| Abstract [eng] |
A review of the literature reveals that the Capital Markets Union aim is to foster stronger economic growth in the European Union. To this end, efforts are being made to create more integrated capital markets by raising the cost of raising capital, removing barriers to cross-border investment and improving access to finance for businesses. The successful functioning of the Capital Markets Union depends on the Member States. Following the submission by the European Commission of all the proposals set out in the European Union's Capital Markets Union Action Plan, national authorities have an important role to play both in implementing the European Commission's measures and in other initiatives relating to the development of capital markets. However, when the global economy seemed to be recovering from the previous financial crisis and other emerging challenges, the countries were hit by the COVID-19 (coronavirus) pandemic. As a result, the European Commission has announced a new and ambitious action plan to strengthen the European Union's capital market union in the coming years. Today, the EU's top priority is to ensure that Europe recovers from the unprecedented economic crisis caused by COVID-19. This requires the development of EU capital markets and access to market finance, as well as immediate support for economic recovery by facilitating EU companies. The main challenges facing the European Union's capital markets union are: financial stability and economic resilience, the climate crisis, access to capital to finance innovation and growth, protectionist trade policies, growing inequality. Following the coronavirus pandemic, a research on this work has been created, which reveals that coronavirus has affected the European Union's capital markets union. Correlation analysis was performed using data from European Union stock exchanges to assess the impact of new viruses caused by the pandemic. In summary, regardless of the size of the stock exchange, all capital markets have changed in one or another way during the analyzed period of 2020. The turnover of the stock exchanges analyzed increased and decreased in almost every member state of the European Union, but COVID-19 had a positive and negative effect on smaller stock exchanges. However, whether the capital market is large or small, this market needs to be strengthened, because the European Union's Capital Markets Union project will continue at full speed until some markets have been eliminated. |
