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Europe and the Governance of Global Finance$
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Daniel Mügge

Print publication date: 2014

Print ISBN-13: 9780199683963

Published to Oxford Scholarship Online: June 2014

DOI: 10.1093/acprof:oso/9780199683963.001.0001

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Banking

Banking

Chapter:
(p.35) 3 Banking
Source:
Europe and the Governance of Global Finance
Author(s):

Jasper Blom

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199683963.003.0003

This chapter analyses the policy-making process for bank capital adequacy standards, focusing on the interaction between the European and global levels. It traces the emergence of supranational standards from the European Community’s First Banking Coordination Directive in 1977 through the Basel Capital Accords to the current EU’s Capital Requirements Directive IV. This chapter demonstrates how the EU functions as an intermediating variable influencing preferences of private and especially public actors. And it explains how and why public policy-makers are not always prey to regulatory capture. The negotiations on bank capital adequacy standards take place in exclusionary policy-making forums, leading to skewed argument pools. As a result, policy-makers have developed shared assumptions including the superiority of market mechanisms and the desirability of levelling the playing field.

Keywords:   Basel Capital Accords, EU, Banking Coordination Directive, Capital Requirements Directive, capital adequacy standards, policy-making process

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