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See detailBank power and public policy since the financial crisis
Howarth, David UL; James, Scott; Macartney, Huw

in Business and Politics (2020), 22(1), 1-24

Despite much commentary in the media and the popular assumption that the banking industry exerts undue influence on government policy-making, the academic literature on the role of the banks since the ... [more ▼]

Despite much commentary in the media and the popular assumption that the banking industry exerts undue influence on government policy-making, the academic literature on the role of the banks since the 2008 financial crisis remains theoretically and empirically under-specified. In particular, we argue that different forms of financial power are often conflated, while favorable policy outcomes are too-readily assumed to be evidence of regulatory capture. In short, we still know relatively little about how bank influence varies over time and in different national contexts, the extent to which banking interests are unified or divided, and the conditions under which banks are capable of producing meaningful variation in policy outcomes. This article has three objectives: 1) to explain why the debate on bank influence matters; 2) to examine the evidence of bank influence since the international financial crisis; and 3) to set out a range of conceptual tools for thinking about bank power. [less ▲]

Detailed reference viewed: 177 (1 UL)
See detailThe Politics of Supranational Banking Supervision in Europe
Howarth, David UL; Macartney, Huw

Book published by Routledge (2017)

Europe’s sovereign debt crisis and the accompanying national bank crises in the European Union brought bank regulation and supervision to the top of the EU policy agenda. In a few short years, we have ... [more ▼]

Europe’s sovereign debt crisis and the accompanying national bank crises in the European Union brought bank regulation and supervision to the top of the EU policy agenda. In a few short years, we have witnessed a ‘great leap forward’ for European integration marked by over a dozen pieces of EU legislation shaping the operation of banks, rules on bank capital, reconfigured supervisory agencies, and Banking Union. The significance of these measures lies however, in the fact that they constitute the most dramatic transfer of policy-making powers to the European level since the start of Economic and Monetary Union in 1999. This volume addresses the three main political battles behind the adoption of these new regulatory and supervisory policies. First, it examines divisions among states, both according to their domestic institutional structures, including distinct financial systems, as well as their creditor or debtor status in the crisis. Second, it studies the battle over national versus supranational jurisdiction. Third, it explores the conflictual process of policy learning and the activation of epistemic communities who claim competence to address the crisis. [less ▲]

Detailed reference viewed: 396 (7 UL)