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The Geoeconomics of the Single Market for Financial Services

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  • Lucia Quaglia
  • Amy Verdun

Abstract

We discuss the geoeconomics of the Single Market in financial services in the European Union (EU). We examine three case studies that concern the EU and other major jurisdictions and that range from incipient geoeconomic use to outward weaponisation of the Single Market in finance. These cases are (1) the post‐2008 crisis transatlantic tug of war, whereby the EU leveraged its Single Market vis‐à‐vis the United States, seeking to set the rules for global finance; (2) the Brexit negotiations, when the EU acted as a bloc against the United Kingdom and successfully safeguarded the integrity of the Single Market; and (3) the fulsome war in Ukraine, during which the EU ‘weaponised’ its Single Market through the adoption of financial sanctions against Russia. We argue that a combination of external and internal factors accounts for this pattern: the evolution of the international economic and political system, in particular, the increasing challenges to the liberal international order, and intra‐EU developments, namely, the EU's ability to deploy its Single Market geoeconomically.

Suggested Citation

  • Lucia Quaglia & Amy Verdun, 2024. "The Geoeconomics of the Single Market for Financial Services," Journal of Common Market Studies, Wiley Blackwell, vol. 62(4), pages 1046-1062, July.
    • Handle: RePEc:bla:jcmkts:v:62:y:2024:i:4:p:1046-1062
    DOI: 10.1111/jcms.13595
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    Cited by:

    1. Anna Herranz‐Surrallés & Chad Damro & Sandra Eckert, 2024. "The Geoeconomic Turn of the Single European Market? Conceptual Challenges and Empirical Trends," Journal of Common Market Studies, Wiley Blackwell, vol. 62(4), pages 919-937, July.
    2. Sarah Bauerle Danzman & Sophie Meunier, 2024. "The EU's Geoeconomic Turn: From Policy Laggard to Institutional Innovator," Journal of Common Market Studies, Wiley Blackwell, vol. 62(4), pages 1097-1115, July.
    3. Sandra Eckert, 2024. "Business Power and the Geoeconomic Turn in the Single European Market," Journal of Common Market Studies, Wiley Blackwell, vol. 62(4), pages 973-992, July.

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