{"id":47445,"date":"2025-12-02T12:19:13","date_gmt":"2025-12-02T12:19:13","guid":{"rendered":"https:\/\/www.theconservative.online\/na-ceste-k-silnejsimu-organu-esma-evropa-se-snazi-centralizovat-dohled-nad-trhem"},"modified":"2025-12-02T12:19:13","modified_gmt":"2025-12-02T12:19:13","slug":"na-ceste-k-silnejsimu-organu-esma-evropa-se-snazi-centralizovat-dohled-nad-trhem","status":"publish","type":"post","link":"https:\/\/www.theconservative.online\/cs\/na-ceste-k-silnejsimu-organu-esma-evropa-se-snazi-centralizovat-dohled-nad-trhem","title":{"rendered":"Na cest\u011b k siln\u011bj\u0161\u00edmu org\u00e1nu ESMA: Evropa se sna\u017e\u00ed centralizovat dohled nad trhem"},"content":{"rendered":"<h2>EU p\u0159ipravuje z\u00e1sadn\u00ed zm\u011bnu v oblasti finan\u010dn\u00edho dohledu, jej\u00edm\u017e c\u00edlem je sjednotit rozt\u0159\u00ed\u0161t\u011bn\u00e9 trhy a pos\u00edlit glob\u00e1ln\u00ed konkurenceschopnost.<\/h2>\n<p>P\u0159ed v\u00edce ne\u017e deseti lety Evropsk\u00e1 unie provedla historick\u00fd p\u0159enos suverenity, kdy\u017e pov\u011b\u0159ila Evropskou centr\u00e1ln\u00ed banku centralizovan\u00fdm bankovn\u00edm dohledem. Dnes blok zva\u017euje podobn\u00fd transforma\u010dn\u00ed krok &#8211; tentokr\u00e1t v oblasti dohledu nad finan\u010dn\u00edmi trhy. O\u010dek\u00e1v\u00e1 se, \u017ee Evropsk\u00e1 komise v prosinci p\u0159edlo\u017e\u00ed legislativn\u00ed n\u00e1vrh, kter\u00fd by v\u00fdrazn\u011b pos\u00edlil pravomoci Evropsk\u00e9ho org\u00e1nu pro cenn\u00e9 pap\u00edry a trhy (ESMA) a p\u0159esunul d\u016fle\u017eit\u00e9 funkce dohledu z n\u00e1rodn\u00edch regula\u010dn\u00edch org\u00e1n\u016f na evropskou \u00farove\u0148.  <\/p>\n<p>Tato iniciativa p\u0159edstavuje rozhoduj\u00edc\u00ed f\u00e1zi dlouhodob\u00e9ho \u00fasil\u00ed EU o vytvo\u0159en\u00ed skute\u010dn\u00e9 unie kapit\u00e1lov\u00fdch trh\u016f. Navzdory jednotn\u00e9 m\u011bn\u011b a desetilet\u00edm integra\u010dn\u00edho \u00fasil\u00ed z\u016fst\u00e1v\u00e1 evropsk\u00e9 finan\u010dn\u00ed prost\u0159ed\u00ed rozt\u0159\u00ed\u0161t\u011bn\u00e9. P\u0159eshrani\u010dn\u00ed investice jsou povoleny, ale syst\u00e9my, kter\u00e9 podporuj\u00ed obchodov\u00e1n\u00ed &#8211; tr\u017en\u00ed infrastruktury, mechanismy vypo\u0159\u00e1d\u00e1n\u00ed a regula\u010dn\u00ed dohled &#8211; st\u00e1le funguj\u00ed p\u0159ev\u00e1\u017en\u011b v r\u00e1mci n\u00e1rodn\u00edch hranic. V EU v sou\u010dasn\u00e9 dob\u011b existuje 14 z\u00fa\u010dtovac\u00edch trh\u016f a 32 depozit\u00e1\u0159\u016f cenn\u00fdch pap\u00edr\u016f, z nich\u017e v\u011bt\u0161ina je vlastn\u011bna n\u00e1rodn\u00edmi burzami a podl\u00e9h\u00e1 vnitrost\u00e1tn\u00edmu dohledu. Tato zm\u011b\u0165 pravidel a org\u00e1n\u016f br\u00e1n\u00ed vzniku jednotn\u00e9ho, hlubok\u00e9ho a likvidn\u00edho evropsk\u00e9ho finan\u010dn\u00edho trhu, kter\u00fd by byl schopen \u00fa\u010dinn\u011b sm\u011brovat kapit\u00e1l do podnik\u016f a k inovac\u00edm.    <\/p><div class='related_content'><span>RELATED<\/span><ul><li><a href='https:\/\/www.theconservative.online\/cs\/evropa-po-orbanovi-a-posledni-prezivsi-zena'>Evropa po Orb\u00e1novi a posledn\u00ed p\u0159e\u017eiv\u0161\u00ed \u017eena<\/li><\/a><li><a href='https:\/\/www.theconservative.online\/cs\/agile-evropa-zvysuje-obranne-usili-ale-zaostava-ve-strategii'>AGILE: Evropa zvy\u0161uje obrann\u00e9 \u00fasil\u00ed, ale zaost\u00e1v\u00e1 ve strategii<\/li><\/a><li><a href='https:\/\/www.theconservative.online\/cs\/evropska-strategie-spolecnosti-chery-vyuziti-alianci-k-rozsireni-vyrobniho-prostoru'>Evropsk\u00e1 strategie spole\u010dnosti Chery: Vyu\u017eit\u00ed alianc\u00ed k roz\u0161\u00ed\u0159en\u00ed v\u00fdrobn\u00edho prostoru<\/li><\/a><\/ul><\/div>\n<p>S rostouc\u00ed glob\u00e1ln\u00ed konkurenc\u00ed jsou n\u00e1klady na tuto rozt\u0159\u00ed\u0161t\u011bnost st\u00e1le z\u0159eteln\u011bj\u0161\u00ed. Harmonizovan\u00fd pr\u00e1vn\u00ed a dohledov\u00fd r\u00e1mec je nyn\u00ed pova\u017eov\u00e1n za nezbytn\u00fd pro zatraktivn\u011bn\u00ed evropsk\u00fdch trh\u016f, zejm\u00e9na pro mezin\u00e1rodn\u00ed investory. Centralizace dohledu je v\u0161ak politicky citliv\u00e1, proto\u017ee zahrnuje p\u0159enos suverenity z n\u00e1rodn\u00edch dohledov\u00fdch org\u00e1n\u016f &#8211; jako je italsk\u00fd Consob &#8211; na feder\u00e1ln\u00ed org\u00e1n. Pro mnoho vl\u00e1d to nep\u0159edstavuje jen technickou reformu, ale z\u00e1sadn\u00ed zm\u011bnu v pom\u011bru sil.   <\/p>\n<p>Podle informac\u00ed, kter\u00e9 koluj\u00ed v Bruselu, je c\u00edlem p\u0159ipravovan\u00e9ho n\u00e1vrhu Komise pos\u00edlit pravomoci org\u00e1nu ESMA t\u00edm, \u017ee se n\u011bkter\u00e9 pravomoci v oblasti dohledu p\u0159esunou z vnitrost\u00e1tn\u00edch do evropsk\u00fdch rukou. Reforma se soust\u0159ed\u00ed na vytvo\u0159en\u00ed zefektivn\u011bn\u00e9 v\u00fdkonn\u00e9 rady odpov\u011bdn\u00e9 za ka\u017edodenn\u00ed dohled, kterou dopln\u00ed rada pro dohled slo\u017een\u00e1 ze z\u00e1stupc\u016f n\u00e1rodn\u00edch agentur. Rada by si zachovala mo\u017enost napadat d\u016fle\u017eit\u00e1 rozhodnut\u00ed org\u00e1nu ESMA, \u010d\u00edm\u017e by se zajistilo, \u017ee se \u010dlensk\u00e9 st\u00e1ty budou i nad\u00e1le pod\u00edlet na strategick\u00e9m dohledu.  <\/p>\n<p>Tento hybridn\u00ed model by se podobal struktur\u00e1m, kter\u00e9 ji\u017e funguj\u00ed v jin\u00fdch oblastech finan\u010dn\u00edho \u0159\u00edzen\u00ed EU, jako je Jednotn\u00fd v\u00fdbor pro \u0159e\u0161en\u00ed kriz\u00ed (SRB), mechanismus bankovn\u00edho dohledu (SSM) a ned\u00e1vno vytvo\u0159en\u00fd org\u00e1n pro boj proti pran\u00ed pen\u011bz (AMLA). &#8222;Chceme posunout dohled nad trhem sm\u011brem do centra,&#8220; vysv\u011btlil jeden z vysok\u00fdch \u00fa\u0159edn\u00edk\u016f EU. P\u0159esto vnit\u0159n\u00ed odpor z\u016fst\u00e1v\u00e1 siln\u00fd. Zem\u011b jako Irsko a Lucembursko &#8211; v\u00fdznamn\u00e1 centra investi\u010dn\u00edch fond\u016f a finan\u010dn\u00edch slu\u017eeb &#8211; se ob\u00e1vaj\u00ed, \u017ee by v\u011bt\u0161\u00ed centralizace mohla naru\u0161it jejich konkurenceschopnost.   <\/p>\n<p>Zast\u00e1nci reformy nam\u00edtaj\u00ed, \u017ee siln\u011bj\u0161\u00ed a jednotn\u011bj\u0161\u00ed dohled by zv\u00fd\u0161il d\u016fv\u011bryhodnost EU v zahrani\u010d\u00ed. Tvrd\u00ed, \u017ee mezin\u00e1rodn\u00ed investo\u0159i budou s v\u011bt\u0161\u00ed pravd\u011bpodobnost\u00ed investovat na trhu, kter\u00fd se \u0159\u00edd\u00ed jednotn\u00fdmi pravidly a za kter\u00fdm stoj\u00ed pevn\u00fd org\u00e1n dohledu. &#8222;Existence feder\u00e1ln\u00edho dozoru nad trhem ve Spojen\u00fdch st\u00e1tech nebr\u00e1n\u00ed tomu, aby se Delaware stal finan\u010dn\u00edm centrem, ani nenut\u00ed v\u0161echny americk\u00e9 banky, aby m\u011bly s\u00eddlo v New Yorku,&#8220; poznamenal tent\u00fd\u017e \u00fa\u0159edn\u00edk.  <\/p>\n<p>Skepse se neomezuje jen na finan\u010dn\u00ed centra. N\u011bkter\u00e9 \u010dlensk\u00e9 st\u00e1ty se v minulosti stav\u011bly proti p\u0159en\u00e1\u0161en\u00ed pravomoc\u00ed ve finan\u010dn\u00edch z\u00e1le\u017eitostech. Nap\u0159\u00edklad N\u011bmecko p\u0159ijalo centralizovan\u00fd bankovn\u00ed dohled v roce 2012 a\u017e pot\u00e9, co glob\u00e1ln\u00ed finan\u010dn\u00ed krize odhalila slabiny jeho vlastn\u00edho syst\u00e9mu. Dnes, kdy Berl\u00edn \u010del\u00ed \u0161ir\u0161\u00edmu p\u0159ehodnocen\u00ed sv\u00e9ho ekonomick\u00e9ho modelu, \u010d\u00e1st jeho establishmentu uzn\u00e1v\u00e1, \u017ee struktur\u00e1ln\u00ed zm\u011bna finan\u010dn\u00edho dohledu m\u016f\u017ee b\u00fdt nejen prosp\u011b\u0161n\u00e1, ale i nezbytn\u00e1.   <\/p>\n<p>Z rozt\u0159\u00ed\u0161t\u011bnosti evropsk\u00e9ho trhu mezit\u00edm nad\u00e1le t\u011b\u017e\u00ed velk\u00e9 americk\u00e9 banky, kter\u00e9 bezprobl\u00e9mov\u011b operuj\u00ed p\u0159es Atlantik a mohou sdru\u017eovat slu\u017eby, kter\u00e9 si evropsk\u00e9 finan\u010dn\u00ed instituce mus\u00ed po\u0159izovat po \u010d\u00e1stech. N\u00e1vrh Komise rovn\u011b\u017e po\u010d\u00edt\u00e1 s roz\u0161\u00ed\u0159en\u00edm rozpo\u010dtu a po\u010dtu zam\u011bstnanc\u016f org\u00e1nu ESMA &#8211; v sou\u010dasn\u00e9 dob\u011b m\u00e1 m\u00e9n\u011b ne\u017e 400 zam\u011bstnanc\u016f -, aby se zohlednila jeho \u0161ir\u0161\u00ed odpov\u011bdnost. O\u010dek\u00e1v\u00e1 se v\u0161ak, \u017ee jedn\u00e1n\u00ed s Radou a Evropsk\u00fdm parlamentem budou n\u00e1ro\u010dn\u00e1.  <\/p>\n<p>V s\u00e1zce jsou mnohem v\u00edce ne\u017e jen technick\u00e9 detaily dohledu. Hospod\u00e1\u0159sk\u00e1 v\u00e1ha Evropy na sv\u011btov\u00e9 sc\u00e9n\u011b kles\u00e1. V roce 2000 dosahovala ekonomika EU 95 % velikosti ekonomiky USA, dnes je to jen 65 %. Bez rozhodn\u00fdch opat\u0159en\u00ed by podle odhad\u016f mohla Evropa za deset let p\u0159edstavovat sotva polovinu velikosti americk\u00e9 ekonomiky. Pos\u00edlen\u00ed org\u00e1nu ESMA a vybudov\u00e1n\u00ed skute\u010dn\u00e9 unie kapit\u00e1lov\u00fdch trh\u016f nemus\u00ed samy o sob\u011b sta\u010dit ke zvr\u00e1cen\u00ed tohoto trendu, ale mohou b\u00fdt nezbytn\u00fdmi kroky k zabr\u00e1n\u011bn\u00ed dal\u0161\u00edmu poklesu.    <\/p>\n<p>&nbsp;<\/p>\n<h4>Alessandro Fiorentino<\/h4>\n<\/p>","protected":false},"excerpt":{"rendered":"<p>EU p\u0159ipravuje z\u00e1sadn\u00ed zm\u011bnu v oblasti finan\u010dn\u00edho dohledu, jej\u00edm\u017e c\u00edlem je sjednotit rozt\u0159\u00ed\u0161t\u011bn\u00e9 trhy a pos\u00edlit glob\u00e1ln\u00ed konkurenceschopnost. P\u0159ed v\u00edce ne\u017e deseti lety Evropsk\u00e1 unie provedla historick\u00fd p\u0159enos suverenity, kdy\u017e pov\u011b\u0159ila Evropskou centr\u00e1ln\u00ed banku centralizovan\u00fdm bankovn\u00edm dohledem. Dnes blok zva\u017euje podobn\u00fd transforma\u010dn\u00ed krok &#8211; tentokr\u00e1t v oblasti dohledu nad finan\u010dn\u00edmi trhy. O\u010dek\u00e1v\u00e1 se, \u017ee Evropsk\u00e1 [&hellip;]<\/p>\n","protected":false},"author":75,"featured_media":39808,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[150],"tags":[2748,1000,302,585,250,48,545,237,300,215,247,270,268,283,316,599,877,146,252,282],"editorial-positions":[],"regions":[328,339,344,356,364,404],"types":[415,423],"class_list":["post-47445","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-obchod-a-ekonomika","tag-esma","tag-conservatism","tag-conservative","tag-culture","tag-economy","tag-ecr","tag-ecr-party","tag-energy","tag-environment","tag-eu","tag-eu-council","tag-europa","tag-europe","tag-european-commission","tag-european-parliament","tag-european-union","tag-germany","tag-politics","tag-technology","tag-ursula-von-der-leyen","regions-central-europe-cs","regions-eastern-europe-cs","regions-northern-europe-cs","regions-southern-europe-cs","regions-western-europe-cs","regions-world-cs","types-news-cs","types-polls-cs"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.1.1 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Na cest\u011b k siln\u011bj\u0161\u00edmu org\u00e1nu ESMA: Evropa se sna\u017e\u00ed centralizovat dohled nad trhem - The Conservative<\/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:\/\/www.theconservative.online\/cs\/na-ceste-k-silnejsimu-organu-esma-evropa-se-snazi-centralizovat-dohled-nad-trhem\" \/>\n<meta property=\"og:locale\" content=\"cs_CZ\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Na cest\u011b k siln\u011bj\u0161\u00edmu org\u00e1nu ESMA: Evropa se sna\u017e\u00ed centralizovat dohled nad trhem - The Conservative\" \/>\n<meta property=\"og:description\" content=\"EU p\u0159ipravuje z\u00e1sadn\u00ed zm\u011bnu v oblasti finan\u010dn\u00edho dohledu, jej\u00edm\u017e c\u00edlem je sjednotit rozt\u0159\u00ed\u0161t\u011bn\u00e9 trhy a pos\u00edlit glob\u00e1ln\u00ed konkurenceschopnost. 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