The Europeanization of British Financial Services

Howell, Kerry. (2003) The Europeanization of British Financial Services. In: UNSPECIFIED, Sheffield, UK.

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Abstract

[Introduction]. In general this paper is concerned with issues relating to theoretical and empirical discussions regarding the conceptual nature of Europeanization and European integration. Through an analysis of British financial services in terms of banking, investment and insurance directives, the Financial Services Authority (FSA) and the Financial Services Action Plan (FSAP) the paper identifies both ‘situation’ and ‘process’ conceptualizations of Europeanization and illustrates its close links with the idea of European integration. Initially, this paper provides a conceptualization of Europeanization and explains its relationship with European integration. Second, it provides an overview of changes to the British regulatory structure over the last 20 years. Third, the paper explains the role of interest group intermediation in the formulation of shared beliefs and preference up-loading to EU policy-making institutions. In this context, the paper identifies how the concept of a ‘competent authority’ was up-loaded to the EU and the how Britain interpreted the downloaded structure in the form of the FSA. In addition, the FSA is investigated in its role as a unitary ‘competent authority’ and its attempts at policy transfer in championing this model are explored. Indeed, this brings into question the differences between vertical and horizontal policy transfer and up-loading. Finally, an analysis of British financial services provides some insight into the affects of Europeanization and European integration on the sector, as well as the affects the sector has had on Europeanization and European integration. Through an analysis of British financial services the study is able to track elements of European integration as well as up-loading and downloading examples of Europeanization.

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