Widen the market, narrow the competition : banker interests and the making of a European capital market
著者
書誌事項
Widen the market, narrow the competition : banker interests and the making of a European capital market
（ECPR monographs）
ECPR Press, 2010
- : pbk
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注記
Includes bibliographical references (p. 159-175) and index
内容説明・目次
内容説明
EU capital markets have changed radically over the past 20 years. In the 1980s, countries had their own financial industries and rules. Now there is one 'Champions League' of banks, and member states have transferred crucial regulatory powers to Brussels. Drawing on policy documents and more than fifty in-depth interviews, Widen the Market, Narrow the Competition argues that financial industry interests have been key to this power shift. Continental banks initially feared a single European market, and governments followed their protectionist impulses. In the 1990s the mood changed, and the likes of ABN AMRO and Deutsche Bank rushed into international investment banking. They emerged as the crucial lobby for the supranational governance in place today. Linked by the interests of centrally placed firms, EU financial integration and supranational governance have been two sides of the same coin. At the same time, national parliaments and ordinary citizens have been pushed to the sidelines.
目次
contents
List of Figures and Tables viii
Chapter One: Introduction 1
Established Approaches and their Limits 3
The Argument: Banker Interests in EU Capital Markets 7
Chapter Two: Competition Politics and Supranational Integration 13
European Integration 13
Financial Market Liberalisation and Regulation 18
Private and Public Actors in Regulatory Policy 22
The Competition Politics Approach 25
The Core Features of the Approach 29
Chapter Three: The Domestic Roots of Regulatory Reform 31
European Capital Markets at the End of the 1980s 32
Regulatory Reform in German Managed Capitalism 35
Regulatory Reform in French State-led Capitalism 40
Regulatory Reform in British Market Capitalism 44
European State-market Condominiums in Comparison 49
Chapter Four: Negotiating the Single Market 51
Financial Services in the Single Market Project 52
Negotiating a European Market in Investment Services 58
Competitive Fault Lines and
Intergovernmental Politics 67
Chapter Five: The 1990s' Capital Market Revolution in Europe 69
Measuring Change in EU Investment Banking Markets 70
Market Concentration as a Source of Economic
and Political Power 72
The Rise of Capital Markets and Investment
Banking in Europe 74
Explaining Internationalisation 80
European Bourses: From Members-only Clubs to
Profi t-Seeking Firms 88
Chapter Six: The Re-launch of Financial Market Integration 93
Shifting Industry Preferences in the 1990s 94
The Emergence of EU-level Lobbying 98
EU Action and Industry-Commission Contacts
Ahead of the FSAP 102
The FSAP, the ISD and the Forum Groups 106
Chapter Seven: The Emergence of Supranational Governance 109
Supranational Cooperation before Lamfalussy 110
viii widen the market, narrow the competition
Launching Institutional Change 111
Negotiating Lamfalussy 113
Supranational Governance in Practice 120
Industry Interests and Institutional Reform 122
Chapter Eight: Renegotiating the ISD in the Supranational Constellation 125
European Lobbying Transformed 126
Lamfalussy in Action: Renegotiating the ISD 133
Clearing and Settlement: the Persistence of
National Competition Politics 139
The supranational constellation in EU capital market governance 141
Chapter Nine: Conclusion 143
Banker Interests in EU Capital Market Integration 143
EU Capital Market Governance and The Crisis 148
Governing Finance in the Interest of All? 151
Appendices 155
Overview of the International Expansion of European Banks 155
References 159
List of Interviews 176
Index 179
LIST OF FIGURES AND TABLES
Figures
Figure 2.1: Actors and the political economy environment they confront
and shape 25
Figure 2.2: A schematic depiction of EU fi nancial market structuration 28
Figure 3.1: Financial structures in 1991 32
Figure 3.2: Economic relevance of fi nancial sectors in 1985 34
Figure 5.1: The stock market boom 74
Figure 5.2: Germany: fi nancial structure 76
Figure 5.3: France: fi nancial structure 76
Figure 5.4: UK: fi nancial structure 76
Figure 5.5: Securitisation of large commercial bank business 82
Figure 5.6: Comparing large commercial banks with banks in general,
Germany 82
Tables
Table 3.1: Financial systems and their embeddedness compared 50
Table 6.1: Hypothetical policy preferences of fi rms 95
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