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The ‘British Plan’ as a Pace‐Setter: The Europeanization of Banking Rescue Plans in the EU?

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  • LUCIA QUAGLIA

Abstract

This article examines to what extent the British banking rescue plan announced in late 2008 set the pace for the adoption of similar banking rescue plans across the European Union. This case study can be seen a ‘horizontal’ type of Europeanization, whereby a (perceived successful) policy template adopted in one country is subsequently implicitly endorsed (hence, ‘uploaded’) at the EU level and then adopted (hence, ‘downloaded’) in other countries, albeit with considerable national variations. The two main caveats are that the British plan was not particularly innovative – it provided a functional solution to the problem at hand – and the adoption of similar measures across Europe was politically feasible because this did not envisage any substantial EU‐level intervention as it proposed parallel national solutions to a common problem.

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  • Lucia Quaglia, 2009. "The ‘British Plan’ as a Pace‐Setter: The Europeanization of Banking Rescue Plans in the EU?," Journal of Common Market Studies, Wiley Blackwell, vol. 47(5), pages 1063-1083, November.
    • Handle: RePEc:bla:jcmkts:v:47:y:2009:i:5:p:1063-1083
    DOI: 10.1111/j.1468-5965.2009.02035.x
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    References listed on IDEAS

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    1. Louis W. Pauly, 2009. "The Old and the New Politics of International Financial Stability," Journal of Common Market Studies, Wiley Blackwell, vol. 47(5), pages 955-975, November.
    2. Radaelli, Claudio M., 2004. "Europeanisation: Solution or problem?," European Integration online Papers (EIoP), European Community Studies Association Austria (ECSA-A), vol. 8, October.
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    8. Iain Hardie & David Howarth, 2009. "Die Krise but not La Crise? The Financial Crisis and the Transformation of German and French Banking Systems," Journal of Common Market Studies, Wiley Blackwell, vol. 47(5), pages 1017-1039, November.
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    10. Rose, Richard, 1991. "What is Lesson-Drawing?," Journal of Public Policy, Cambridge University Press, vol. 11(1), pages 3-30, January.
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    13. Lucia Quaglia & Robert Eastwood & Peter Holmes, 2009. "The Financial Turmoil and EU Policy Co‐operation in 2008," Journal of Common Market Studies, Wiley Blackwell, vol. 47(s1), pages 63-87, September.
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    Cited by:

    1. Emiliano Grossman & Cornelia Woll, 2014. "Saving the Banks: The Political Economy of Bailouts," SciencePo Working papers Main hal-02186491, HAL.

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