The politics of financial services regulation and supervision reform in the European Union

Quaglia, Lucia (2007) The politics of financial services regulation and supervision reform in the European Union. European Journal of Political Research, 46 (2). pp. 269-290. ISSN 0304-4130

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Abstract

The regulation and supervision of financial services in the European Union (EU) has undergone major reform between 1999 and 2004. This policy evolution is theoretically interesting, raising the question of which conceptual approaches better explain it, and it is also empirically relevant because it is an area of intense EU activity. This article provides a theoretically informed and empirically grounded explanation of the policy reform by evaluating the analytical leverage of three integration theories, mainly by relying on two methods process tracing and congruence procedure employing a variety of primary and secondary sources. It is argued that sequencing different theoretical approaches interdependence, supranational governance and liberal intergovernmentalism explains the various stages of the policy-making process namely, background-setting, agenda-setting and decision making, as well as the main features of the outcome.

Item Type: Article
Additional Information: According to the ISI web of science, the EJPR is one of the very top journals in Political Science. This article provides a theoretically-informed and empirically-grounded explanation of the reform of financial services regulation and supervision in the European Union that took place between 1998 and 2005. Methodologically, it relies on process- tracing and congruence procedures, employing a variety of primary and secondary sources. It makes an important theoretical contribution to the literature on European integration and political science more generally, arguing that sequencing different theoretical approaches - interdependence, supranational governance and intergovernmentalism - explains the various stages of the policy making process, namely, background-setting, agenda-setting and decision-making. This is one of the very few articles written by political scientists on financial services regulation, and it is the very first one to analyse the so-called Lamfalussy reform in the EU. Although it was published recently it is already widely quoted in papers in the field, some of which are in the process of being published as journal articles or book chapters.
Schools and Departments: School of Law, Politics and Sociology > Politics
Depositing User: Lucia Quaglia
Date Deposited: 06 Feb 2012 18:19
Last Modified: 13 Jun 2012 15:51
URI: http://sro.sussex.ac.uk/id/eprint/15742
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