Quaglia, Lucia (2009) "Completing the Single Market in financial services: the politics of competing advocacy coalitions". In: UNSPECIFIED. (Unpublished)
Abstract
Why has the completion of the single market in financial services proved so difficult and time consuming? This paper addresses this question by applying a revised version of the ‘advocacy coalition framework’, modified so as to incorporate the role of material interests as well as ideas, to the empirical record of the policy-making processes of key pieces of legislation dealing with securities trading in the EU. It is argued that in almost all the Lamfalussy directives, the main (but, by no means, the only) line of division was between a ‘Northern European’ coalition and a ‘Southern European’ one. This was due to differences in the national regulatory frameworks, the configuration of national financial systems and their competitiveness (hence, ‘interests’). However, the tension was also due to different belief systems (hence, ‘ideas’) about financial services regulation.
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