ABSTRACT

This contribution investigates the conditions and dynamics of a public-private regulatory partnership in the making of the Capital Markets Union. According to our argument, structural interdependence and the strategic use of market narratives in a low salient policy domain allowed the EU financial industry to frame their interests as a solution to Europe’s missing recovery. Under the pressures of the Eurozone crisis and the EMU constraints, the goals of critical financial industry sectors and EU policy-makers met together, leading to a renewed regulatory cooperation. Such a mechanism is unveiled through a process-tracing case-study analysis on the EU covered bonds framework.

摘要

本文研究了资本市场联盟形成过程中公私监管伙伴关系的条件和动态。根据我们的观点，结构性相互依存以及在不那么突出的政策领域对市场叙事的战略运用，使得欧盟金融业能够将其利益作为欧洲复苏缺失的解决方案。在欧元区危机和欧洲货币联盟约束的压力下，关键金融行业部门和欧盟政策制定者的目标走到了一起，导致了新的监管合作。通过对欧盟担保债券框架的过程追踪案例研究分析，揭示了这一机制。