European Financial Integration: Finally the Great Leap Forward?

The recent history of financial integration in Europe can generally be considered a success story, notwithstanding the crisis that has plagued financial sectors in Europe and elsewhere since 2007. There has been significant progress in the area of regulatory integration; however, an in‐depth analysi...

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Bibliographic Details
Published in:Journal of common market studies 2011-03, Vol.49 (2), p.413-435
Main Authors: GROSSMAN, EMILIANO, LEBLOND, PATRICK
Format: Article
Language:English
Subjects:
Accession
Common markets
Contradictions
Economic history
Europe
European studies
European Union
Financial crisis
Financial integration
Financial regulation
Financial services
Humanities and Social Sciences
Integration
Integration and segregation
Market regulation
Market structure
Markets
Monetary policy
Political Integration
Political science
Regulation
Regulation of financial institutions
Studies
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Summary:The recent history of financial integration in Europe can generally be considered a success story, notwithstanding the crisis that has plagued financial sectors in Europe and elsewhere since 2007. There has been significant progress in the area of regulatory integration; however, an in‐depth analysis requires also taking into account what happens on the ground – that is, at the market level. As a consequence of this larger and more interactive point of view, this article shows that financial integration is less uniform than a cursory look at the evolution of European Union regulation would have us believe. This is because national contexts continue to bear considerable weight. In particular, any explanation of the current state of affairs in the EU's financial integration needs to take the market–regulation nexus seriously. This implies looking at market structure as well as at the political and institutional context. This article suggest a framework to explain more adequately the contradictions between regulatory and market integration.
ISSN:0021-9886
1468-5965
DOI:10.1111/j.1468-5965.2010.02145.x