A wall around Europe? The European regulatory response to the global financial crisis and the turn in transatlantic relations

Article English OPEN
Pagliari, S. (2012)

This article explores the impact of the European regulatory response to the global financial crisis in the governance of transatlantic financial markets. The main argument is that European regulatory initiatives have sought to expand European regulatory clout over market actors domiciled in third countries but operating in European markets, thus departing from the authority-sharing arrangements that had informed the construction of an integrated transatlantic market for financial services in the period preceding the crisis. The article will explain this shift in the European approach towards the regulation of transatlantic markets by exploring the reconfiguration of EU financial regulatory politics triggered by the financial crisis. This argument will be developed by analysing the regulatory framework introduced in the EU to regulate OTC derivatives, rating agencies, and hedge funds.
  • References (9)

    Abdelal, R. and Meunier, S. (2010) 'Managed Globalization: Doctrine, Practice, and Promise'. Journal of European Public Policy 17(3): 349-66.

    AIMA (2009) 'AIMA Warns of Global Impact of EU AIFM Directive'. London, Alternative Investment Managers Association, 27 July 2009.

    Barber, L., Benoit, B. and Williamson, H. (2008) 'March to the middle: Merkel celebrates Germany's social market model'. Financial Times, 10 June 2008.

    Buckley, J. and Howarth, D. (2010) 'Internal Market: Gesture Politics? Explaining the EU's Response to the Financial Crisis'. Journal of Common Market Studies, 48: 119-41.

    CFTC (2011) Statement of Jill E. Sommers Before the Subcommittee on General Farm Commodities and Risk Management, House Committee on Agriculture. U.S. Commodity Futures and Trading Commission, 25 May 2011.

    CFTC and SEC (2012), Join Report on International Swap Regulation, Commodity Futures Trading Commission and Securities and Exchange Commission, 31 January 2012.

    DTCC (2010) DTCC to Establish European-Based Trade Reporting Repository. The Depository Trust & Clearing Corporation, 1 July 2010.

    Engelen, K. (2004) 'Das empire strikes back: German banks have had enough of Standard and Poor's and other agencies, and they're not going to take it any more'. The International Economy, January.

    European Central Bank (2011), Eurosystem Oversight Policy Framework, July 2011.

  • Metrics
    views in OpenAIRE
    views in local repository
    downloads in local repository

    The information is available from the following content providers:

    From Number Of Views Number Of Downloads
    City Research Online - IRUS-UK 0 160
Share - Bookmark