Lucia Quaglia
Biographic Data
| ID | 4377656 |
|---|---|
| NAME | Lucia Quaglia |
| GIVEN NAMES | Lucia |
| FAMILY NAME | Quaglia |
| SIGNATURE | QUAGLIA L |
| AFFILIATIONS | University of Bologna |
| ORCID | 0000-0001-8816-0583 |
| VERIFIED | Yes |
| TOTAL WORKS | 97 |
| TOTAL CITATIONS | 1142 |
| AUTHOR COUNT | 97 |
| EDITOR COUNT | 0 |
| FIRST PUBLICATION YEAR | 2001 |
| LATEST PUBLICATION YEAR | 2026 |
| H-INDEX | 19 |
From sanctions to incentives: The impact of NextGenerationEU on the European Semester
Whereas the EU has been effective in designing ex ante conditionality for accession and Euro adoption, it has struggled to influence domestic reforms once membership is secured. Soft coordination instruments, notably the European Semester, have therefore been regarded as weak. In response to the Covid-19 crisis, NextGenerationEU (NGEU) introduced an incentive-based model of conditionality, moving beyond the Semester’s ineffective sanctions. Using…
‘Show me the money!’ - The Changing Dynamics of Economic Governance in the European Union
This introduction examines the ongoing transformation of economic governance in the European Union over the past decade. It argues that a series of crisis-driven reforms – most notably, the creation of the Recovery and Resilience Facility, the expansion of EU fiscal capacity, and the growing emphasis on industrial policy and economic security – have collectively reshaped the EU’s macroeconomic framework. While these developments do not constitute…
From Capital Markets Union to Savings and Investments Union: The Shifting Policy Narratives on European Financial Market Integration
Financial market integration has been a major European Union (EU) policy goal since the earliest days of European integration in the 1950s and the subject of hundreds of pieces of EU legislation. Yet, competing economic interests and disagreements about suitable regulatory templates have stalled progress in this area, promoting new proposals, repeated relaunches and relabelling: inter alia, the Capital Markets Union project launched in early 2015…
Reform Agendas in National Recovery and Resilience Plans: Partisan Politics and Domestic Usages of Europe
This article examines the agency of national executives in shaping the reform agendas within the National Recovery and Resilience Plans (NRRPs) under the EU's Recovery and Resilience Facility (RRF). Through a comparative analysis of NRRPs drafting in Germany, France, Italy and Spain, and an in‐depth longitudinal study of Italy, we argue that the partisan profile of national executives, to a significant extent, accounts for which reforms were incl…
Muscle Matters: An Integrationist Turn in Transatlantic Finance
After the Great Financial Crisis of 2008, the United States (U.S.) and the European Union (EU) issued new domestic rules across a variety of financial services. Different politics and policy-making processes generated regulatory incompatibilities, and conflicts emerged as each side insisted the other adapt to its approach. Yet our original data covering eleven sub-sectors show that in a predominant cluster of cases, the two jurisdictions had by 2…
Alignment and asymmetry: European and national crisis governance under the Recovery and Resilience Facility
The European Union (EU) and its member states are a paradigmatic case of governance at multiple levels, whose interpretation and resolution of crises may or may not be aligned. This paper explores such alignment by perusing how the European Union’s NextGenerationEU (NGEU) plan and its centerpiece, the Recovery and Resilience Facility (RRF), contributed to shaping national crisis governance during the COVID-19 pandemic. Focusing on the political d…
The geoeconomics of Central Banks Digital Currencies (CBDCs): The case of the European Central Bank (ECB)
Digital transformations and the expansion of digital finance have elicited intense debates on what ought to be the role of central banks as issuers of digital currencies (CBDCs). We ask why the European Central Bank (ECB), the European Union (EU) central bank, has taken a starring role in the introduction of a retail CBDC: the digital euro. We offer an explanation rooted in geoeconomics: the ECB has decided to be a ‘paladin’ of the digital euro t…
The European Central Bank in the International Political Economy
Central banks lie at the interface between domestic and international political economy. Powerful technocracies tasked with domestic and international macroeconomic governance functions are responsible for monetary policy, sometimes banking supervision, and to contribute to overall financial stability. On occasion, they supervise a variety of non-banking financial services and other functions, such as anti-money laundering. During economic and fi…
Stronger conditionality for stronger compliance? Analysing the NGEU’s effect on the implementation of European semester recommendations
