{"id":51018,"date":"2023-09-25T15:05:51","date_gmt":"2023-09-25T13:05:51","guid":{"rendered":"https:\/\/trader-magazine.com\/?p=51018"},"modified":"2023-09-25T15:05:54","modified_gmt":"2023-09-25T13:05:54","slug":"brzy-bude-navrzena-reforma-fiskalni-politiky-eu-jake-budou-jeji-dusledky-pro-investory-do-evropskych-aktiv","status":"publish","type":"post","link":"https:\/\/trader-magazine.com\/cs\/akademie\/brzy-bude-navrzena-reforma-fiskalni-politiky-eu-jake-budou-jeji-dusledky-pro-investory-do-evropskych-aktiv\/","title":{"rendered":"Brzy bude navr\u017eena reforma fisk\u00e1ln\u00ed politiky EU: Jak\u00e9 budou jej\u00ed d\u016fsledky pro investory do evropsk\u00fdch aktiv?"},"content":{"rendered":"\n

Blog<\/em><\/p>\n\n\n\n

V dob\u011b, kdy jedn\u00e1n\u00ed o legislativn\u00edch n\u00e1vrz\u00edch Evropsk\u00e9 komise na reformu pravidel spr\u00e1vy ekonomick\u00fdch z\u00e1le\u017eitost\u00ed EU vstupuj\u00ed do rozhoduj\u00edc\u00ed f\u00e1ze, se m\u011b lid\u00e9 ptaj\u00ed, zda to znamen\u00e1, \u017ee se klima pro investory v EU ve srovn\u00e1n\u00ed s USA zlep\u0161\u00ed. Nebo zda p\u016fjde v\u0161e p\u0159i star\u00e9m a americk\u00e9 akcie, americk\u00e9 indexy a dal\u0161\u00ed aktiva na kapit\u00e1lov\u00fdch trz\u00edch v USA budou i nad\u00e1le vysoce preferov\u00e1ny p\u0159ed evropsk\u00fdmi akciemi a dluhopisy.<\/p>\n\n\n\n

Koneckonc\u016f USA maj\u00ed tak\u00e9 spoustu ekonomick\u00fdch probl\u00e9m\u016f v\u010detn\u011b vysok\u00e9ho ve\u0159ejn\u00e9ho zadlu\u017een\u00ed. Touto ot\u00e1zkou jsem se zab\u00fdval i na mezin\u00e1rodn\u00ed konferenci v Praze o reform\u011b fisk\u00e1ln\u00ed politiky Evropsk\u00e9 unie.<\/p>\n\n\n\n

Analytici ze st\u0159edn\u00ed Evropy – krom\u011b m\u011b se na po\u0159\u00e1daj\u00edc\u00ed Anglo-americk\u00e9 univerzit\u011b<\/a> v Praze se\u0161li ekonomov\u00e9 z Polska, N\u011bmecka a \u010cesk\u00e9 republiky – diskutovali o tom, zda m\u00e1 rozpo\u010dtov\u00e1 reforma EU \u0161anci proj\u00edt a zejm\u00e9na zda m\u016f\u017ee b\u00fdt efektivn\u00ed, tj. pomoci sn\u00ed\u017eit zadlu\u017een\u00ed \u010dlensk\u00fdch st\u00e1t\u016f.<\/p>\n\n\n\n

Na ot\u00e1zku jsem se pod\u00edval z pohledu na\u0161ich klient\u016f, tedy investor\u016f a obchodn\u00edk\u016f na finan\u010dn\u00edch a kapit\u00e1lov\u00fdch trz\u00edch. Na p\u0159\u00edkladu \u0158ecka a jeho rozpo\u010dtov\u00e9 krize jsem dokumentoval, jak dluh bl\u00ed\u017e\u00edc\u00ed se platebn\u00ed neschopnosti dlouhodob\u011b po\u0161kozuje investory do \u0159eck\u00fdch cenn\u00fdch pap\u00edr\u016f. Hlavn\u00ed akciov\u00fd ukazatel Athens General Composite Index klesl z 2 683 eur v roce 2009 na 1 121 eur v prvn\u00ed polovin\u011b roku 2023, co\u017e p\u0159edstavuje dlouhodob\u00e9 znehodnocen\u00ed \u0159eck\u00fdch spole\u010dnost\u00ed o v\u00edce ne\u017e 50 %.<\/p>\n\n\n\n

