Article (Scientific journals)
The politics of bank structural reform: Business power and agenda setting in the United Kingdom, France, and Germany
HOWARTH, David; James, Scott
2020In Business and Politics, 22 (1), p. 25-51
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Keywords :
bank regulation; banking systems; Bank Structural Reform; Bank ringfencing; Agenda Setting; Independent Commission on Banking
Abstract :
[en] Following the financial crisis, the United Kingdom introduced major structural reforms to address concern about Too-Big-To-Fail (TBTF) banks, while France and Germany adopted much weaker reforms. This is puzzling given the presence of large universal banks engaged in market making activities in all three countries, which suffered significant losses during the international financial crisis, and given the commitments to reform made by political leaders in all three countries. The paper explains this policy divergence by analysing how dynamics of agenda setting contributed to the emergence of policy windows on structural reform. We explain the United Kingdom's decision to delegate the process to an independent commission as an example of venue shifting which helped to insulate the process from industry framing, and resulted in “conflict expansion” by mobilizing a wider coalition of actors in support of bank ringfencing. By contrast, in France and Germany the agenda was tightly managed through existing institutional venues, enabling industry to resist the framing of the issue around TBTF and limiting the role of non-business groups—a process we label as “conflict contraction.” We argue that analysis of agenda setting dynamics provides new insights into the cross-national variability of business power.
Disciplines :
Political science, public administration & international relations
Author, co-author :
HOWARTH, David  ;  University of Luxembourg > Faculty of Language and Literature, Humanities, Arts and Education (FLSHASE) > Identités, Politiques, Sociétés, Espaces (IPSE)
James, Scott;  King's College London > Political Economy
External co-authors :
yes
Language :
English
Title :
The politics of bank structural reform: Business power and agenda setting in the United Kingdom, France, and Germany
Publication date :
January 2020
Journal title :
Business and Politics
ISSN :
1369-5258
Publisher :
Cambridge University Press, Cambridge, United Kingdom
Volume :
22
Issue :
1
Pages :
25-51
Peer reviewed :
Peer Reviewed verified by ORBi
Focus Area :
Finance
Available on ORBilu :
since 31 January 2020

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