This study examines the capacity of the European Union (EU) to influence policy change in its member states by focusing on the impact of EU conditionality under the Recovery and Resilience Facility (RRF) introduced as part of the Next Generation EU (NGEU) package adopted in response to COVID-19 pandemic. Using data on the evaluations of the implementation of the 2019–2020 country-specific recommendations (CSRs) before (2021) and after (2022–2024)…
Much More Than a Report: The Search for Europe's New Political Identity and the Politics of Competitiveness
Thirty years ago, the European single market was built on a simple but powerful idea: economic integration among EU countries would drive internal prosperity and political unity while also supporting global openness. Today, that idea is being tested. Faced with intensifying global competition, geopolitical fragmentation and technological shifts, the EU is rethinking its economic approach. In 2024, two landmark reports – Enrico Letta’s Much More T…
From criticism to pragmatism? The impact of NGEU funding on party-based Euroscepticism in Italy
How do Euroskeptic parties adjust their rhetoric when the European Union expands its fiscal and redistributive role? We address this question by examining the impact of the next-generation EU (NGEU) program on parliamentary debates in Italy, the largest beneficiary of EU recovery funds. Drawing on an original dataset of over 700 hand-coded parliamentary statements covering 30 debates in the Italian Chamber of Deputies (2018–2024), we show that th…
Emergent regime complexity and epistemic barriers in ‘bigtech’ finance
The rise of ‘bigtech’ finance–the provision of payment services and financial intermediation by large digital platforms–poses significant cross-border regulatory challenges with implications for financial stability. Yet despite steps to strengthen regulation at the domestic level, international cooperation in this area remains very limited. Although geopolitical rivalry over digital technology has hindered progress towards agreement on global rul…
The Geoeconomics of the Single Market for Financial Services
We discuss the geoeconomics of the Single Market in financial services in the European Union (EU). We examine three case studies that concern the EU and other major jurisdictions and that range from incipient geoeconomic use to outward weaponisation of the Single Market in finance. These cases are (1) the post‐2008 crisis transatlantic tug of war, whereby the EU leveraged its Single Market vis‐à‐vis the United States, seeking to set the rules for…
Financial regulatory conundrums in the North Atlantic
This article explains a dominant, curious and important pattern that emerges from our original data on 11 areas of financial regulation in the United States and the European Union from the Great Financial Crisis to 2020: sustained regulatory stringency in both jurisdictions. Our novel explanation, rooted in theories about international economic interdependence, temporal process and market power, emphasizes cross‐border interactions that arose fro…
Explaining the EU’s Uneven Influence Across the International Regime Complex in Shadow Banking
This article shows that the EU has exerted uneven influence within the global regime complex in shadow banking. Why? We seek to explain the variation in the EU’s ability to exert influence across different elemental regimes—those on hedge funds and securitization—in the broader regime complex over time. In hedge funds regulation, the EU has pursued more stringent international rules, to no avail. In securitization, the EU has been more successful…
Introduction to the special issue: The persistent challenges to European Banking Union
The papers of this special issue investigate the persistent challenges to European Banking Union and explore the tensions between broader financial stability objectives and national political and socio-economic pressures through a diversity of lenses. In this introduction, we examine two main issues that need to be addressed in order to strengthen Banking Union: the incomplete institutional design of Banking Union and the difficulties encountered…
The European Central Bank, the Single Supervisory Mechanism and the Covid-19 related economic crisis: A neofunctionalist analysis
The COVID-19 pandemic triggered a major economic crisis worldwide. The monetary policy response of the European Central Bank (ECB) was fast and massive. The ECB also intervened on the supervisory side because, after the establishment of Banking Union, the ECB was given responsibility for banking supervision in the euro area through the Single Supervisory Mechanism (SSM). This paper explains the response of the ECB-SSM to the COVID-19 related econ…
Weaponisation of finance: The role of European central banks and financial sanctions against Russia
In response to Russia’s full-scale invasion of Ukraine, the Group of Seven (G7) countries and the European Union (EU) adopted a variety of financial sanctions, including the freezing of foreign reserve assets of the Central Bank of Russia held by other central banks. Drawing on a Principal-Agent framework and on speeches, newspaper articles and interviews with policy-makers, this study examines what it means for the ECB and the central banks of t…
