1,347
Views
28
CrossRef citations to date
0
Altmetric
Articles

A Wall Around Europe? The European Regulatory Response to the Global Financial Crisis and the Turn in Transatlantic Relations

Pages 391-408 | Published online: 19 Jul 2012

References

  • Abdelal , R. and Meunier , S. 2010 . Managed globalization: doctrine, practice, and promise . Journal of European Public Policy , 17 ( 3 ) : 349 – 366 .
  • AIMA. 2009. AIMA warns of global impact of EU AIFM directive. London, Alternative Investment Managers Association, 27 July. Available on AIMA Website: <http://www.aima.org/en/media/press-releases.cfm/id/6D509933-0F03-4D6B-B193ECB26D844F36>. Lastly accessed: 6 June 2012.
  • Barber, L., B. Benoit, and H. Williamson. 2008. March to the middle: Merkel celebrates Germany’s social market model. Financial Times, 10 June.
  • Buckley , J. and Howarth , D. 2010 . Internal market: gesture politics? Explaining the EU’s Response to the financial crisis . Journal of Common Market Studies , 48 : 119 – 141 .
  • CFTC. 2011. Statement of Jill E. Sommers before the Subcommittee on General Farm Commodities and Risk Management, House Committee on Agriculture. US Commodity Futures and Trading Commission, 25 May. Available on the CFTC Website: <http://www.cftc.gov/PressRoom/SpeechesTestimony/sommersstatement052511>. Lastly accessed: 6 June 2012.
  • CFTC, and SEC. 2012. Join report on international swap regulation, Commodity Futures Trading Commission and Securities and Exchange Commission, 31 January. Available on the CFTC Website: <http://www.cftc.gov/ucm/groups/public/@swaps/documents/file/dfstudy_isr_013112.pdf>. Lastly accessed: 6 June 2012.
  • DTCC. 2010. DTCC to establish European-Based trade reporting repository. The Depository Trust and Clearing Corporation, 1 July. Availabel on the DTCC Website: <http://www.dtcc.com/news/press/releases/2010/trade_reporting_repository.php>. Lastly accessed: 6 June 2012.
  • Engelen, K. 2004. Das empire strikes back: German banks have had enough of Standard and Poor’s and other agencies, and they’re not going to take it any more. The International Economy, Winter: 64–71.
  • European Central Bank. 2011. Eurosystem oversight policy framework, July. Available on the ECB Website: <http://www.ecb.int/pub/pdf/other/eurosystemoversightpolicyframework2011en.pdf>. Lastly accessed: 6 June 2012.
  • European Commission. 2006. Communication from the Commission on Credit rating agencies, 2006/C 59/02, 11 March.
  • European Commission. 2008. Proposal for a regulation of the European Parliament and of the Council on Credit Rating Agencies. European Commission, 2008/0217 (COD) 12 November.
  • European Commission. 2009a. Communication from the Commission. Ensuring efficient, safe and sound derivatives markets. European Commission, Com (2009) 332 final, 3 July.
  • European Commission. 2009b. Press release: Commissioner Charlie McCreevy welcomes Industry commitment to EU central counterparty for CDS. European Commission, 19 February. Available on the European Commission Website: <http://europa.eu/rapid/pressReleasesAction.do?reference=MEMO/09/77&type=HTML>. Lastly accessed: 6 June 2012.
  • European Commission. 2009c. Proposal for a directive of the European Parliament and of the Council on Alternative Investment Fund Managers and amending directives 2004/39/EC and 2009/…/EC 2009/0064 (COD), 30 April.
  • European Commission. 2009d. Regulation (EC) No 1060/2009 of the European Parliament and of the Council of 16 September 2009 on credit rating agencies. Official Journal of the European Union, Vol. L302/1.
  • European Commission. 2010a. Proposal for a regulation of the European Parliament and of the Council on OTC derivatives, central counterparties and trade repositories, 15 September.
  • European Commission. 2010b. Public consultation on credit rating agencies, 5 November.
  • European Commission. 2011a. Frequently asked questions: legislative proposal on credit rating agencies (CRAs), MEMO/11/788, 15 November.
  • European Commission. 2011b. Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011on alternative investment fund managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010. Official Journal of the European Union L 174/1.
