The Political Economy of European Capital Markets Union

Howarth, David; Quaglia, Lucia; Liebe, Moritz

doi:10.1111/jcms.12429

Reference : The Political Economy of European Capital Markets Union


	Document type :	Scientific journals : Article
	Discipline(s) :	Law, criminology & political science : Political science, public administration & international relations
	Focus Areas :	Finance
	To cite this reference:	http://hdl.handle.net/10993/28242

Title :	The Political Economy of European Capital Markets Union
Language :	English
Author, co-author :	Howarth, David [University of Luxembourg > Faculty of Language and Literature, Humanities, Arts and Education (FLSHASE) > Identités, Politiques, Sociétés, Espaces (IPSE) >]
	Quaglia, Lucia [> >]
	Liebe, Moritz [University of Luxembourg > Faculty of Language and Literature, Humanities, Arts and Education (FLSHASE) > Identités, Politiques, Sociétés, Espaces (IPSE) >]
Publication date :	Aug-2016
Journal title :	Journal of Common Market Studies
Publisher :	Blackwell Publishing
Volume :	54
Issue/season :	S1
Pages :	185–203
Peer reviewed :	Yes (verified by ORBi^lu)
Audience :	International
ISSN :	0021-9886
e-ISSN :	1468-5965
Keywords :	[en] Capital Markets Union ; European Single Market ; European Union
Abstract :	[en] 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.
Target :	Researchers ; Students ; General public
Permalink :	http://hdl.handle.net/10993/28242
DOI :	10.1111/jcms.12429

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Open access	Quaglia, Howarth and Liebe, Capital Markets Union, JCMS 2016.pdf		Author preprint	317.68 kB	View/Open

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