The Covid-19 pandemic and the European Union: Politics, Policies and Institutions
The COVID-19 pandemic posed unprecedented challenges to the European Union (EU) and its member states. In the EU, health policy competence has been and remains largely with member states. However, faced with a major external crisis, which more or less affected all member states at the same time, the EU developed a framework within which the member states (and their subnational units) could respond together to the crisis. This introductory article…
The non‐reversal of delegation in international standard‐setting in finance: The Basel Committee and the European Union
International non‐majoritarian institutions (NMIs) in finance have proliferated over the last decades. The Basel Committee on Banking Supervision (BCBS) is the main international NMI in finance and the European Union (EU) is one of its core jurisdictions. Despite the far‐reaching effects of international banking standards in the EU, especially the Basel accords, there has been limited politicization of delegation to the BCBS and no attempt to rev…
Epistemic contestation and interagency conflict: The challenge of regulating investment funds
Scholarship on regulating global finance emphasizes the importance of national and bureaucratic interests, but less attention has been devoted to epistemic sources of regulatory conflict. We address this by analyzing the failure of regulators to agree tougher rules for large investment funds after the 2008 crisis. The article suggests this outcome was the result of epistemic contestation between prudential regulators and securities regulators, ro…
Differentiated de-Europeanisation: UK policy-making in finance after Brexit
This paper examines the impact of Brexit on UK financial services policy, explaining recent reforms to the domestic financial regulatory framework and assessing the prospects for future divergence from EU rules. Deploying the lens of de-Europeanisation, we show that the failure to include financial services in the final UK-EU Trade and Cooperation Agreement necessitated major institutional changes. By contrast, there has been very limited change …
Explaining the response of the ECB to the Covid-19 related economic crisis: Inter-Crisis and Intra-Crisis Learning
The economic effects of the Covid-19 pandemic have placed a renewed strain on the economic governance of the European Union (EU). The European Central Bank (ECB) was a key player in the EU's response to the crisis induced by the pandemic. This paper adopts a theoretical approach focused on policy learning to explain how and why the ECB responded to the crisis in 2020-2021. By drawing on speeches, newspaper articles and interviews with policy-make…
Regime complexity and managing financial data streams: The orchestration of trade reporting for derivatives
International regime complexity has become a prominent feature of the global economy and world politics. The international governance of derivatives markets is a notable case of this phenomenon in finance because a variety of post‐crisis rules have been issued by a multitude of international standard‐setting bodies. By combining the regime complexity and orchestration frameworks, we explain the precision and scope of international standards for d…
Rule maker or rule taker? Brexit, finance and UK regulatory autonomy
Given the integration of the City of London into the single market for financial services in the European Union (EU), theories of transnational governance would expect the United Kingdom (UK) to favour close regulatory alignment with the EU27 post-Brexit to maximise market access and financial stability. Surprisingly, however, the UK has consistently demanded regulatory flexibility in financial services and has accepted reduced market access. We …
Euroscepticism and the Global Financial Crisis
This article explores the link between the financial crisis and Euroscepticism at the level of public opinion, building on and developing further the literature on the impact of economic, identity and institutional factors on Euroscepticism. It argues that the economic crisis did not substantially bring economic factors back in as an important source of Euroscepticism, even though the most pronounced increase in Euroscepticism has taken place in …
The Steep Road to European Banking Union: Constructing the Single Resolution Mechanism
Banking on Stability: The Political Economy of New Capital Requirements in the European Union
The Basel III Accord on a ‘Global regulatory framework for more resilient banks and banking systems’ was issued in late 2010 as the cornerstone of the international regulatory response to the global financial crisis. Its adoption into European Union (EU) legislation has, however, been met with considerable member state reticence and intra-EU negotiations are ongoing. This paper investigates the political economy of new capital requirements in the…
Banking Union as Holy Grail: Rebuilding the Single Market in Financial Services, Stabilizing E urope's Banks and ‘Completing’ Economic and Monetary Union