Kolegov\u00e9 m\u011b v\u0161ak doplnili popisem situace na dluhopisov\u00e9m trhu, kde byl d\u00edky bezedn\u00e9 podpo\u0159e Evropsk\u00e9 centr\u00e1ln\u00ed banky nakonec \u0159eck\u00fd dluhopisov\u00fd trh pok\u0159iven. A to m\u011b p\u0159iv\u00e1d\u00ed k p\u016fvodn\u00ed ot\u00e1zce, pro\u010d investo\u0159i po cel\u00e9m sv\u011bt\u011b maj\u00ed tendenci d\u016fv\u011b\u0159ovat americk\u00fdm cenn\u00fdm pap\u00edr\u016fm. Podstata mo\u017en\u00e1 nespo\u010d\u00edv\u00e1 v rozd\u00edln\u00e9 rozpo\u010dtov\u00e9 politice vl\u00e1d v EU a USA nebo v z\u00e1sadn\u011b odli\u0161n\u00e9 m\u011bnov\u00e9 politice. Rozd\u00edl je podle m\u00e9ho n\u00e1zoru p\u0159edev\u0161\u00edm v intervenc\u00edch t\u011bchto org\u00e1n\u016f na trhu. Z\u00e1sahy zkresluj\u00edc\u00ed informace o trhu odrazuj\u00ed investory.<\/p>\n\n\n\n

To potvrzuje, \u017ee \u0161patn\u00e9 zpr\u00e1vy p\u0159ich\u00e1zej\u00edc\u00ed z trhu jsou pro investory st\u00e1le lep\u0161\u00ed volbou ne\u017e zd\u00e1nliv\u011b dobr\u00e9 zpr\u00e1vy maskovan\u00e9 st\u00e1tn\u00edmi z\u00e1sahy.<\/p>\n\n\n\n

Oce\u0148uji, \u017ee Anglo-americk\u00e1 univerzita<\/a> v Praze poskytuje svou \u017eivou a kultivovanou platformu pro r\u016fzn\u00e9 diskuse na kontroverzn\u00ed t\u00e9mata, kter\u00e1 jsou v dne\u0161n\u00ed dob\u011b, kdy sv\u011bt trp\u00ed velk\u00fdmi politick\u00fdmi, ekologick\u00fdmi a ekonomick\u00fdmi ot\u0159esy, tak nezbytn\u00e1.<\/p>\n\n\n\n

Ol\u00edvia Lacenov\u00e1 Hlavn\u00ed analyti\u010dka Wonderinterest Trading Ltd.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Blog V dob\u011b, kdy jedn\u00e1n\u00ed o legislativn\u00edch n\u00e1vrz\u00edch Evropsk\u00e9 komise na reformu pravidel spr\u00e1vy ekonomick\u00fdch z\u00e1le\u017eitost\u00ed EU vstupuj\u00ed do rozhoduj\u00edc\u00ed f\u00e1ze, se m\u011b lid\u00e9 ptaj\u00ed, zda to znamen\u00e1, \u017ee se klima pro investory v EU ve srovn\u00e1n\u00ed s USA zlep\u0161\u00ed. Nebo zda p\u016fjde v\u0161e p\u0159i star\u00e9m a americk\u00e9 akcie, americk\u00e9 indexy a dal\u0161\u00ed aktiva na […]<\/p>\n","protected":false},"author":44,"featured_media":50984,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"yasr_overall_rating":0,"yasr_post_is_review":"","yasr_auto_insert_disabled":"","yasr_review_type":"","footnotes":""},"categories":[4952],"tags":[4940],"class_list":["post-51018","post","type-post","status-publish","format-standard","has-post-thumbnail","category-akademie","tag-ekonomika"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t