u00edho finan\u010dnictv\u00ed. Lond\u00fdn z\u00e1rove\u0148 r\u00e1d poukazuje na benefity, kter\u00e9 pro EU plynou z toho, \u017ee se toto glob\u00e1ln\u00ed finan\u010dn\u00ed centrum nach\u00e1z\u00ed na jej\u00edm \u00fazem\u00ed. S\u00e1m si v\u0161ak bude muset p\u0159iznat, \u017ee aby mohla CMU fungovat, bude nutn\u00e9 sladit vlastn\u00ed regulatorn\u00edm r\u00e1mec s evropsk\u00fdm ve\u0159ejn\u00fdm z\u00e1jmem. Zde se naskytne prostor pro vyjedn\u00e1vac\u00ed schopnosti Jonathana Hilla, komisa\u0159e pro portfolio finan\u010dn\u00edch trh\u016f, kter\u00e9ho si p\u0159edseda Juncker pro jeho britsk\u00fd p\u016fvod vybral velmi takticky.<\/p>\n

Jist\u00e9 tedy je, \u017ee do projektu je tentokr\u00e1t zapojena cel\u00e1 EU28 a t\u00fdk\u00e1 se tak p\u0159\u00edmo i \u010cesk\u00e9 republiky. Je proto d\u016fle\u017eit\u00e9, abychom byli od za\u010d\u00e1tku aktivn\u00ed a shodli se na na\u0161ich priorit\u00e1ch, je\u017e pak budeme konzultovat a prosazovat na v\u0161ech \u00farovn\u00edch. Dosa\u017een\u00ed v\u0161estrann\u011b v\u00fdhodn\u00e9 podoby by p\u0159itom nem\u011blo b\u00fdt tak obt\u00ed\u017en\u00e9, nebo\u0165 CMU m\u00e1 skrze prohlouben\u00ed vnit\u0159n\u00edho trhu potenci\u00e1l odemknout biliony eur kapit\u00e1lu k investic\u00edm do podnik\u00e1n\u00ed a infrastruktury. Jak p\u00ed\u0161e William Wright ve sv\u00e9m euroskeptick\u00e9m koment\u00e1\u0159i v\u00a0The Telegraph<\/a>, tentokr\u00e1t jde o iniciativu, kterou by m\u011bli podporovat i ti, kte\u0159\u00ed jinak pova\u017euj\u00ed v\u0161e, co p\u0159ich\u00e1z\u00ed z\u00a0instituc\u00ed v\u00a0Bruselu, za \u201ecentr\u00e1ln\u00ed pl\u00e1nov\u00e1n\u00ed\u201c. Zat\u00edm nikdo nev\u00ed, jak p\u0159esn\u011b bude CMU vypadat. A\u017e v\u0161ak v\u00a0srpnu tohoto roku p\u0159ijde lord Hill s\u00a0detailn\u00edm pl\u00e1nem, m\u011bli bychom b\u00fdt p\u0159ipraveni.<\/p>\n

Koment\u00e1\u0159 byl ve zkr\u00e1cen\u00e9 verzi publikov\u00e1n v\u00a0<\/em>t\u00fdden\u00edku Respekt<\/em><\/a>\u00a0(4. 1. 2015).<\/em><\/p>\n

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Jan Famfule<\/strong>\u00a0p\u016fsob\u00ed jako z\u00e1stupce \u0159editele think-tanku Evropsk\u00e9 hodnoty.<\/em><\/p>\n

\"\"<\/p>\n

Pavla B\u0159\u00edzov\u00e1<\/strong>\u00a0p\u016fsob\u00ed jako analyti\u010dka think-tanku Evropsk\u00e9 hodnoty.\u00a0<\/em><\/p>","protected":false},"excerpt":{"rendered":"

Zat\u00edm bl\u00ed\u017ee nedefinovan\u00e1 unie kapit\u00e1lov\u00fdch trh\u016f m\u016f\u017ee evropskou ekonomiku odnau\u010dit spol\u00e9hat se jen na bankovn\u00ed p\u016fj\u010dky. D\u0159\u00edve ne\u017e se sta\u010dil usadit prach rozv\u00ed\u0159en\u00fd spu\u0161t\u011bn\u00edm bankovn\u00ed unie a doladit spole\u010dn\u00fd syst\u00e9m \u0159e\u0161en\u00ed bank v\u00a0\u00fapadku, v\u00a0Bruselu u\u017e to \u017eije pl\u00e1ny na novou \u201eunii\u201c ve sf\u00e9\u0159e finan\u010dnictv\u00ed. \u0158e\u010d je o jedn\u00e9 z\u00a0hlavn\u00edch priorit p\u0159edsedy Evropsk\u00e9 komise Jeana-Clauda Junckera, […]<\/p>\n","protected":false},"author":6,"featured_media":15647,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[461],"tags":[299,298],"class_list":["post-3066","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-press-releases","tag-jan-famfollet","tag-pavla-brizova"],"yoast_head":"\nCo \u010dekat od unie kapit\u00e1lov\u00fdch trh\u016f? - European Values Center for Security Policy<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/europeanvalues.cz\/cs\/co-cekat-od-unie-kapitalovych-trhu\/\" \/>\n<meta property=\"og:locale\" content=\"cs_CZ\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Co \u010dekat od unie kapit\u00e1lov\u00fdch trh\u016f? - European Values Center for Security Policy\" \/>\n<meta property=\"og:description\" content=\"Zat\u00edm bl\u00ed\u017ee nedefinovan\u00e1 unie kapit\u00e1lov\u00fdch trh\u016f m\u016f\u017ee evropskou ekonomiku odnau\u010dit spol\u00e9hat se jen na bankovn\u00ed p\u016fj\u010dky. 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