In 2012, the European Commission celebrated the twentieth anniversary of the European Union 'Single Market'.In a climate of trepidation about the future of the European project, the Commission organised a series of events to remind Europeans of the great strides in market integration since the late 1980s.However, the year itself was marked by little progress on internal market legislation.In the context of the on-going sovereign debt crisis and i…
Completing the single market in financial services: The Politics of Competing Advocacy Coalitions
Why has the completion of the single market in financial services proved so difficult and time consuming? This paper addresses this question by evaluating the explanatory power of a revised version of the 'advocacy coalition framework' against the empirical record of the policy-making processes of key pieces of legislation dealing with securities trading in the EU. The findings suggest that in almost all the Lamfalussy directives, the main (but, …
Failing forward in Economic and Monetary Union: Explaining weak Eurozone financial support mechanisms
In this article, we apply the ‘failing forward’ approach to analyse the negotiations on and design of reforms to Eurozone economic governance to tackle the Covid-19-related crisis of Economic and Monetary Union (EMU). This crisis highlights both spill-overs from major asymmetries in EMU and weaknesses in the incomplete economic governance of the Eurozone. We focus on the financial support mechanisms agreed upon after intergovernmental negotiation…
Explaining the response of the ECB to the Covid-19 related economic crisis: Inter-Crisis and Intra-Crisis Learning
The economic effects of the Covid-19 pandemic have placed a renewed strain on the economic governance of the European Union (EU). The European Central Bank (ECB) was a key player in the EU's response to the crisis induced by the pandemic. This paper adopts a theoretical approach focused on policy learning to explain how and why the ECB responded to the crisis in 2020-2021. By drawing on speeches, newspaper articles and interviews with policy-make…
What Makes a Good EU Presidency? Italy and Ireland Compared
What makes a ‘good’ EU presidency? A comparison between the two most recent Italian and Irish experiences in office can be instrumental in evaluating the crucial factors that affect presidency performance. The argument is developed in three main stages. Firstly, four key roles are selected in order to benchmark presidencies. Secondly, these roles are applied to the empirical record as criteria to devise a score‐card of the two presidencies under …
The Covid-19 pandemic and the European Union: Politics, Policies and Institutions
The COVID-19 pandemic posed unprecedented challenges to the European Union (EU) and its member states. In the EU, health policy competence has been and remains largely with member states. However, faced with a major external crisis, which more or less affected all member states at the same time, the EU developed a framework within which the member states (and their subnational units) could respond together to the crisis. This introductory article…
The ‘Old’ and ‘New’ Politics of Financial Services Regulation in the European Union
This research examines the regulatory response of the European Union to the global financial crisis, addressing the questions of whether, how and why the global financial crisis has changed the ‘old’ politics of financial services regulation in the EU and resulted in the emergence of a ‘new’ politics. It is argued that, with a good dose of political opportunism and ‘anti-free market’ rhetoric, a continental advocacy coalition sponsoring a ‘market…
The politics of financial services regulation and supervision reform in the European Union
The regulation and supervision of financial services in the European Union (EU) has undergone major reform between 1999 and 2004. This policy evolution is theoretically interesting, raising the question of which conceptual approaches better explain it, and it is also empirically relevant because it is an area of intense EU activity. This article provides a theoretically informed and empirically grounded explanation of the policy reform by evaluat…
The politics and economics of Brexit
The British referendum on continuing membership of the European Union (EU) in June 2016 represented a turning point in the relationship between the United Kingdom (UK) and the EU. The result – a 51
Committee Governance and Socialization in the European Union
18 month embargo by the publisher. Article will be released July 2009
Brexit and the battle for financial services
This paper analyses the policy developments concerning the Single Market in finance in the context of Brexit. Theoretically, we engage with two bodies of work that make contrasting predictions on European financial market integration and the development of European Union (EU) policies on financial regulation: one focused upon a neo-mercantilist ‘battle’ amongst member states and the other stressing the importance of transnational financial networ…
Brexit, the City and the Contingent Power of Finance
