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EU Mediation of Global Capital Flows vs National Corporate-Labor Coalitions: The Great Battle over the EU Takeover Bill, 1990-2001
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This paper has argued that the EU Takeover Directive provided a unique prism to
analyze the clash of capitalisms under globalized finance and the role of the EU as amediator of globalization. A Commission concerned about the long-term competitivenessof the EU has spearheaded the EU’s role as a mediator of financial globalization. By1999, the coalition of foreign investors, liberal capitalists (UK and Nordic countries) andCommission has led the revival of the directive. This coalition was opposed by acontinental labor-management coalition that heavily dominated the ideal point of the EP.The clash of capitalisms under globalization became a clash between Commission andEP, an unusual conflict between two pro-integration actors known for back-scratchingdeals.
The resulting clash has been policy gridlock, where the repeated efforts of the
Commission are thwarted either in the council of ministers, when Germany weighsheavily on potential allies, or eventually in the EP, as was the case in 2001. TheCommission has thus proved unable to move forward on its vast plan for a unified EUfinancial market and its pro-globalization competitiveness agenda. In the short-term, theEU has proved more democratic but unable to deal with the build-up of external financialpressures. The incentives for change coming from global finance are offset by a rise inthe number of veto players in the EU legislative process, particularly by the rise of the EPas a full-fledged veto player and agenda-setter.
The current institutional arrangement may prove unstable, due to the unused
energy that builds up in the system. In the short-term, however, the main role ofmediation of global finance has reverted down to the national level.
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| | Authors: Tiberghien, Yves. |
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39
This paper has argued that the EU Takeover Directive provided a unique prism to
analyze the clash of capitalisms under globalized finance and the role of the EU as a
mediator of globalization. A Commission concerned about the long-term competitiveness
of the EU has spearheaded the EU’s role as a mediator of financial globalization. By
1999, the coalition of foreign investors, liberal capitalists (UK and Nordic countries) and
Commission has led the revival of the directive. This coalition was opposed by a
continental labor-management coalition that heavily dominated the ideal point of the EP.
The clash of capitalisms under globalization became a clash between Commission and
EP, an unusual conflict between two pro-integration actors known for back-scratching
deals.
The resulting clash has been policy gridlock, where the repeated efforts of the
Commission are thwarted either in the council of ministers, when Germany weighs
heavily on potential allies, or eventually in the EP, as was the case in 2001. The
Commission has thus proved unable to move forward on its vast plan for a unified EU
financial market and its pro-globalization competitiveness agenda. In the short-term, the
EU has proved more democratic but unable to deal with the build-up of external financial
pressures. The incentives for change coming from global finance are offset by a rise in
the number of veto players in the EU legislative process, particularly by the rise of the EP
as a full-fledged veto player and agenda-setter.
The current institutional arrangement may prove unstable, due to the unused
energy that builds up in the system. In the short-term, however, the main role of
mediation of global finance has reverted down to the national level.
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