Regulating Corporate Governance in the EU

Financialisation as the core problem for a “Social Europe”

“…The European Union also actively pursued the implementation of the logic of financial markets in additional economic and social sectors, as far as its legal competences allowed it. Particularly important was the deepening of market for corporate control, in particular via the harmonisation of company law and the takeover directive (Horn, 2012), the dissolution of golden shares (Werner, 2013) and the capital market-based accounting standards discussed above. In particular in Southern Europe, the European Union also has deepened financialisation by its focus on large scale privatisation measures of social infrastructures, given that these privatisations usually were followed by listings on stock exchanges (Deckwirth, 2008).…”