Brexit poses a profound challenge to the economic fortunes of the financial services sector in the United Kingdom (UK) because it threatens to sever access to the single market in the European Union (EU). Recognising this, the City of London’s largest financial firms and main representative bodies supported a Remain vote in the June 2016 referendum, and subsequently lobbied for a ‘soft’ Brexit policy to preserve the City’s lucrative passporting r…
The sources of European Union influence in international financial regulatory fora
The European Union is one of the world's largest financial jurisdictions, and after the global financial crisis has been increasingly active in international financial regulatory fora. What affects its ability (or otherwise) to shape international financial regulation? This analysis focuses at the EU level, arguing that the cohesiveness of the EU position has greater analytical leverage than alternative explanations based on market size, regulato…
Financial Sector Committee Governance in the European Union
This paper examines the working of the ‘Lamfalussy committees’ in the banking and the securities sectors, asking whether these are ‘technical’ committees or ‘parapolitical’ ones. These committees are composed of experts (national civil servants) discussing regulatory and supervisory issues in a technical policy area — financial services. However, the issues discussed have political salience. It is argued that these committees of experts tend to b…
Internationalised banking, alternative banks and the Single Supervisory Mechanism
This paper sets out to explain the preferences of the seven northern euro area member states on the Single Supervisory Mechanism (SSM) concerning the threshold set for direct European Central Bank (ECB) control over bank supervision. Building on the concept of the ‘financial trilemma’, it argues that different bank internationalisation patterns in the seven northern member states explain different preferences on the transfer of supervisory powers…
The ‘British Plan’ as a Pace‐Setter: The Europeanization of Banking Rescue Plans in the EU
This article examines to what extent the British banking rescue plan announced in late 2008 set the pace for the adoption of similar banking rescue plans across the European Union. This case study can be seen a ‘horizontal’ type of Europeanization, whereby a (perceived successful) policy template adopted in one country is subsequently implicitly endorsed (hence, ‘uploaded’) at the EU level and then adopted (hence, ‘downloaded’) in other countries…
Network Constraints in EU Banking Regulation: The Capital Requirements Directive
The ongoing financial turmoil has brought into sharp relief the importance of financial services regulation. Yet, we still know relatively little about how financial regulation is negotiated within the EU, in particular which policy actors are most influential and what are the mechanisms that allow them to exercise influence. This paper addresses these questions using Social Network Analysis (SNA), focusing on the banking regulation network and o…
Civil Servants, Economic Ideas, and Economic Policies: Lessons from Italy
Building on theoretically oriented and empirically grounded research on two key macroeconomic institutions in Italy, this article explains how and why civil servants can engineer major policy changes, making a difference in a country's trajectory. Italy provides a challenging testing ground for this kind of analysis, as it is generally portrayed as a highly politicized system in which political parties and politicians fully control public policie…
The Political Economy of European Capital Markets Union
This contribution undertakes a preliminary investigation of the ‘making’ of the CMU project, explaining what CMU is, its economic and political objectives, as well as its main drivers and obstacles. It is argued that the likely winners and losers of the project – both financial groups and specific Member State governments – largely formed the constituencies forand against CMU. The organization of national financial (and specifically banking) syst…
The Financial Turmoil and EU Policy Co‐operation in 2008
This article analyses the response of the European Union (EU) to the financial crisis in 2008 under the headings of liquidity, recapitalization and ownership of banks, macroeconomic policies and regulatory policy. It is argued that although at the onset of the crisis governments tended to focus on national‐level responses, they quickly realized that international co‐ordination would be required. This proved difficult to achieve in many areas, alt…
The ‘Old’ and ‘New’ Political Economy of Hedge Fund Regulation in the European Union
This article assesses the ‘old’ and ‘new’ political economy of hedge fund regulation in the EU, explaining why the EU has decided to regulate hedge fund managers in the aftermath of the global financial crisis. A Franco-German alliance, with the support of Italy, other Mediterranean countries and some quarters of the European Parliament, has driven the EU's attempt to regulate hedge funds. The new EU rules are explained by institutionally-shaped …