  • European Council. 2009. Council conclusions on Commission communication on ‘Ensuring efficient, safe and sound derivatives markets - future policy action’ and on Commission report on ‘The Code of Conduct on clearing and settlement: Three years of experience’, 2 December.
  • European Parliament. 2004. European Parliament resolution on role and methods of rating agencies. European Parliament, P5 TA(2004) 0080.
  • European Parliament. 2008. Coordinated European action needed to tackle financial crisis says the European Parliament. Press release. European Parliament, 22 October. Available on the European Parliament website: <http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//TEXT+IM-PRESS+20081020IPR40025+0+DOC+XML+V0//EN>. Lastly accessed: 6 June 2012.
  • Fioretos , O. 2010 . Capitalist diversity and the international regulation of hedge funds . Review of International Political Economy , 17 ( 4 ) : 696 – 723 .
  • FSA. 2009. Turner review: A regulatory response to the global banking crisis. London, Financial Services Authority, March 2009.
  • FSA, HM Treasury, and Bank of England. 2011. The United Kingdom authorities response to the European Commission internal market and services consultation on credit rating agencies. Available on European Commission website. <https://circabc.europa.eu/d/d/workspace/SpacesStore/0d1ea101-b6d0-470b-b8b3-e28e4c1cba30/BoE-FSA-Treasury_EN.pdf>, Lastly accessed on June 6, 2012.
  • Geithner, T.F. 2010. Letter to Michel Barnier, European Commissioner for Internal Market and Services. Department of the Treasury, 1 March. Available on: <http://www.ft.com/cms/b102c1be-2d31-11df-9c5b-00144feabdc0.pdf>. Lastly accessed: 6 June 2012.
  • Grant, J., and N. Tait. 2009. European CDS clearing hits hurdle. Financial Times, 12 January.
  • Helleiner , E. and Pagliari , S. 2009 . “ The end of self-regulation? Hedge Funds and derivatives in global financial governance ” . In Global finance in crisis. The politics of international regulatory change , Edited by: Helleiner , E. , Pagliari , S. and Zimmermann , H. 74 – 90 . London : Routledge .
  • HM Treasury. 2009. European financial regulation and supervision. Letter from Alistair Darling to the Minster of Finance of the Czech Republic Miroslav Laousek. HM Treasury, 3 March. Available on the HM Treasury Website: <http://www.hm-treasury.gov.uk/d/chxletter_ecofin030309.pdf>. Lastly accessed: 6 June 2012.
  • Hollinger, P., N. Tait, and M. Arnold. 2009. Paris attacks EU plans on hedge funds. Financial Times, 27 April.
  • Holmquist, J. 2009. EU–US cooperation in financial markets regulation in times of crisis. Financial Services Roundtable, 13 April. Available on the European Commission Website: <http://ec.europa.eu/internal_market/speeches/docs/2009/090401-jh-financial-services-roundtable-speech.pdf>. Lastly accessed: 6 June 2012.
  • Hough, A. 2009. Nicolas Sarkozy hails EU appointment to clamp down on City of London. The Telegraph, 2 December.
  • Hughes, J., and P. J. Davies. 2008. France calls for rating agency registry. Financial Times, 28 May.
  • Hutchings, W. 2009. France backs sweeping change to EU alternatives directive. Financial News, 17 September.
  • IOSCO. 2011. Regulatory Implementation of the Statement of Principles Regarding the Activities of Credit Rating Agencies. Technical Committee of the International Organization of Securities Commissions, February.
  • Jones, H. 2008. France defends U.S. reach of EU market rules. Reuters, 18 December.
  • Jones, H. 2009a. EU deal among states on table over non-EU funds. Reuters, 10 November.
  • Jones, H. 2009b. France wants ECB to lead derivatives clearing push. Reuters, 19 January.
  • McCreevy, C. 2008. Time for regulators to get a better view of derivatives. Statement on reviewing derivatives markets before the end of the year, European Commission, 17 October. Available on the European Commission website: <http://europa.eu/rapid/pressReleasesAction.do?reference=SPEECH/08/538>http://europa.eu/rapid/pressReleasesAction.do?reference=SPEECH/08/538. Lastly accessed: 6 June 2012.
  • McCreevy, C. 2009. Address by Commissioner Charlie McCreevy at the EP Committee on Economic and Monetary Affairs, European Parliament, February 3. Available on the European Commission Website: <http://europa.eu/rapid/pressReleasesAction.do?reference=SPEECH/09/34&format=HTML&aged=0&language=EN&guiLanguage=en>. Lastly accessed: 6 June 2012.
