References of "Journal of Common Market Studies"
     in
Bookmark and Share    
Full Text
Peer Reviewed
See detailAccountability in Post‐Crisis Eurozone Governance: The Tricky Case of the European Stability Mechanism
Howarth, David UL; Spendzharova, Aneta

in Journal of Common Market Studies (2019)

Established at the height of the Eurozone sovereign debt crisis, the intergovernmental European Stability Mechanism (ESM) has, potentially, considerable influence over decisions on the provision of loans ... [more ▼]

Established at the height of the Eurozone sovereign debt crisis, the intergovernmental European Stability Mechanism (ESM) has, potentially, considerable influence over decisions on the provision of loans to Eurozone member state governments and on the recapitalization of banks. Legally and organizationally, the ESM is an international financial institution and thus its accountability can be compared to that of the International Monetary Fund (IMF) and other international financial institutions. However, the ESM’s governance structure and decision-making procedures show that it is deeply embedded in the Eurozone governance architecture, resulting in a dual institutional embeddedness. Focusing on vertical and horizontal accountability combined with a learning perspective on accountability, this article presents an assessment of the accountability mechanisms applicable to the idiosyncratic ESM and how these mechanisms work in practice. [less ▲]

Detailed reference viewed: 62 (1 UL)
Full Text
Peer Reviewed
See detailBrexit and the Single European Financial Market
Howarth, David UL; Quaglia, Lucia

in Journal of Common Market Studies (2017), 55(S1), 149164

Brexit raises a set of important questions with reference to the Single Market, especially in financial services. What are the implications of Brexit for the UK and its financial industry; and what are ... [more ▼]

Brexit raises a set of important questions with reference to the Single Market, especially in financial services. What are the implications of Brexit for the UK and its financial industry; and what are the implications of Brexit for the EU and the single financial market? This topic is examined in four consecutive steps. We first discuss the UK’s influence in the development of the single financial market, including EU financial regulation, over the past two decades – and thus both prior to, and after, the international financial crisis. This overview is necessary in order to grasp the potential implications of Brexit for the UK, the EU and their financial industries – examined in the second step. We then examine the so-called safeguards secured by the UK government from the EU in the run up to the Brexit referendum and the position of the UK’s financial industry during the Brexit campaign and after the referendum. Finally, we review the post-Brexit options available to manage the relationship between the UK and the EU, specifically with regard to finance. It is argued that that the UK has been a key player in the development of the single financial market, especially prior to the international financial crisis, and has greatly benefited from it. The – at times considerable – British influence made EU financial regulation more market-friendly and open to third countries than it would have been otherwise. The EU–UK agreement signed prior to the Brexit referendum contained several clauses concerning economic governance, including non-discrimination provisions for the financial industry based in the UK. However, these provisions mainly reflected the status quo and re-stated existing commitments. The City of London and British financial industry were mostly in the pro-Remain camp during the referendum campaign – albeit there were some noteworthy financial sector supporters of Brexit. Following the June referendum, the City unsuccessfully mobilized in order to retain full access to the single financial market – the alternative options were considerably less appealing for the UK financial industry. [less ▲]

Detailed reference viewed: 617 (12 UL)
Full Text
Peer Reviewed
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 ▲]

Detailed reference viewed: 390 (6 UL)
Full Text
Peer Reviewed
See detailLuxembourg's EU Council Presidency: Adapting Routines to New Circumstances
Högenauer, Anna-Lena UL

in Journal of Common Market Studies (2016), 54(S1), 91-100

Detailed reference viewed: 73 (3 UL)
Full Text
Peer Reviewed
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 ▲]

Detailed reference viewed: 360 (9 UL)
Full Text
Peer Reviewed
See detailThe Steep Road to European Banking Union: Constructing the Single Resolution Mechanism
Howarth, David UL

in Journal of Common Market Studies (2014), 52(s1), 1-16

Detailed reference viewed: 223 (10 UL)
See detailBook Review
Petschko, Martin UL

in Journal of Common Market Studies (2014), 52(3),

Detailed reference viewed: 43 (7 UL)
Full Text
Peer Reviewed
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 ▲]

Detailed reference viewed: 69 (4 UL)
Full Text
See detailRegional Representations in the EU: Between Diplomacy and Interest Mediation, by C. Rowe
Högenauer, Anna-Lena UL

in Journal of Common Market Studies (2012), 50(4), 687-688

Detailed reference viewed: 50 (7 UL)
Full Text
Peer Reviewed
See detailRegulating the so-called 'Vultures of Capitalism'
Howarth, David UL; Buckley, James

in Journal of Common Market Studies (2011), 49(s1), 123-143

This article analyses the legislative process surrounding the new directive covering hedge funds and private equity firms: the Alternative Investment Fund Mangers Directive (AIFMD), adopted in late 2010 ... [more ▼]

This article analyses the legislative process surrounding the new directive covering hedge funds and private equity firms: the Alternative Investment Fund Mangers Directive (AIFMD), adopted in late 2010. AIFMD merits study as the first effort to create an EU legal framework for increasingly important and controversial elements of several Member State financial systems. This directive also provides a good case study of the difficulties that the politicization of highly technical financial legislation can bring – notably in terms of poorly designed draft legislation. Further, the adoption of AIFMD merits study as an example of the impact of intense industry lobbying at the EU level – despite the determination of several powerful Member State governments and many Members of the European Parliament (MEPs) to adopt far-reaching legislation. Industrial associations, bolstered by the British government, were able to bring about the adoption of a directive that was reworked significantly from previous versions to diminish the additional constraints and costs imposed on AIFM. [less ▲]

