Completing the single market in financial services: the politics of competing advocacy coalitions

Quaglia, Lucia

doi:10.1080/13501763.2010.499239

Cited by 73 publications

(41 citation statements)

References 33 publications

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“…Furthermore, it attaches less importance to the distinction between labour/social democrats and right-wing/conservative governments as compared to the seminal works of Hopner (2003) and Deeg (2005). It rather stresses the difference between a 'marketshaping' approach, leaning towards a regulatory intervention of public authorities in the field of corporate accountability, and a 'light touch', 'market-making' approach, in which private organisations and professional bodies are setting the standards (on the difference between the two and its relevance to EU policies see Quaglia 2010). In rather stylised terms, which would need further analyses at the EU, national and global levels, the article maintains that the EU directive was supported by a broadening section of investors, together with a network of NGOs and parts of the European trade unions (TUs).…”

Section: Coalitions and Conflicts Behind The Eu Directive On Non-finamentioning

confidence: 99%

The ‘Coalition of the Unlikely’ Driving the EU Regulatory Process of Non-Financial Reporting

Monciardini

2016

Social and Environmental Accountability Journal

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The article investigates the driving forces that have been shaping the regulatory process of the EU directive on non-financial reporting (NFR). Drawing on a three-year empirical study, it argues that the latter was driven by a "coalition of the unlikely", led by a growing section of investors, together with a network of NGOs and parts of European trade unions. Rather than a formal alliance, we are witnessing the emergence of an objective convergence of interests amongst the three groups of actors, aimed at limiting managers' power and obtaining more corporate transparency and accountability. Deploying a political economy explanatory framework, the paper originally contributes to the existing literature on EU CSR policy, focused on the cleavage between business and civil society. The role of EU regulators (the "Barnier-effect") in supporting mandatory NFR and the impact of the financial crisis, seen as catalysts for changes, are also taken into account. The paper concludes discussing some implications for policy-makers and research.

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Section: Coalitions and Conflicts Behind The Eu Directive On Non-finamentioning

confidence: 99%

The ‘Coalition of the Unlikely’ Driving the EU Regulatory Process of Non-Financial Reporting

Monciardini

2016

Social and Environmental Accountability Journal

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“…In negotiations at the EU level, governments defend these interests. Quaglia (2010) amends the 'materialist' approach by integrating ideas into the framework. In the process of financial market integration, competing advocacy coalitions are organized around two belief systems: a market shaping or a market friendly approach.…”

Section: Perspectives On European Financial Market Integrationmentioning

confidence: 98%

How the European Commission deepened financial market integration. The battle over the liberalization of public banks in Germany

Seikel

2013

Journal of European Public Policy

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In this article, I argue that the European financial market integration cannot be understood without the European Commission's gradual enforcement of supranational competition law for financial services. The conflict over the liberalization of public banks in Germany demonstrates how the Directorate General for Competition (DG COMP) deepened financial market integration through legal proceedings without the participation of the Council of Ministers. How could DG COMP prevail over the fierce resistance of Germany even though member states never intended for European law to have enough leverage to alter core elements of national financial systems? The article focuses on DG COMP's capacities for strategic action. DG COMP was able to enforce European competition rules for financial services, skilfully combining its legal competences with political strategies. The case illustrates that the regulatory integration of financial services in the EU is much more driven by supranational institutions than assumed by the bulk of the literature.

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“…One notable case was the most important directive passed concerning the regulation of securities markets in the EU over the last decade, namely the Markets in Financial Instruments directive (MiFID) (see Mu¨gge 2007;Macartney 2009). In the negotiations of the MiFID two main coalitions of policymakers and stakeholders, the Northern coalition, led by the United Kingdom and the Southern coalition, led by France, competed against each other in order to upload their preferred regulatory template at the EU level (Quaglia, 2008b). In that case, unlike in the insurance sector, the EU regulatory process had to reconcile very different views about how to regulate securities markets in the EU.…”

Section: Quagliamentioning

confidence: 99%

The politics of insurance regulation and supervision reform in the European Union

Quaglia

2011

Comp Eur Polit

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In the late 2000s, the European Union (EU) undertook a significant reform of the framework for insurance regulation and supervision through the Solvency II directive, which substantially updated prudential rules and supervisory practices. This article addresses the question of what has driven the reform of the framework for insurance regulation and supervision in the EU. It is argued that the politics of the Solvency II directive was characterised by a strong alliance between the Commission and the United Kingdom, backed up by the large member states, some old member states and industry, particularly large companies and transnational groups. The United Kingdom was, however, the pace setter, whose influence was underpinned by the size of its insurance market; the expertise and effective coordination of national policymakers, and a state-of-the-art domestic regulatory model.

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Completing the single market in financial services: the politics of competing advocacy coalitions

Cited by 73 publications

References 33 publications

The ‘Coalition of the Unlikely’ Driving the EU Regulatory Process of Non-Financial Reporting

The ‘Coalition of the Unlikely’ Driving the EU Regulatory Process of Non-Financial Reporting

How the European Commission deepened financial market integration. The battle over the liberalization of public banks in Germany

The politics of insurance regulation and supervision reform in the European Union

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