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The European Union and Global Financial Regulation$
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Lucia Quaglia

Print publication date: 2014

Print ISBN-13: 9780199688241

Published to Oxford Scholarship Online: August 2014

DOI: 10.1093/acprof:oso/9780199688241.001.0001

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The EU and Global Banking Regulation

The EU and Global Banking Regulation

(p.25) 3 The EU and Global Banking Regulation
The European Union and Global Financial Regulation

Lucia Quaglia

Oxford University Press

Banking was the first financial service to be subject to regulatory harmonization. However, banking regulation has mainly been designed to foster integration in the EU, rather than setting prudential rules (e.g. capital requirements). Over time, the EU has downloaded international capital requirements (the so-called Basel accords), albeit taking into account European ‘specificities’. In the negotiations of the Basel accords, the EU did not present a united front because its member states had different priorities, rooted in their domestic political economies. Banking regulation is a dual (i.e. a state and federal) competence in the US. The US, together with the UK, was able to upload its domestic capital requirements internationally in the late 1980s. The Basel I accord set in place a process of path-dependence and subsequently the US agreed to download Basel II and III.

Keywords:   banking regulation, banking supervision, Basel accords, Basel I, Basel II, Basel III, Basel Committee on Banking Supervision (BCBS), capital requirements

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