Italian politics and the European Union: A tale of two research designs
18 month embargo by the publisher. Article will be released March 2009
Political Studies Books
[Review of] Jean Blondel and Maurizio Cotta (eds) (2000) The Nature of Party Government : A Comparative European Perspective
European Monetary Integration and the ‘Constitutionalization’ of Macroeconomic Policy Making
France and Italy's Policies on European Monetary Integration: A Comparison of ‘Strong’ and ‘Weak’ States
Italy's Presidency of the European Union: A Good 'Business Manager
Italy held the rotating Presidency of the Council of the European Union from July to December 2003. This article evaluates the performance of the Italian presidency, sheds some light on the negotiating process of the Intergovernmental Conference it chaired, and provides a better understanding of the attitudes of the centre-right Italian coalition government towards Europe. Overall, the Italian Presidency in 2003 was characterized by three key int…
Italy's policy towards European monetary integration: Bringing ideas back in
This article deals with Italy's policy towards European monetary integration over the period 1978-99 addressing the questions of whether, how and which 'ideas' influenced Italian policy-makers' choices. This theoretically informed and empirically grounded analysis argues that cognitive and normative elements, encompassing both 'economic ideas' and 'foreign policy beliefs', bring significant added value in explaining the 'Italian road' to economic…
The Italian Presidency
The Right and Europe in Italy: An Ambivalent Relationship
This article focuses on the three main parties of the centre-right coalition, namely, Forza Italia, the National Alliance and the Northern League during the period 1994–2002, with a view to analyzing and explaining their outlook on Europe and to elucidating how this has affected Italy's EU policy during the negotiations of the Constitutional Treaty. It is argued that Euroscepticism has emerged among parties of the right in Italy, albeit this patt…
An Integrative Approach to the Politics of Central Bank Independence: Lessons from Britain, Germany and Italy
This article proposes a three-tier framework for analysing the politics of central bank independence. International factors explain the general trend towards central bank independence. However, they are framed differently by various national systems. At the national level, for heuristic purposes, the analysis can be structured by focusing on 'suppliers' and 'demanders' of central bank independence. The former are the political authorities, wherea…
Civil Servants, Economic Ideas, and Economic Policies: Lessons from Italy
Building on theoretically oriented and empirically grounded research on two key macroeconomic institutions in Italy, this article explains how and why civil servants can engineer major policy changes, making a difference in a country's trajectory. Italy provides a challenging testing ground for this kind of analysis, as it is generally portrayed as a highly politicized system in which political parties and politicians fully control public policie…
Germany and Italy: Conflicting policy paradigms towards European monetary integration
What Makes a Good EU Presidency? Italy and Ireland Compared
What makes a ‘good’ EU presidency? A comparison between the two most recent Italian and Irish experiences in office can be instrumental in evaluating the crucial factors that affect presidency performance. The argument is developed in three main stages. Firstly, four key roles are selected in order to benchmark presidencies. Secondly, these roles are applied to the empirical record as criteria to devise a score‐card of the two presidencies under …
Italian politics and the European Union: A tale of two research designs
18 month embargo by the publisher. Article will be released March 2009
The Comparative Politics of Communist Euroscepticism in France, Italy and Spain
In this work, we compare the Euroscepticism of three West European parties from the same party family: the Communists. We address the questions of how the parties of France, Italy and Spain have adapted to the process of European integration and also the factors that have affected their different responses over time. The French and Italian parties have moved away from Euroscepticism to softer or even pro-integration approaches, whereas the Spanis…
The role of Italy in the European Union: Between Continuity and Change
The intersection of watershed events in international politics (first and foremost the end of the cold war), and in domestic politics (namely, the transition from the First to the Second Republic
The politics of financial services regulation and supervision reform in the European Union
The regulation and supervision of financial services in the European Union (EU) has undergone major reform between 1999 and 2004. This policy evolution is theoretically interesting, raising the question of which conceptual approaches better explain it, and it is also empirically relevant because it is an area of intense EU activity. This article provides a theoretically informed and empirically grounded explanation of the policy reform by evaluat…
