Engelen Ewald, Glasmacher Anna
Universiteit van Amsterdam, Amsterdam, the Netherlands.
Compet Change. 2018 Apr;22(2):165-183. doi: 10.1177/1024529418758579. Epub 2018 Feb 23.
This paper takes a closer look at those parts of the European Commission's Capital Market Union (CMU) that bear upon the attempt to set up a new market for securitizations, called 'simple, transparent and standardized securitizations', in brief STS-securitization. The 'puzzle' at its heart is the discrepancy between narratives and content. While the narrative is about the construction of a US-style market-based financial system to overcome the problems of Europe's bank-based system and help medium-sized enterprises, the first legal initiative aims to create a European market for securitizations, which are a source of funding for large (mortgage) banks and as such are squarely at odds with the headline goals of the Capital Market Union. The paper discusses in detail key passages from the proposal to tease out the discrepancy between story and fact and ventures an explanation based on the identification of the interest coalitions behind the package.
本文深入研究了欧盟委员会资本市场联盟（CMU）中与试图建立一个新的证券化市场相关的部分内容。这个新市场被称为“简单、透明和标准化证券化”，简称为STS证券化。其核心的“谜题”在于叙述与内容之间的差异。虽然叙述的是构建一个美式的基于市场的金融体系，以克服欧洲基于银行的体系所存在的问题，并帮助中小企业，但首个法律倡议旨在创建一个证券化欧洲市场，而证券化是大型（抵押）银行的一种融资来源，因此与资本市场联盟的总体目标完全相悖。本文详细讨论了该提案中的关键段落，以梳理出故事与事实之间的差异，并基于识别该一揽子计划背后的利益联盟给出了一种解释。
