Reference : The politics of bank structural reform: Business power and agenda setting in the Unit...
Scientific journals : Article
Law, criminology & political science : Political science, public administration & international relations
The politics of bank structural reform: Business power and agenda setting in the United Kingdom, France, and Germany
Howarth, David mailto [University of Luxembourg > Faculty of Language and Literature, Humanities, Arts and Education (FLSHASE) > Identités, Politiques, Sociétés, Espaces (IPSE) >]
James, Scott mailto [King's College London > Political Economy]
Business and Politics
Cambridge University Press
Yes (verified by ORBilu)
United Kingdom
[en] bank regulation ; banking systems ; Bank Structural Reform ; Bank ringfencing ; Agenda Setting ; Independent Commission on Banking
[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.
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