Reference : The policy narratives 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/10993/35395

Title :	The policy narratives 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 []
Publication date :	Mar-2018
Journal title :	Journal of European Public Policy
Publisher :	Routledge
Volume :	25
Issue/season :	7
Pages :	990-1009
Peer reviewed :	Yes (verified by ORBilu)
Audience :	International
ISSN :	1350-1763
e-ISSN :	1466-4429
Country :	UK
Keywords :	[en] Capital Markets Union ; financial integration ; financial markets ; financial regulation ; single market ; European Commission
Abstract :	[en] This paper examines the ‘making’ of Capital Markets Union (CMU) through the theoretical lens of ‘actor-centred constructivism’, by considering the ‘policy narratives’ that bureaucratic actors have employed strategically to promote the project. It is argued that two main narratives were articulated by the European Commission in order to mobilize the political support necessary to push forward CMU and reduce potential opposition to it. The first narrative was to boost the size and internal and external competitiveness of European Union capital markets. The second narrative was the increased funding to the real economy, especially to small and medium-sized enterprises (SMEs) and infrastructural projects. The Commission used these narratives instrumentally in ‘framing’ CMU as a positive-sum game, rather than a zero-sum game with potential winners and losers.
Target :	Researchers ; Professionals ; Students
Permalink :	http://hdl.handle.net/10993/35395
DOI :	10.1080/13501763.2018.1433707
Other URL :	https://doi.org/10.1080/13501763.2018.1433707

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