Podrobný výpis o publikaci

IDEA: finalization of EU Capital Markets Union depends on the possibility of removing the barriers to the creation of a capital union by positive regulatory measures of EU Authorities. The EU Capital Markets are not yet fully integrated. Up to 2018, EU Authorities evaluated the IFRS implementation as a factor supporting the Plan of the EU capital market union; however, the IFRS positive role is not a permanent one: it depends on the changes of economic, political factors and social factors as well. At presents, the IFRS positive role in CMU creation probably is changing into its revers. DATA: EU documents; IFRS documents; statistics; experts' opinions from academic literature. TOOLS: Classification of positive and negative factors (i.e. barriers to the capital market union) and preliminary qualitative evaluation of their strength. What is new: In 2018, EU Authorities claimed that 80% of barriers (defined in 2015) already were set aside. However, the enumeration and definition of "barriers" was not satisfactory; in the Paper, many formerly neglected negative factors have been added. Under the influence of unexpected events (such as migration, Brexit, climatic changes, etc.) new barriers such as discriminatory use of duties, administrative obstacles, bank accounts' freezing, visa policy etc. are more and more used; they are undermining timely EU capital market creation by the end of 2019. So what? During 2019, the strength of negative factors has been growing to such an extent that the implementation of the EU Capital Market Union is becoming not probable by the end of this year. Contribution: The paper may be of interest for policy-makers and regulators as a case study of EU CMU creation. The result of political decisions and regulatory measures depend on correct evaluation of the strength of IFRS and other barriers to the CMU creation. However, quantitative research is necessary to validate the result of preliminary qualitative findings.