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The ‘Old’ and ‘New’ Politics of Financial Services Regulation in the European Union

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  • Lucia Quaglia

Abstract

This research examines the regulatory response of the European Union to the global financial crisis, addressing the questions of whether, how and why the global financial crisis has changed the ‘old’ politics of financial services regulation in the EU and resulted in the emergence of a ‘new’ politics. It is argued that, with a good dose of political opportunism and ‘anti-free market’ rhetoric, a continental advocacy coalition sponsoring a ‘market-shaping’ regulatory approach has capitalised on the crisis, tipping the balance of regulatory power in the EU in its favour, as compared to the pre-crisis situation.

Suggested Citation

  • Lucia Quaglia, 2012. "The ‘Old’ and ‘New’ Politics of Financial Services Regulation in the European Union," New Political Economy, Taylor & Francis Journals, vol. 17(4), pages 515-535.
  • Handle: RePEc:taf:cnpexx:v:17:y:2012:i:4:p:515-535
    DOI: 10.1080/13563467.2012.622360
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    Cited by:

    1. Lucia Quaglia, 2021. "It Takes Two to Tango: The European Union and the International Governance of Securitization in Finance," Journal of Common Market Studies, Wiley Blackwell, vol. 59(6), pages 1364-1380, November.
    2. Mark Copelovitch & David A. Singer, 2017. "Tipping the (Im)balance: Capital inflows, financial market structure, and banking crises," Economics and Politics, Wiley Blackwell, vol. 29(3), pages 179-208, November.
    3. Skyrman, Viktor, 2024. "Industrial policy, progressive derisking, and the financing of Europe's green transition," Working Papers 78, Austrian Foundation for Development Research (ÖFSE).
    4. Claire A. Dunlop & Claudio M. Radaelli, 2016. "Policy learning in the Eurozone crisis: modes, power and functionality," Policy Sciences, Springer;Society of Policy Sciences, vol. 49(2), pages 107-124, June.

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