Carlo Alberto Giusti- Filippo Luigi Giambrone, Towards an European harmonized environmental taxation policy. Comparative aspects of fiscal federalism and taxation aspects with regard to Germany, in Comparazione e diritto civile, Rivista Fascia A , ISSN: 2037-5662, pp. 317-369, Edizione Scientifiche Italiane.

The delegated act on the EU climate taxonomy already covers the economic activities of around 40% of listed companies in sectors accounting for almost 80% of direct greenhouse gas emissions in Europe, and more activities will be added in the future. As a result, the EU taxonomy can significantly increase the potential of green finance to support transition, especially for CO2-intensive sectors where change is urgently needed. The Communication on the European Green Deal presented a new growth strategy to transform the EU into a fair and prosperous society with a better quality of life for present and future generations and a modern, resource-efficient and competitive economy, with no net greenhouse gas emissions released in 2050 and economic growth decoupled from resource use. With the European Green Deal, the Commission is reaffirming its ambitious goal of making Europe the first climate-neutral continent by 2050. In its Strategic Agenda for 2019-2024, the fair and social Europe one of the four key priorities. In view of the latest scientific evidence and the need to step up global climate action, the Council, in its conclusions of 12 December 2019, endorsed the objective of making the EU climate-neutral by 2050, in line with the objectives of the Paris Agreement. The progress made shows the EU’s determination to play a leading role at international level in combating climate change and environmental degradation and accelerating the clean energy transition. This is a continuous process. Nevertheless it reflects a priority enshrined in the White book of the future of the European Union with regard of the scenario Nr. 4 and it makes clear how the financial, banking, monetary, capital union are deeply interconnected and required. A monetary union needs a single financial system, as monetary policy decisions (for example a change in interest rate policy) would otherwise not have the same effect in all Member States. This was precisely the case during the crisis and has further widened the economic disparity. A single banking system is also a reflection of a common currency. Since by far the largest share of money is in bank deposits, there can only be a truly single currency if confidence in the security of bank deposits is independent of the Member State in which a bank operates. This requires uniform banking supervision, a single bank resolution and a single deposit insurance scheme. This is also crucial to break the negative feedback loop between banks and the state, which was at the heart of the crisis.