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Governing Finance in Europe
A Centralisation of Rulemaking?
9781839101113 Edward Elgar Publishing
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How do regulatory structures evolve in EU financial governance? Incorporating insights from a variety of disciplines, Governing Finance in Europe provides a comprehensive framework to investigate the dynamics leading to centralisation, decentralisation and fragmentation in EU financial regulation.
How do regulatory structures evolve in EU financial governance? Incorporating insights from a variety of disciplines, Governing Finance in Europe provides a comprehensive framework to investigate the dynamics leading to centralisation, decentralisation and fragmentation in EU financial regulation.
More Information
Critical Acclaim
Contributors
Contents
More Information
How do regulatory structures evolve in EU financial governance? Incorporating insights from a variety of disciplines, Governing Finance in Europe provides a comprehensive framework to investigate the dynamics leading to centralisation, decentralisation and fragmentation in EU financial regulation.
Offering a comprehensive and generalizable theoretical account of regulatory centralisation, this book combines theoretical approaches from political science, law, sociology and economics to trace centralisation in EU financial governance. Contributors build on a rich political science and legal literature and offer empirical analyses of major EU legislative packages in financial regulation, including the Markets in Financial Instruments Directive II (MiFID II) and Capital Markets Union (CMU). This book systematically identifies and examines the forces and counter-forces on regulatory centralisation. It also offers conjectures as to who benefits from the regulation and how decision-makers are held politically and legally accountable.
Featuring contributions from internationally renowned scholars, this book is key reading for academics working in finance and financial policies, particularly those investigating European politics, regulation and regional integration. It will also be of interest to practitioners and policymakers, as chapters provide unique insights into the real-world implications of financial regulation.
Offering a comprehensive and generalizable theoretical account of regulatory centralisation, this book combines theoretical approaches from political science, law, sociology and economics to trace centralisation in EU financial governance. Contributors build on a rich political science and legal literature and offer empirical analyses of major EU legislative packages in financial regulation, including the Markets in Financial Instruments Directive II (MiFID II) and Capital Markets Union (CMU). This book systematically identifies and examines the forces and counter-forces on regulatory centralisation. It also offers conjectures as to who benefits from the regulation and how decision-makers are held politically and legally accountable.
Featuring contributions from internationally renowned scholars, this book is key reading for academics working in finance and financial policies, particularly those investigating European politics, regulation and regional integration. It will also be of interest to practitioners and policymakers, as chapters provide unique insights into the real-world implications of financial regulation.
Critical Acclaim
‘To what extent do we see a centralisation of rule-making on finance at the European Union level? This edited book of six chapters, and a substantial introduction and conclusion offers an intelligently organised, concise and well-argued answer to this question. In doing so, this collection makes an important contribution to the small but growing literature on European financial market integration. The editors bring together insightful analyses of the main institutional, political, economic and technological factors shaping European Union legislation on finance. The chapters examine how European legislation relates to international agreements, transatlantic coordination with the United States, the relationship between public and private regulation and the impact of technological innovation on regulatory structure. Without exception, the authors provide excellent analyses based on a good range of empirical evidence. Through a number of hypotheses, the editors clarify strong lines of argumentation on rule-making centralisation that are tested in the chapters of the book and are critically considered in Professor Héritier''s superbly written conclusion.’
– David Howarth, University of Luxembourg
‘Governing Finance in Europe: A Centralisation of Rulemaking? tackles in a sophisticated and comprehensive way key issues in the governance of finance – why the centralisation, decentralisation or fragmentation of rulemaking occur and with what effects. In a truly interdisciplinary fashion, this edited volume masterfully brings together the perspectives of political scientists, law scholars, economists, and sociologists.’
– Lucia Quaglia, University of Bologna, Italy
– David Howarth, University of Luxembourg
‘Governing Finance in Europe: A Centralisation of Rulemaking? tackles in a sophisticated and comprehensive way key issues in the governance of finance – why the centralisation, decentralisation or fragmentation of rulemaking occur and with what effects. In a truly interdisciplinary fashion, this edited volume masterfully brings together the perspectives of political scientists, law scholars, economists, and sociologists.’
– Lucia Quaglia, University of Bologna, Italy
Contributors
Contributors: F. Bulfone, J. Ganderson, A. Héritier, J. Karremans, H. Marjosola, M.G. Schoeller, A. Smoleńska, M. Strand
Contents
Contents:
1 Governing Finance in Europe: A Centralisation of Rule-making?
Adrienne Héritier and Magnus G. Schoeller
VERTICAL RESEARCH PERSPECTIVE: EUROPEAN LEGISLATION IN THE CONTEXT OF INTERNATIONAL AGREEMENTS
2 MiFID II between European rule-making and national market surveillance: The case of high-frequency-trading
Johannes Karremans and Magnus G. Schoeller
3 The internal and external centralisation of Capital Markets Union regulatory structures: the case of Central Counterparties
Fabio Bulfone and Agnieszka Smolenska
4 The choice of instrument in EU legislation: Mapping the system of governance under MiFID II and MiFIR
Magnus Strand
HORIZONTAL INTERNATIONAL PERSPECTIVE: RIVAL FINANCIAL REGULATORY POWERS
5 Sharing global regulatory space: transatlantic coordination of the G20 OTC derivatives reforms
Heikki Marjosola
HYBRID GOVERNANCE PERSPECTIVE: PUBLIC AND PRIVATE REGULATION
6 The emergence of transnational hybrid governance: how private risks trigger public intervention
Johannes Karremans and Adrienne Héritier
TECHNOLOGICAL INNOVATION PERSPECTIVE
7 The impacts of technological innovation on regulatory structure: Fintech in post-crisis Europe
Agnieszka Smolenska, Joseph Ganderson and Adrienne Héritier
8 Governing Finance in Europe: Discussion and Conclusion
Adrienne Héritier
Index
1 Governing Finance in Europe: A Centralisation of Rule-making?
Adrienne Héritier and Magnus G. Schoeller
VERTICAL RESEARCH PERSPECTIVE: EUROPEAN LEGISLATION IN THE CONTEXT OF INTERNATIONAL AGREEMENTS
2 MiFID II between European rule-making and national market surveillance: The case of high-frequency-trading
Johannes Karremans and Magnus G. Schoeller
3 The internal and external centralisation of Capital Markets Union regulatory structures: the case of Central Counterparties
Fabio Bulfone and Agnieszka Smolenska
4 The choice of instrument in EU legislation: Mapping the system of governance under MiFID II and MiFIR
Magnus Strand
HORIZONTAL INTERNATIONAL PERSPECTIVE: RIVAL FINANCIAL REGULATORY POWERS
5 Sharing global regulatory space: transatlantic coordination of the G20 OTC derivatives reforms
Heikki Marjosola
HYBRID GOVERNANCE PERSPECTIVE: PUBLIC AND PRIVATE REGULATION
6 The emergence of transnational hybrid governance: how private risks trigger public intervention
Johannes Karremans and Adrienne Héritier
TECHNOLOGICAL INNOVATION PERSPECTIVE
7 The impacts of technological innovation on regulatory structure: Fintech in post-crisis Europe
Agnieszka Smolenska, Joseph Ganderson and Adrienne Héritier
8 Governing Finance in Europe: Discussion and Conclusion
Adrienne Héritier
Index
