Redesigning financial supervision in the European Union (2009–2013)

Alexandra Hennessy

67 citations0/0 files storedJournal of European Public Policy

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Global Financial Regulation and Crises European Union Policy and Governance European and International Law Studies

Abstract

How do European Union (EU) member states decide whether soft or hard law instruments better serve their interests? We address this question in the context of financial supervision. In the past years, financial supervision has changed dramatically from soft co-ordination (2009) to a banking union based on hard law (2012/13). This article draws on insights from the hard/ soft law distinction, the informal governance literature and personal interviews to analyze what factors precipitated change, which actors were central to it and how it occurred. Our main argument is that member states' power, perceptions of uncertainty, distributive conflict, as well as the interests of the domestic banking industry, have shaped the choice of soft or hard law instruments in financial supervision. Our analysis suggests that we need to theorize more rigorously about the sources of member state preferences over formal and informal co-ordination mechanisms in the EU.

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References

2007The black swan: the impact of the highly improbable 2000Hard and Soft Law in International Governance 1979Manias, Panics, and Crashes: A History of Financial Crises 2000The Concept of Legalization 1998The advocacy coalition framework: revisions and relevance for Europe 2009The fundamental principles of financial regulation 2011Controlling Institutions 2001The Optimal Design of International Trade Institutions: Uncertainty and Escape

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