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Full Description
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.
Contributors include: F. Bulfone, J. Ganderson, A. Héritier, J. Karremans, H. Marjosola, M.G. Schoeller, A. Smolenska, 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
