The Rise and Stall of EU Macro-Prudential Policy. An Empirical Analysis of Policy Conflicts over Financial Stability, Market Integration, and National Discretion
| Autor: | Bart Stellinga |
|---|---|
| Přispěvatelé: | Institute of Interdisciplinary Studies |
| Jazyk: | angličtina |
| Rok vydání: | 2021 |
| Předmět: |
Market integration
Economics and Econometrics Financial stability media_common.quotation_subject Financial system Discretion General Business Management and Accounting Political Science and International Relations Economics Systemic risk media_common.cataloged_instance Banking union Business and International Management European union Macro media_common Stall (engine) |
| Zdroj: | Journal of Common Market Studies, 59(6), 1438-1457. Wiley-Blackwell |
| ISSN: | 0021-9886 |
| Popis: | The 2007–09 financial crisis appeared to demonstrate the need for a strong, supranational EU macro-prudential policy framework to prevent similar future disasters. The implemented framework, however, is neither. It is highly complex, involving many constraints on the use of macro-prudential instruments. It is also one of the principal areas of national discretion in EU banking regulation. To explain this, I build on the ‘financial trilemma’ thesis which holds that there are inherent tensions between pursuing financial stability, financial integration and national financial policies. Supranationalizing macro-prudential policy proved difficult due to a lack of consensus on how to measure systemic risks and because of the distributional consequences involved. This increased the tension between stability and integration, as national macro-prudential policies could constrain cross-border finance and they could be misused for competitiveness considerations. Key policy actors disagreed on which goals to prioritize, with bargaining leading to a convoluted policy framework. |
| Databáze: | OpenAIRE |
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