A Banking Union of Ideas? The Impact of Ordoliberalism and the Vicious Circle on the EU Banking Union
Bibliographic Data
| ID | 6282767 |
|---|---|
| Authors | David Schäfer (0000-0003-3244-5381, London School of Economics and Political Science London, corresponding author) |
| Year | 2016 |
| Volume | 54 |
| Issue | 4 |
| Pages | 961-980 |
| Publication date | 2016-07-01 |
| Peer Reviewed | Yes |
| Open Access | Yes |
| Type | ARTICLE |
| Venue | JCMS Journal of Common Market Studies (JOURNAL) |
| Journal identifiers | ISSN: 0021-9886 • E-ISSN: 1468-5965 |
| Publisher | Wiley (PUBLISHER • GB) |
| DOI | 10.1111/jcms.12351 |
| OpenAlex | W2223011913 |
| Language | EN |
| Citations received | 57 |
| References cited | 21 |
The establishment of the EU banking union reveals two major shortcomings of liberal intergovernmentalism. First, it fails to explain the preference formation of the most important actor – the German government. The banking sector was divided between public and private banks, and there is no clear‐cut pattern about whose interests the German government promoted. Second, material bargaining power cannot account for German concessions despite favourable power asymmetries. This article seeks to demonstrate how an ideational frame can convincingly fill these gaps. Ordoliberal ideas were constitutive for German preferences. The manipulative use of ideas as strategic resources by the German government's opponents explains why it made significant concessions. Germany's government publicly acknowledged that breaking the ‘vicious circle’ between banks and sovereigns was the main objective of the banking union. This became a rhetorical trap used by a coalition of Southern European member states to force the German government to make concessions
Banking Union · Bureaucracy · Economic policy · Economics · European union · German · Government (linguistics · Keynesian economics · Market economy · Political economy · Political science · Politics · Power (physics · Virtuous circle and vicious circle · European Union Policy and Governance · Global Financial Regulation and Crises · Law · Political Influence and Corporate Strategies
Eurozone Policy and Crisis
The Social Market Economy and Ordoliberalism—A Difficult Relationship
We’d rather pay than change the politics of German non-adjustment in the Eurozone crisis
Alemania, año cero
Politics of Last Resort
Les savants et les politiques dans la construction de l'Europe
Social Europe and Eurozone crisis
Deciding upon the Banking Union
Tug of War over Financial Assistance
German Politics and Intergovernmental Negotiations on the Eurozone Budget
Trying not to be caught in the act
Trust, Crisis, and Delegation
Masters of the ‘masters of the universe’? Monetary, fiscal and financial dominance in the Eurozone
Unity or Fragmentation? Ideological Shifts and Their Economic Consequences in the Euro Area
A colossus with feet of clay? Assessing Germany’s prevalence in European Union lawmaking
The power of folk ideas in economic policy and the central bank–commercial bank analogy
The Eurozone’s Evolving Fiscal Ecosystem
To play or not to play the ‘moral hazard card’
Ideational power and pathways to legitimation in the euro crisis
Europeanism
Programming the Common Market
Nein to ‘Transfer Union’
Patterns of pooling and delegation after the crisis
Championing the ‘German model’? Germany’s consistent preferences on the integration of fiscal constraints
Do euro area institutions benefit the small member states
Introduction to the special issue
Playing the creation of the European banking union
The politics of an ‘incomplete’ Banking Union and its ‘asymmetric’ effects
A member state like any other? Germany and the European integration of core state powers
Moral Hazard, central bankers, and Banking Union
Completing Banking Union? The Role of National Deposit Guarantee Schemes in Shifting Member States' Preferences on the European Deposit Insurance Scheme
The Reforms of the Economic and Monetary Union During the Euro Crisis
How did the euro area survive the crisis
Who determined what governments really wanted? Preference formation and the euro crisis
The Rise and Fall of Merkozy
Crises and Responsiveness
The European Stability Mechanism and Domestic Preference Formation During the Eurocrisis
The Revival of Democratic Intergovernmentalism, First Principles and the Case for a Contest-Based Account of Democracy in the European Union
Economic ideas, party politics, or material interests? Explaining Germany’s support for the EU corona recovery plan
Explaining the sudden creation of a banking supervisor for the euro area
The battle of ideas on the euro crisis
Stillborn Banking Union
The Conundrum of Solving ‘Too Big to Fail’ in the European Union
After Merkel – The 2021 German Election and its Implications for European Union Politics
Power and changing modes of governance in the euro crisis
United We Stand
Explaining Germany’s Position on European Banking Union
Walter Eucken à Paris
Exploring EU public opinion with cognitive mapping
The Past in the Present—The Role of Analogical Reasoning in Epistemic Learning About How to Tackle Complex Policy Problems
Responsible judges or judging responsibilities? EU Court of Justice, Bundesverfassungsgericht and EU economic governance
The role of the EU institutions in establishing the banking union. Collaborative leadership in the EMU reform process
Political and instrumental leadership in major EU reforms. The role and influence of the EU institutions in setting-up the Fiscal Compact
Failing outward
European Integration and the Politics of Economic Ideas
Ordoliberalizing the Neighbourhood? The EU's Promotion of Regulatory Reforms in Egypt
Principled disobedience in the EU
The Road To Maastricht
Germany and the Eurozone Crisis
Banking on a union
How the European Commission deepened financial market integration. The battle over the liberalization of public banks in Germany
Liberal intergovernmentalism and the euro area crisis
German Interests in European Monetary Integration
As I Drifted on a River I Could Not Control
The Steep Road to European Banking Union
The Community Trap
International Institutions and Socialization in Europe
Banking Union as Holy Grail
EU ring-fencing and the defence of too-big-to-fail banks
European economic integration in times of crisis
TheGerman Model and theEuropean Crisis
European Deposit Insurance and Resolution in the Banking Union
Ordoliberal Lessons for Economic Stability
Policy Paradigms, Social Learning, and the State
Discursive Institutionalism
| Unique citing works | 57 |
|---|---|
| Citations per year | 6,33 |
| Citation span | 2017 - 2025 (9) |
| Citation velocity | recent |
| Highly cited | No |
| Citation types | Neutral: 57 |