References of "Quaglia, Lucia 50009013"
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See detailThe Political Economy of European Capital Markets Union
Howarth, David UL; Quaglia, Lucia UL; Liebe, Moritz UL

in Journal of Common Market Studies (2016), 54(S1), 185203

In September 2015 the European Commission put forward an Action Plan for Capital Markets Union (CMU) and two legislative proposals concerning securitization. Further legislative activity was to follow ... [more ▼]

In September 2015 the European Commission put forward an Action Plan for Capital Markets Union (CMU) and two legislative proposals concerning securitization. Further legislative activity was to follow. This contribution undertakes a preliminary investigation of the ‘making’ of the CMU project, explaining what CMU is, its economic and political objectives, as well as its main drivers and obstacles. It is argued that the likely winners and losers of the project – both financial groups and specific Member State governments – largely formed the constituencies for and against CMU. The organization of national financial (and specifically banking) systems largely directed Member State government preferences on CMU. The potential winners were also influential in promoting a specific form of CMU, or at least specific priorities in the construction of CMU. The centrality of banks in EU national financial systems explains the priority attached to securitization in the first stage of the CMU project. [less ▲]

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See detailThe ‘ebb and flow’ of transatlantic regulatory cooperation in banking
Howarth, David UL; Quaglia, Lucia UL

in Journal of Banking Regulation (2016)

Do financial crises promote or hamper transatlantic regulatory cooperation in banking? This article argues that financial crises have an impact upon the alignment of regulatory preferences of the United ... [more ▼]

Do financial crises promote or hamper transatlantic regulatory cooperation in banking? This article argues that financial crises have an impact upon the alignment of regulatory preferences of the United States (US) and the European Union (EU), causing an ‘ebb and flow’ in transatlantic cooperation. When EU-US preferences are broadly aligned in periods of financial stability, transatlantic regulatory cooperation is intense. It is relatively easy for the EU and US to agree on market-friendly regulation promoted by banks. When preferences are different, especially in the context and aftermath of the exogenous shock of financial crises, transatlantic cooperation is more problematic because crises re-assert the importance of nationally embedded patterns of market organisation. [less ▲]

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See detailThe Comparative Political Economy of Basel III
Howarth, David UL; Quaglia, Lucia UL

E-print/Working paper (2015)

The Basel III Accord was the centerpiece of the international regulatory response to the global financial crisis, setting new capital requirements for internationally active banks. This paper explains the ... [more ▼]

The Basel III Accord was the centerpiece of the international regulatory response to the global financial crisis, setting new capital requirements for internationally active banks. This paper explains the divergent preferences on Basel III of national regulators in three countries that approximate what are frequently presented as distinct varieties of capitalism in Europe – Germany, the United Kingdom and France. It is argued that national regulators faced a ‘trilemma’ in setting capital requirements, having to prioritize among banking sector stability, the competitiveness of national banks and short to medium term economic growth. Different varieties of national financial system – specifically, banking system and different kinds of ‘banking champions’ – explain the different prioritization of objectives in the ‘trilemma’ and hence for the divergent preferences of national regulators on Basel III capital requirements. [less ▲]

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See detailSupranational Banking Supervision in Europe: The Construction of a Credible Watchdog
Howarth, David UL; Quaglia, Lucia UL; Gren, Jakub UL

in Journal of Common Market Studies (2015), 53(s1),

Does the institutional design of the European Single Supervisory Mechanism (SSM) and its first assessment of systemically important bank stability bolster the credibility of supranational banking ... [more ▼]

Does the institutional design of the European Single Supervisory Mechanism (SSM) and its first assessment of systemically important bank stability bolster the credibility of supranational banking supervision in Europe? One crucial measure of credibility with regard to the SSM and NCA supervision of less significant banks — the large majority of euro area headquartered bank not subject to direct ECB supervision — is the assurance of consistent supervision in the euro area. This involves some degree of convergence of NCA supervision in order to prevent national supervisory forebearance of struggling banks. This contribution thus examines whether or not the design of the SSM provides the foundation to build convergence in euro area supervision of less significant banks, despite very different national supervisory practices and institutional frameworks. The Principal-Agent approach is used to assess the credibility of the SSM design in terms of providing the foundation for consistent supervision. This contribution also examines the credibility of the ECB’s direct supervision of significant banks. The management of the ECB’s Comprehensive Assessment of signficant banks can be seen as the first step in demonstrating the capacity of the ECB to make difficult decisions with regard to the stability of the euro area’s banks. [less ▲]

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See detailDie Bankenunion als Krönung der Wirtschafts- und Währungsunion?
Howarth, David UL; Quaglia, Lucia UL

in Integration (2015), 38(1), 44-59

This article analyses the positions of Germany, France and the EU institutions with regard to the negotiations on two of the most important elements agreed: the Single Supervisory Mechanism (SSM) and the ... [more ▼]

This article analyses the positions of Germany, France and the EU institutions with regard to the negotiations on two of the most important elements agreed: the Single Supervisory Mechanism (SSM) and the Single Resolution Mechanism (SRM). This article highlights the different approaches and lines of conflict on the centralisation of competences, legal basis, and, in case of the SRM, the sources of funding. [less ▲]

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See detailThe New Intergovernmentalism in Financial Regulation and European Banking Union
Howarth, David UL; Quaglia, Lucia UL

in Bickerton, Christopher; Puetter, Uwe; Hodson, Dermot (Eds.) The New Intergovernmentalism States and Supranational Actors in the Post-Maastricht Era (2015)

This contribution asks whether a new type of intergovernmentalism has emerged in financial services regulation and Banking Union. Since financial services are a key area of the single market, the chapter ... [more ▼]

This contribution asks whether a new type of intergovernmentalism has emerged in financial services regulation and Banking Union. Since financial services are a key area of the single market, the chapter concludes by reflecting on whether the governance trends in the financial sector can be generalised to other areas of the single market. It is argued that the single market for financial services, which encompasses financial regulation and the plan for Banking Union, provides an interesting mix of 'old' (community) method and 'new' intergovernmentalism. [less ▲]

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See detailHedge Funds
Howarth, David UL; Quaglia, Lucia UL

in Mügge, Daniel (Ed.) Europe and the Governance of Global Finance (2014)

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See detailThe Ongoing Struggle to 'Protect' Europe from its Money Men
Howarth, David UL; Buckley, James; Quaglia, Lucia UL

in Journal of Common Market Studies (2012), 50(s1), 99-115

This analysis of two of the main pieces of EU financial legislation developed in 2011 demonstrates the extent to which they were designed and subsequently shaped to respond to the preoccupations of ... [more ▼]

This analysis of two of the main pieces of EU financial legislation developed in 2011 demonstrates the extent to which they were designed and subsequently shaped to respond to the preoccupations of powerful EU member states linked to domestic institutional frameworks and national financial systems. On OTC derivatives, EMIR was modified to accommodate German concerns about the incompatibility of the national stock exchange, a major European player in trading and clearing derivatives, with the legislation as initially drafted by the Commission. The CRDIV-CRR was drafted by the Commission to take into consideration European specificities in the implementation of international guidelines on capital requirements and, in particular, French and German concerns on, respectively, the double counting of insurance subsidiary capital and the use of hybrid capital to meet minimum capital thresholds and the definition of liquidity ratios. The Commission’s draft and subsequent positioning directly challenged British and other member state government preference to push for higher requirements in order to reinforce the stability of nationally-based banks and avoid a repeat of 2007-09 when huge amounts of public money were spent to avoid bank collapse. [less ▲]

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