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Regulatory Mercantilism and the European Response to the Global Financial Crisis

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Abstract:

The financial crisis originated in the US markets in the summer of 2007 has been described by several European policymakers as an opportunity for Europe to leave its fingerprint over the financial regulatory architecture emerging from the crisis and to promote an alternative regulatory model based on greater state involvement in the regulation of financial markets. But what has been the real impact of Europe in the international regulatory response to the global financial crisis? Is an alternative “European model” discernible? From the comparison of the European proposals to regulate OTC derivatives markets, credit rating agencies, and hedge funds with parallel US regulatory initiatives, this paper will claim that Europe has not taken advantage of the crisis to advance a distinct “European model”. Instead, the European response to the financial crisis of 2007-09 prioritized the achievement of a “European solution”, that is, to extend the clout of European regulatory authorities over those sectors generating risks for the European markets but previously remaining outside their oversight. By so doing, Europe has impressed a “mercantilist” turn on transatlantic financial relations and opened the door for a greater fragmentation in the international financial architecture. The paper follows by analyzing the origins of this mercantilist turn in transatlantic financial relations and locating them in the impact of the politicization of financial regulation over the EU policymaking process.

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Association:
Name: Seventeenth International Conference of the Council for European Studies
URL:
http://www.ces.columbia.edu


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URL: http://citation.allacademic.com/meta/p400035_index.html
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MLA Citation:

Pagliari, Stefano. "Regulatory Mercantilism and the European Response to the Global Financial Crisis" Paper presented at the annual meeting of the Seventeenth International Conference of the Council for European Studies, Grand Plaza, Montreal, Canada, Apr 15, 2010 <Not Available>. 2014-11-27 <http://citation.allacademic.com/meta/p400035_index.html>

APA Citation:

Pagliari, S. , 2010-04-15 "Regulatory Mercantilism and the European Response to the Global Financial Crisis" Paper presented at the annual meeting of the Seventeenth International Conference of the Council for European Studies, Grand Plaza, Montreal, Canada Online <APPLICATION/PDF>. 2014-11-27 from http://citation.allacademic.com/meta/p400035_index.html

Publication Type: Conference Paper/Unpublished Manuscript
Review Method: Peer Reviewed
Abstract: The financial crisis originated in the US markets in the summer of 2007 has been described by several European policymakers as an opportunity for Europe to leave its fingerprint over the financial regulatory architecture emerging from the crisis and to promote an alternative regulatory model based on greater state involvement in the regulation of financial markets. But what has been the real impact of Europe in the international regulatory response to the global financial crisis? Is an alternative “European model” discernible? From the comparison of the European proposals to regulate OTC derivatives markets, credit rating agencies, and hedge funds with parallel US regulatory initiatives, this paper will claim that Europe has not taken advantage of the crisis to advance a distinct “European model”. Instead, the European response to the financial crisis of 2007-09 prioritized the achievement of a “European solution”, that is, to extend the clout of European regulatory authorities over those sectors generating risks for the European markets but previously remaining outside their oversight. By so doing, Europe has impressed a “mercantilist” turn on transatlantic financial relations and opened the door for a greater fragmentation in the international financial architecture. The paper follows by analyzing the origins of this mercantilist turn in transatlantic financial relations and locating them in the impact of the politicization of financial regulation over the EU policymaking process.


Similar Titles:
Rhetoric and the Regulation of the Global Financial Markets in a Time of Crisis: The Regulation of Credit Ratings

The Analytics of Ratings: European Attempts to Regulate Credit Rating Agencies


 
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