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The European Union, the USA and International Standard Setting by Regulatory Fora in Finance

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  • Lucia Quaglia

Abstract

This research asks why the European Union (EU) 'uploads' financial regulation to international regulatory fora in some (few) cases, 'downloads' it in (many) other cases or neither. It uses the concept of 'regulatory capacity' with reference to the EU and the USA. It argues that the presence (or absence) of robust domestic regulatory templates strengthen (or weaken) the ability of these jurisdictions to shape international standards produced by regulatory fora. Timing is also important in that whichever of the two manages to be out in front and shape international standards in a given sector wins first-mover advantages. The paper considers variations across the main financial services (banking, securities and insurance) as well as over time.

Suggested Citation

  • Lucia Quaglia, 2014. "The European Union, the USA and International Standard Setting by Regulatory Fora in Finance," New Political Economy, Taylor & Francis Journals, vol. 19(3), pages 427-444, May.
    • Handle: RePEc:taf:cnpexx:v:19:y:2014:i:3:p:427-444
    DOI: 10.1080/13563467.2013.796449
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    References listed on IDEAS

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    1. Kenneth Spong, 2000. "Banking regulation : its purposes, implementation, and effects," Monograph, Federal Reserve Bank of Kansas City, number 2000bria, March.
    2. Jonathan Story & Ingo Walter, 1997. "Political Economy of Financial Integration in Europe: The Battle of the Systems," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262692031, April.
    3. Daniel W. Drezner, 2007. "Bringing the Great Powers Back In, from All Politics Is Global: Explaining International Regulatory Regimes," Introductory Chapters, in: All Politics Is Global: Explaining International Regulatory Regimes, Princeton University Press.
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    Cited by:

    1. Stefan Renckens & Grace Skogstad & Matthieu Mondou, 2017. "When Normative and Market Power Interact: The European Union and Global Biofuels Governance," Journal of Common Market Studies, Wiley Blackwell, vol. 55(6), pages 1432-1448, November.
    2. Farrell Henry & Newman Abraham L., 2015. "Structuring power: business and authority beyond the nation state," Business and Politics, De Gruyter, vol. 17(3), pages 527-552, October.
    3. Cyril Benoît, 2023. "The regulatory path to healthcare systems’ financialization," Post-Print hal-04220439, HAL.

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