Setting the Pace? Private Financial Interests and European Financial Market Integration
The regulation and supervision of financial services in the EU has undergone significant change between 2000 and 2005, when the so-called Lamfalussy framework, the Basel 2 agreement and its transposition into the Capital Requirements Directive were agreed. This research examines the preferences of national financial interest groups in Germany and the UK (the independent variable) in shaping national input and, more precisely, the contributions gi…
Financial Sector Committee Governance in the European Union
This paper examines the working of the ‘Lamfalussy committees’ in the banking and the securities sectors, asking whether these are ‘technical’ committees or ‘parapolitical’ ones. These committees are composed of experts (national civil servants) discussing regulatory and supervisory issues in a technical policy area — financial services. However, the issues discussed have political salience. It is argued that these committees of experts tend to b…
Committee Governance and Socialization in the European Union
18 month embargo by the publisher. Article will be released July 2009
Explaining the Reform of Banking Supervision in Europe: An Integrative Approach
National frameworks for banking and, more generally, financial supervision in various European countries have undergone significant changes in the last decade or so. What explains these supervisory reforms? This work addresses this question by examining the recent reforms in the United Kingdom, Germany, and Italy, engaging in a structured, focused comparison, mainly using process tracing and adopting an analytical framework articulated across thr…
The Ebb and Flow’ of Euroscepticism in Italy
This paper analyses the 'ebb and flow' of party-based and popular euroscepticism in Italy, arguing that, when examined over a long period of time, euroscepticism has shifted from left to right. Moreover, whereas party-based euroscepticism has been transformed from ideological to strategic, popular euroscepticism seems to be better explained by economic reasons rather than political ones. The empirical material is organised in three periods, on th…
The ‘British Plan’ as a Pace‐Setter: The Europeanization of Banking Rescue Plans in the EU
This article examines to what extent the British banking rescue plan announced in late 2008 set the pace for the adoption of similar banking rescue plans across the European Union. This case study can be seen a ‘horizontal’ type of Europeanization, whereby a (perceived successful) policy template adopted in one country is subsequently implicitly endorsed (hence, ‘uploaded’) at the EU level and then adopted (hence, ‘downloaded’) in other countries…
The Response to the Global Financial Turmoil in Italy: A Financial System that Does Not Speak English
Addressing the response to the global financial turmoil in Italy, it is argued that in comparison with other financial systems in Europe and worldwide, the Italian financial system has not been dramatically affected by the financial turmoil for two main reasons: the solid framework for financial regulation and supervision and the traditional unsophisticated configuration of financial activities in Italy. However, the economic recession that hit t…
European Perspectives on the Global Financial Crisis: Introduction
The global financial crisis, which began in 2007 with the collapse of the US sub-prime mortgage market and which has yet to run its course, is on a scale that has not been seen since the Great Depression. Worldwide losses from the crisis, measured in terms of write-downs on assets originating in the USA, Europe and Japan, could be as high as $4.1 trillion (IMF, 2009, p. 30). This financial turmoil has had a devastating effect on the world economy…
Network Constraints in EU Banking Regulation: The Capital Requirements Directive
The ongoing financial turmoil has brought into sharp relief the importance of financial services regulation. Yet, we still know relatively little about how financial regulation is negotiated within the EU, in particular which policy actors are most influential and what are the mechanisms that allow them to exercise influence. This paper addresses these questions using Social Network Analysis (SNA), focusing on the banking regulation network and o…
Political science and the ‘Cinderellas’ of economic and monetary union: Payment Services and Clearing and Settlement
So far, political scientists have paid very limited attention to the ‘plumbing’ of economic and monetary union (EMU), that is payment services and the clearing and settlement of securities. This paper evaluates the analytical leverage of ‘bureaucratic politics’ approaches – in particular, the ‘bureau shaping’ theory – against the empirical record of a variety of policy initiatives taking place in the two fields mentioned above. It is argued that …
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