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Integrating rules, disintegrating markets : the end of national discretion in European banking?
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McPhilemy, Samuel (2014) Integrating rules, disintegrating markets : the end of national discretion in European banking? Journal of European Public Policy, Volume 21 (Number 10). pp. 1473-1490. doi:10.1080/13501763.2014.897363 ISSN 1350-1763.
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Official URL: http://dx.doi.org/10.1080/13501763.2014.897363
Abstract
This article examines the integration of prudential banking regulation and supervision in the European Union. It demonstrates that incremental integration in the two decades preceding the sovereign debt and banking crisis produced a regulatory process that afforded member states wide discretion when it came to implementing European rules at the national level. Decentralized implementation was an aggravating factor in the partial disintegration of the Single Market in financial services since 2008. The recently agreed ‘Single Rulebook’ and ‘Single Supervisory Mechanism’ reduce the scope for home bias in the implementation of European rules, thereby shifting the regulatory process in banking closer towards an idealized ‘end-point’ of outright supranational governance. However, change is taking place within an increasingly complex regulatory environment that is shaping the outcome of reform. One consequence is that national discretion in some important prudential areas will persist.
Item Type: | Journal Article | ||||
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Divisions: | Faculty of Social Sciences > Politics and International Studies | ||||
Journal or Publication Title: | Journal of European Public Policy | ||||
Publisher: | Routledge | ||||
ISSN: | 1350-1763 | ||||
Official Date: | 2014 | ||||
Dates: |
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Volume: | Volume 21 | ||||
Number: | Number 10 | ||||
Page Range: | pp. 1473-1490 | ||||
DOI: | 10.1080/13501763.2014.897363 | ||||
Status: | Peer Reviewed | ||||
Publication Status: | Published | ||||
Access rights to Published version: | Restricted or Subscription Access |
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