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From Outsiders to Insiders: A Civil Society Perspective on EU Financial Reforms

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  • Lisa Kastner

    (Sciences Po - Sciences Po)

Abstract

This article examines the role of non-financial interest groups in EU financial regulatory decisionmaking. While regulatory capture theories clearly helped identify the causes for the incrementality in spite of the major shock the 2008 crisis had caused, this article will consider a range of regulatory policy initiatives that do not neatly conform with this theory. I examine the extent to which nonfinancial groups are able to have their preferences met in the making of three different consumer policies: the Mortgage Credit Directive (MCD), stricter regulations of retail investment products (PRIPs/KID) and the reform of EU level supervisory structures. By employing a process-tracing approach based on qualitative interviews to analyze political responses to the 2008 financial crisis, the article demonstrates that newly mobilized groups could translate key advocacy goals into policy by deploying counter-expertise and co-operating with policy-makers in some cases but not in others.

Suggested Citation

  • Lisa Kastner, 2017. "From Outsiders to Insiders: A Civil Society Perspective on EU Financial Reforms," Post-Print hal-02184200, HAL.
    • Handle: RePEc:hal:journl:hal-02184200
    DOI: 10.1111/jcms.12644
    Note: View the original document on HAL open archive server: https://sciencespo.hal.science/hal-02184200
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    References listed on IDEAS

    as
    1. James Buckley & David Howarth, 2010. "Internal Market: Gesture Politics? Explaining the EU's Response to the Financial Crisis," Journal of Common Market Studies, Wiley Blackwell, vol. 48(s1), pages 119-141, September.
    2. Lisa Kastner, 2014. "'Much ado about nothing?' Transnational civil society, consumer protection and financial regulatory reform," Review of International Political Economy, Taylor & Francis Journals, vol. 21(6), pages 1313-1345, December.
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    8. Jennifer Clapp & Eric Helleiner, 2012. "Troubled futures? The global food crisis and the politics of agricultural derivatives regulation," Review of International Political Economy, Taylor & Francis Journals, vol. 19(2), pages 181-207.
    9. Stefano Pagliari & Kevin L. Young, 2014. "Leveraged interests: Financial industry power and the role of private sector coalitions," Review of International Political Economy, Taylor & Francis Journals, vol. 21(3), pages 575-610, June.
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