Detailed reference viewed: 69 (1 UL)
Full Text
Peer Reviewed
See detailGesture Politics?: explaining financial regulatory reform in the European Union
Howarth, David UL; Buckley, James

in Journal of Common Market Studies (2010), 48(s1), 119-141

We accept the insights from several distinct analytical approaches to explain national policy-making and EU-level policy. We apply systemic realism and an approach focused upon interest group preferences ... [more ▼]

We accept the insights from several distinct analytical approaches to explain national policy-making and EU-level policy. We apply systemic realism and an approach focused upon interest group preferences. We also accept the usefulness of insights drawn from comparative political economy (CPE). We agree with CPE approaches to the extent that they insist that government policies seek to protect national political economies (as in Quaglia, forthcoming). However, we also warn against a CPE approach that relies upon a stagnant understanding of Varieties of Capitalism (VoC) (Hall and Soskice, 2001) because such an approach ignores significant changes that have taken place in European financial systems and capitalisms over the past decade (Hancké et al., 2007). We argue that to understand fully the lack of developments on banking regulation at the EU level and EU-level policy co-ordination on international regulation, it is necessary to incorporate other insights, notably from international policy economy (IPE), into an understanding of how national financial systems and economic interests shape national policy. We cannot divorce this study of EU-level responses to the financial crisis from considerations of the obstacles facing financial market integration in the EU. Clearly, support for integration shaped national policymaking on EU-level developments on financial sector matters. However, we argue that integration considerations were secondary. Our focus upon the Member States with the three largest economies and financial sectors – Germany, France and the UK – and the influence of the positions of the financial interests in these countries corresponds to a Liberal Intergovernmentalist (LI) analysis. However, we do not seek to draw broader conclusions about the applicability of LI to explain developments in this policy area. [less ▲]

Detailed reference viewed: 57 (0 UL)
Full Text
Peer Reviewed
See detailGreening the Internal Market in a Difficult Economic Climate
Howarth, David UL

in Journal of Common Market Studies (2009), 47(s1), 133-150

As bankruptcies and unemployment rise in 2009, no doubt the negative impact of the recession on market integration and liberalization will be further felt. In 2008, one of the most significant policy ... [more ▼]

As bankruptcies and unemployment rise in 2009, no doubt the negative impact of the recession on market integration and liberalization will be further felt. In 2008, one of the most significant policy developments concerning the internal market was the stalled liberalization of the energy sector. However, this was in no way linked to the economic slow-down: French and German governments have long dragged their heels on liberalization in these sectors and long opposed the unbundling of gas and electricity production and supply. More surprising was the success in adopting ambitious targets to cut EU carbon emissions over the next decade. Despite the inevitable watering down of the European Council’s initial goals and the Commission’s legislative proposals and the frequent disappointment of environmentalist groups, this represents a considerable achievement – if not the greatest legislative accomplishment for the EU in 2008. Following a brief analysis of the agreement on energy markets, the bulk of this article is centred upon the climate change package. [less ▲]

Detailed reference viewed: 162 (3 UL)
Full Text
Peer Reviewed
See detailDie Krise but not La Crise? The financial crisis and the transformation of German and French banking systems
Howarth, David UL; Hardie, Iain

in Journal of Common Market Studies (2009), 47(5), 1015-1036

This article explores what the financial crisis shows about changes in the German and French banking systems, the two largest in continental Europe. In particular, we highlight processes of ... [more ▼]

This article explores what the financial crisis shows about changes in the German and French banking systems, the two largest in continental Europe. In particular, we highlight processes of financialization – defined here as the increased trading of risk. We focus on an apparent contradiction: why did the supposedly more protectionist and conservative German banking system suffer much higher losses than the more liberalized French system? This article also examines the responses of German and French banks and governments to the crisis and speculates how far these responses might limit future financialization and shape national banking systems. [less ▲]

Detailed reference viewed: 98 (1 UL)
Full Text
Peer Reviewed
See detailThe Commission Defends the European Consumer
Howarth, David UL

in Journal of Common Market Studies (2008), 46(s1), 91-107

The heightened emphasis on consumer interests reflects the deliberate aim of increasing EU citizen (as consumer) interest in and support for the single market. The Commission’s turn to the consumer can be ... [more ▼]

The heightened emphasis on consumer interests reflects the deliberate aim of increasing EU citizen (as consumer) interest in and support for the single market. The Commission’s turn to the consumer can be seen as an effort to legitimise market integration in the face of powerful forces, both governments and economic interests, that have hindered progress and succeeded in watering down recent pieces of single market legislation, including the Services Directive adopted in 2006 (see Howarth, 2007). This article outlines some of the main developments in the single market and competition policy areas and draws out the consumerist focus in Commission policy documents, decisions and discourse on these developments. [less ▲]

Detailed reference viewed: 58 (2 UL)