Padoa-Schioppa as money doctor: Multilayered macro-prudential supervision and European integration

2021 ◽  
pp. 121-138
Author(s):  
Fabio Masini
Keyword(s):  
European Integration ◽  
Financial Regulation ◽  
Financial Supervision ◽  
Prudential Supervision ◽  
Integration Project ◽  
Supranational Level ◽  
Personal Engagement

The dominant narrative describes Tommaso Padoa-Schioppa as a rather in-transigent, austerity-biased, market-preserving money doctor. He certainly was a leading actor in macro-prudential financial supervision, both at the national and supranational level. His personal engagement in many and diverse supervisory or-ganizations testifies of his idea that financial regulation and stability are a crucial stabilizing feature in a highly unstable and interdependent world. Guiding expecta-tions among market agents and providing a credible framework of financial rules is key to both stability and growth. This paper explores the connection between his contributions to financial supervision and the issue of an evolving and unfinished (thus particularly fragile) European integration project, challenging the idea that he was a radical market supporter.

Economic Patriotism After the Crisis: Explaining Continuity and Change in European Securities Enforcement

2018 ◽  
Author(s):  
Chase Foster
Keyword(s):  
Financial Crisis ◽  
Insider Trading ◽  
Financial Regulation ◽  
Global Financial Crisis ◽  
Financial Supervision ◽  
Financial Centre ◽  
Continuity And Change ◽  
Financial Interests ◽  
Mixed Pattern ◽  
The Uk

Since the global financial crisis, European governments have sought to intensify the supervision of financial markets. Yet, few studies have empirically examined whether regulatory approaches have systematically shifted in the aftermath of the crisis, and how these reforms have been mediated by longstanding national strategies to promote domestic financial interests in the European single market. Examining hundreds of enforcement actions in three key European jurisdictions, I find a mixed pattern of continuity and change in the aftermath of the crisis. In the UK, aggregate monetary penalties and criminal sanctions have skyrocketed since 2009, while in France and Germany, the enforcement pattern suggests continuity, with both countries assessing penalties and prosecuting insider trading at similar rates before and after the crisis. I conclude that financial regulation is still structured by longstanding industrial strategies (Story and Walter, 1997), but where pre-existing regulatory approaches were seen as contributing to the crisis, a broader regulatory overhaul has been pursued. Thus, in the UK, where the financial crisis served as a direct rebuke to the country’s “light touch” regulation, financial supervision was overhauled, and monetary sanctions dramatically increased, to preserve London’s status as an international financial centre. By contrast, in France and Germany, where domestic regulatory systems were implicated by the financial crisis, domestic securities supervision and enforcement was less dramatically altered. While the crisis has led to the further institutionalization of European-level supervisory institutions, these changes have not yet led to convergence in national regulatory approaches.   Full text available at: https://doi.org/10.22215/rera.v12i1.1233

scholarly journals The European Administration as a Facilitator of the European Integration Process: Organizational and Ethical Implications from the Proliferation of European Union Agencies

2021 ◽  
Vol 1 (15) ◽  
pp. 78-94
Author(s):  
Giorgio Oikonomou
Keyword(s):  
European Integration ◽  
Sharp Increase ◽  
Research Question ◽  
Eu Enlargement ◽  
Policy Area ◽  
Ethical Implications ◽  
European Court ◽  
Integration Project ◽  
The Eu

The purpose of this study is to explore the evolution of EU administration by focusing and critically examining the role of EU agencies in advancing the European integration project. The research question deals with identifying the factors that account for the formulation of EU agencies and the reasons behind their sharp increase in numbers since the 2000s. The tasks are to analyse critical EU agencies’ parameters such as their typology, the policy area they deal with, origin of their resources and funding, and their output. In addition, transparency and accountability issues accompanying the proliferation of EU agencies are also considered. Emphasis is placed on the evolution of the European administration as expressed by the establishment of various types of agencies since 1975 thereafter. Methodologically, the research utilizes quantitative data based on annual EU budgets as well as official reports and policy papers issued by main EU institutions (European Commission, European Parliament, European Court of Auditors) and agencies, analyzing them from a historical perspective. As a result, it is argued that the proliferation of EU agencies has advanced the process of European integration, namely the EU enlargement and expansion in new policy areas following successive reforms of the Treaties. However, concerns regarding accountability and transparency issues remain in place.

16. Trade Policy

2020 ◽  
pp. 363-387
Author(s):  
Alasdair R. Young
Keyword(s):  
United States ◽  
Trade Policy ◽  
European Integration ◽  
The United States ◽  
Bilateral Agreements ◽  
Multilateral Negotiations ◽  
The World ◽  
Integration Project ◽  
The Eu

This chapter introduces the importance of EU trade policy both to the European integration project and to the EU’s role in the world. It explains how different aspects of trade policy are made. The chapter also charts how the emphasis of EU trade policy has shifted from prioritizing multilateral negotiations to pursuing bilateral agreements. It considers how the EU has responded to the apparent politicization of trade policy within Europe and to the United States’ more protectionist and unilateral trade policy. It also considers Brexit EU trade policy and how trade policy complicated Brexit. It argues that there has been considerable continuity in EU trade policy despite these challenges.

scholarly journals Precarization of work and employment in the light of competitive Europeanization and the fragmented and flexible regime of European production

