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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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An Overall Cross-Sectoral Assessment Over Time

An Overall Cross-Sectoral Assessment Over Time

(p.159) 7 An Overall Cross-Sectoral Assessment Over Time
The European Union and Global Financial Regulation

Lucia Quaglia

Oxford University Press

This chapter discusses the various combinations of regulatory capacity in the EU and the US, as well as the sequencing effects in the development of domestic regulatory capacity (at the national or regional level) and international standard-setting. Alternative or complementary explanations for the politics of international standard-setting are examined, in particular market size and lobbying from the financial industry. It explains the development of regulatory capacity in the EU, pointing out the role of the Commission, which often acted as policy entrepreneur, and the preferences of the member states, whose support was needed for the adoption of new regulatory templates. In turn, member states’ preferences were mostly rooted in their domestic political economy. The last section discusses the proposal for Banking Union, elaborating its implications for the EU and international financial regulation.

Keywords:   combination of regulatory capacities, sequency effects, path-dependence, alternative explanations, complementary explanations, Banking Union

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