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Market Power without a Single Market: The New Transatlantic Relations in Financial Services |
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Abstract:
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This paper argues that the “EU-US Financial Markets Regulatory Dialogue” of May 2002, the Norwalk Agreement of September 2002 and other related new cooperative efforts are products of a fundamental shift in the relative market power of US and European regulators. Contrary to standard approaches emphasizing US financial dominance, the primary cause of the new more balanced transatlantic relations is the creation of an EU regulatory system for financial services, which is transferring authority from the national to the European level. This regional development has increased the relative market power of EU regulators. The more accommodative US regulatory stance came in reaction to pressure from American companies that operated in Europe and had much at stake in the shape of new EU financial regulations. The construction of a European-level regulatory regime thus triggered new private sector political behavior and US regulatory positions and altered transatlantic relations in financial services. The argument challenges statist assumptions and standard conceptions of market power. |
Most Common Document Word Stems:
us (251), financi (210), regul (149), european (148), eu (145), market (130), new (96), sec (95), 2004 (92), servic (85), standard (77), firm (66), compani (66), relat (64), intern (61), regulatori (60), account (59), commiss (55), nation (55), exchang (53), 2002 (47), |
Author's Keywords:
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Transatlantic Relations, financial services, financial regulation, market power, European Union, capital markets, EU-US Financial Markets Regulatory Dialogue |
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Association:
Name: American Political Science Association URL: http://www.apsanet.org
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Citation:
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MLA Citation:
| Posner, Elliot. "Market Power without a Single Market: The New Transatlantic Relations in Financial Services" Paper presented at the annual meeting of the American Political Science Association, Hilton Chicago and the Palmer House Hilton, Chicago, IL, Sep 02, 2004 <Not Available>. 2009-05-26 <http://www.allacademic.com/meta/p59908_index.html> |
APA Citation:
| Posner, E. , 2004-09-02 "Market Power without a Single Market: The New Transatlantic Relations in Financial Services" Paper presented at the annual meeting of the American Political Science Association, Hilton Chicago and the Palmer House Hilton, Chicago, IL Online <.PDF>. 2009-05-26 from http://www.allacademic.com/meta/p59908_index.html |
Publication Type: Conference Paper/Unpublished Manuscript Review Method: Peer Reviewed Abstract: This paper argues that the “EU-US Financial Markets Regulatory Dialogue” of May 2002, the Norwalk Agreement of September 2002 and other related new cooperative efforts are products of a fundamental shift in the relative market power of US and European regulators. Contrary to standard approaches emphasizing US financial dominance, the primary cause of the new more balanced transatlantic relations is the creation of an EU regulatory system for financial services, which is transferring authority from the national to the European level. This regional development has increased the relative market power of EU regulators. The more accommodative US regulatory stance came in reaction to pressure from American companies that operated in Europe and had much at stake in the shape of new EU financial regulations. The construction of a European-level regulatory regime thus triggered new private sector political behavior and US regulatory positions and altered transatlantic relations in financial services. The argument challenges statist assumptions and standard conceptions of market power. |
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| Document Type: |
.PDF |
| Page count: |
50 |
| Word count: |
14206 |
| Text sample: |
| "Market Power without a Single Market: The New Transatlantic Relations in Financial Services" Elliot Posner The George Washington University eposner@gwu.edu Draft: August 2004 Prepared for delivery at the 2004 Annual Meeting of American Political Science Association September 2 - September 5 2004. Copyright by the American Political Science Association. . 2 "Market Power without a Single Market: The New Transatlantic Relations in Financial Services" Elliot Posner George Washington University ABSTRACT This paper argues that the "EU-US Financial Markets Regulatory |
| Up: Consumer and Environmental Regulation in a Global Economy. Cambridge MA Harvard University Press. 50 Vogel S. K. 1996. Freer markets more rules: Regulatory reform in advanced industrial countries. Ithaca Cornell University Press. Weber S. and E. Posner 2000. Creating a pan-European equity market: The origins of EASDAQ. Review of International Political Economy 7(4 Winter): 529-73. Ziegler J. N. 2000. Corporate governance and the politics of property rights in Germany. Politics and Society 28(2 June): 195-221. Zysman J. 1983. |
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