2020 ◽  
pp. 030981681990012
Author(s):  
Stefanie Hürtgen
Keyword(s):  
European Integration ◽  
Social Geography ◽  
Division Of Labour ◽  
Sociology Of Work ◽  
Nation States ◽  
Social Polarization ◽  
Technological Modernization ◽  
Integration Project ◽  
Integrative Social ◽  
European Production

In current debates on precarization in Europe, a transnational and more class-based perspective is demanded. While fully supporting this request, this article nevertheless notices that, often, when it comes to the economic logic of current Europeanization, scholars have only taken a one-sided look at financial capital and financialization. What is needed is a deeper conceptual understanding of European labour and production processes and how their transnational organization is interwoven with both the European integration project and rising precarization. In an inter-disciplinary approach, combining critical political economy, economic and social geography, and the sociology of work and industry, this article seeks to tackle the problem and develops three main arguments. The first is that, long before the 2008ff. crisis, a mode of Europeanization as multi-scalar competitive integration developed, one that, basically, takes socio-spatial unevenness as a competitive advantage. The second argument is that the backbone of this competitive Europeanization mode is a transnationalized European regime of fragmented and flexible production. This regime particularizes labour and labour processes on all social scales, within and beyond nation-states, by putting them in a competitive relation to each other. The third argument is that due to permanent transnational restructuring and technological (digital) modernization, no stable socio-spatial division of labour within and among the European countries arises. Instead, permanently changing forms of labour’s social polarization occur, a finding that questions classic ideas of social development through economic and technological modernization. Precarization, defined as the detachment of dependent labour working conditions from the means of integrative social participation, hereby describes a specific concentration of a nevertheless wider structural uncertainty that is inherent to both the mode of European integration and the regime of European production.

Unequal Europe

2019 ◽  
Author(s):  
Jason Beckfield
Keyword(s):  
European Integration ◽  
Unintended Consequences ◽  
Household Level ◽  
Nation States ◽  
Level Data ◽  
Single European Act ◽  
Distribution Of Resources ◽  
Eu Policies ◽  
National Economies ◽  
Integration Project

The Euro-crisis of 2009–2012 and the UK’s 2016 vote to leave the EU vividly demonstrated that EU policies matter for the distribution of resources within and between European nation-states. Throughout these events, distributive conflicts between the European Union’s winners and losers intensified, and continue today. This book places these events into a broader historical, sociological, and economic perspective by analyzing how European integration has reshaped the distribution of income across the households of Europe. The motivating question is: who wins and who loses from European integration? Using individual- and household-level income survey data, combined with macro-level data on social policies, and case studies of welfare reforms in EU and non-EU states, this book shows how European integration has restratified Europe by simultaneously drawing national economies closer together and increasing inequality among households. With the benefit of hindsight, we can now see that the Single European Act of 1985 had an array of intended and unintended consequences for inequality in Europe. With the Single European Act, EU policymakers revived the integration project by elevating the single market to the top priority of European law and by constitutionalizing the idea that markets solve social and political problems.

The Citizenship Paradigm

2013 ◽  
Vol 15 ◽  
pp. 197-225 ◽  
Author(s):  
Dimitry Kochenov
Keyword(s):  
European Integration ◽  
Internal Market ◽  
European Citizenship ◽  
European Unity ◽  
Integration Project

AbstractThis chapter suggests the deployment of the concept of European citizenship as a means of integration alongside the internal market, proposing the citizenship paradigm of European integration to inform the Union’s future. This proposal, based on a combination of the initial promise of European unity and the potential of EU citizenship, is not purely utopian but is directly rooted in the primary law as well as in the purpose of the integration project.

Discussion on Strengthening Financial Supervision of Pharmaceutical Industry under the Background of New Medical Reform

2017 ◽  
Vol 23 (3) ◽  
Author(s):  
Chunjiang Yang ◽  
Xiuli Tan ◽  
Yujiang Yang ◽  
Anqel Chen
Keyword(s):  
Pharmaceutical Industry ◽  
Financial Regulation ◽  
Market Competition ◽  
Living Environment ◽  
Financial Supervision ◽  
Pharmaceutical Companies ◽  
Existing Problems ◽  
Medical Reform ◽  
And Control ◽  
Pharmaceutical Enterprises

Abstract: with the continuous development of the economy and the improvement of the medical technological level, China's pharmaceutical industry is also undergoing sustainable development while the market competition among pharmaceutical companies is being intensified. Leading the operation of pharmaceutical companies and promoting the progress of the pharmaceutical industry, financial regulation is the most important part of many management projects. Hence, strengthening the financial supervision of pharmaceutical companies has become the key to the development of the pharmaceutical industry. However, the financial supervision of domestic pharmaceutical companies under the new medical reform shows many problems, such as poor concept of financial supervision, weak basic supervision, weak budget management and control as well as poor cost control capacity, which make the financial supervision of pharmaceutical enterprises can not proceed smoothly. Therefore, corresponding countermeasures need to be developed. By analyzing the changes of the living environment of domestic pharmaceutical enterprises and the development of financial supervision under the new medical reform, this paper discusses the existing problems in the financial supervision of pharmaceutical enterprises, and puts forward corresponding measures to promote the development of the pharmaceutical industry.

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