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The UK and Multi-level Financial Regulation examines the role of the United Kingdom (UK) in shaping post-crisis financial regulatory reform, and assesses the implications of the UK's withdrawal from the European Union (EU). It develops a domestic political economy approach to examine how the interaction of three domestic groups - elected officials, financial regulators, and the financial industry - shaped UK preferences, strategy, and influence in international and EU-level regulatory negotiations. The framework is applied to five case studies: bank capital and liquidity requirements; bank recovery and resolution rules; bank structural reforms; hedge fund regulation; and the regulation of ov...
1: Introduction 2: The State of the Art and the Research Design 3: The EU and Global Banking Regulation 4: The EU and Global Securities Markets Regulation 5: The EU and Global Insurance Regulation 6: The EU and International Accounting and Auditing Standards 7: An Overall Cross-sectoral Assessment Over Time 8: Conclusions.
The establishment of Banking Union represents a major development in European economic governance and European integration history more generally. Banking Union is also significant because not all European Union (EU) member states have joined, which has increased the trend towards differentiated integration in the EU, posing a major challenge to the EU as a whole and to the opt-out countries. This book is informed by two main empirical questions. Why was Banking Union - presented by proponents as a crucial move to 'complete' Economic and Monetary Union (EMU) - proposed only in 2012, over twenty years after the adoption of the Maastricht Treaty? Why has a certain design for Banking Union been...
This book fills a gap in academic literature on the politics and public policy aspects of central banking in Europe, by conducting a theoretically-informed and empirically-grounded analysis of central banking governance before and after the establishment of the Economic and Monetary Union (EMU). The main framework for analysis is a ‘multi-level institutionalist approach’, articulated on three interconnected levels: the ‘systemic-level’, which encompasses the European, transnational and international arenas; the ‘national-level’, which considers the configuration of the domestic socio-economic and political environment in which each central bank operates; and the ‘micro-institut...
This book examines the post-crisis international regulation of derivatives by bringing together the international relations literature on regime complexity and the international political economy literature on financial regulation.
The decision by the people of the United Kingdom to vote in a referendum in June 2016 to leave the European Union has produced shock-waves across Europe and the world. Brexit calls into question consolidated assumptions on the finality of the EU, and simultaneously sparks new challenges. These new challenges are not only in regard of the constitutional settlements reached in the UK, notably in Scotland and Northern Ireland, but also on the future of European integration. Now that Article 50 of the Treaty on the European Union has been invoked, and the path towards full withdrawal by the UK from the EU remains clouded in uncertainties, a comprehensive legal and political analysis of how Brexi...
Crises and Integration in European Banking Union builds a theory of how the combination of crisis severity and origin indicates whether a crisis will produce deep reform, modest reform, or a persistence of the pre-crisis status quo.
Uncertainty about the future of the government and strong anti-political sentiment dominated Italian politics in 2007. Following a government crisis in February, rooted in the question of Italy’s role in Afghanistan, Prime Minister Romano Prodi was able to re-establish his coalition, but in the spring it suffered a clear setback in local elections amidst a climate of growing unpopularity. Initial chapters in this volume analyse these events as well as some important initiatives aimed, in different ways, at containing public disaffection towards the political class: the establishment of the Democratic Party, the electoral referendum campaign, and Silvio Berlusconi’s announcement of the bi...
This book is about the politics of economic ideas and technocratic economic governance, focusing on the Office for Budget Responsibility. It also analyses the changing political economy of British capitalism's relationship to the European and global economies in the face of the global financial crisis, Brexit and COVID.
The book sheds new light on the history of the Eurozone crisis and provides crucial lessons for the way forward.