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Constructing a Policy-Making State?Policy Dynamics in the EU$
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Jeremy Richardson

Print publication date: 2012

Print ISBN-13: 9780199604104

Published to Oxford Scholarship Online: January 2013

DOI: 10.1093/acprof:oso/9780199604104.001.0001

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Financial Regulation in Europe: From the Battle of the Systems to a Jacobinist EU

Financial Regulation in Europe: From the Battle of the Systems to a Jacobinist EU

Chapter:
(p.189) 10 Financial Regulation in Europe: From the Battle of the Systems to a Jacobinist EU
Source:
Constructing a Policy-Making State?
Author(s):

Emiliano Grossman

Patrick Leblond

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199604104.003.0010

This chapter argues that the emergence of a European policy-making state in the area of financial regulation was long successfully resisted by national coalitions, reticent to all forms of internationalisation. This is because finance represents the economy’s backbone and, as such, is embedded in long-standing economic traditions that should prove resilient to change. Yet, the integration of financial markets and their corresponding regulation have been considered central to achieving a European single market since at least the 1980s. In this context, the European Commission has used its central legislative position within the EU to gradually move the governance of financial services from the national to the European level. In doing so, the Commission has relied on two complementary dynamics. The first dynamic is the effective internationalisation of capital. As banking and finance progressively internationalised, EU member state governments have had to open up to the Commission’s initiatives; otherwise, it was feared that European economies would become increasingly marginalised in global capital markets. The second dynamic occurs when member state governments and economic actors look to Europe for solutions to comparative problems affecting them. Thus, European financial integration and the supranational regulation of financial services represent the best solutions to deal with the challenges posed by the internationalisation of capital. This is, however, an incremental learning process that occurs over time, but once it has begun it becomes difficult to reverse.

Keywords:   European Commission, Europeanisation, European Union, financial integration, financial regulation, single market, supranationalisation

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