  • Moloney , N. 2010 . EU financial market regulation after the global financial crisis: more Europe or More risks? . Common Market Law Review , 47 : 1317 – 1383 .
  • Mügge , D. 2010 . Widen the market, narrow the competition , Colchester : ECPR Press .
  • Patrick, M. 2009. France seeks to block offshore hedge funds from EU marketing. Dow Jones Newswire, 17 September.
  • Posner , E. 2005 . “ Market Power without a single market: the new transatlantic relations in financial services ” . In The future of transatlantic economic relations: continuity amid discord , Edited by: Andrews , D.M. , Pollack , M.A. , Shaffer , G.C. and Wallace , H. Florence : European Union Institute .
  • Posner , E. 2009a . “ Is a European approach to financial regulation emerging from the crisis? ” . In Global finance in crisis. The Politics of international regulatory change , Edited by: Helleiner , E. , Pagliari , S. and Zimmermann , H. 108 – 120 . London : Routledge .
  • Posner , E. 2009 . Making rules for global finance. transatlantic regulatory cooperation at the turn of the millennium . International Organization , 63 ( 4 ) : 665 – 699 .
  • Posner , E. and Véron , N. 2010 . The EU and financial regulation: power without purpose? . Journal of European Public Policy , 17 ( 3 ) : 400 – 415 .
  • Quaglia , L. 2007 . The politics of financial services regulation and supervision reform in the European Union . European Journal of Political Research , 46 : 269 – 290 .
  • Quaglia , L. 2008 . Setting the pace? Private financial interests and European financial market integration . British Journal of Politics and International Relations , 10 : 46 – 63 .
  • Quaglia, L. 2009. The politics of regulating credit rating agencies in the European Union. Working Paper for the Centre for Global Political Economy, University of Sussex, no. 5, June.
  • Quaglia , L. 2010 . Completing the single market in financial services: the politics of completing advocacy coalitions . Journal of European Public Policy , 17 ( 7 ) : 1007 – 1023 .
  • Rasmussen, P.N., and I. van de Burg. 2007. Hedge funds and private equity. A critical analysis. Report prepared by the Socialist Group in the European Parliament. Available on the PES Website <http://www.pes.eu/en/system/files/Hedge_Funds_EN.pdf>. Lastly accessed: 6 June 2012.
  • Schaub, A. 2004a. Testimony before the Committee on Financial Services, US House of Representatives, 13 May. Available on the European Commission website <http://ec.europa.eu/internal_market/finances/docs/general/2004-05-13-testimony_en.pdf>. Lastly accessed: 6 June 2012.
  • Schaub, A. 2004b. Removing regulatory barriers to international finance. pointers from the EU single market, speech to FSAP colloquium, Dublin, 30 March. Available on Irish Business and Emploters Confederation Websites: <http://www.google.co.uk/url?sa=t&rct=j&q=&esrc=s&source=web&cd=3&ved=0CFoQFjAC&url=http%3A%2F%2F www.ibec.ie%2FSectors%2FFSIA%2FfsiDoclib3.nsf%2FwvICCS%2FE5D066EF3487B03280257421003C8552%2F%24File%2FAlexander%2BSchaub%2B.doc&ei=vy_PT-jZKoql0QXopsjJCw&usg=AFQjCNEgMkyErst-Jf0bSMzSNeuY1wbG7g&sig2=PC2gSnl6QNHVfmAjEupo_Q>. Lastly accessed: 6 June 2012
  • Schumer, C.E. 2009. Press release: in wake of investor fraud scandals, Schumer calls for SEC to relocate inspection office to New York City, 15 January. Available on Sen. Schumer website: <http://www.schumer.senate.gov/new_website/record.cfm?id=306779>. Lastly accessed: 6 June 2012.
  • Simmons , B. 2001 . The international politics of harmonization: the case of capital market regulation . International Organization , 55 ( 3 ) : 589 – 620 .
  • Story , J. and Walter , I. 1997 . Political economy of financial integration in Europe: the battle of the system , Manchester : Manchester University Press .
  • Véron, N. 2010. Financial Regulation: a new fortress Europe? Peterson Institute for International Economics, 5 July. Available on the PIIE website: <http://www.piie.com/blogs/?p=1191>. Lastly accessed on: 6 June 2012.
  • Watt, M. 2012. How the CCP location debate helped split the EU. Risk Magazine, January.
  • Willard, A., and F. Murphy. 2009. France, Germany say US must listen in G20 talks. Reuters, 8 January.

Reprints and Corporate Permissions

Please note: Selecting permissions does not provide access to the full text of the article, please see our help page How do I view content?

To request a reprint or corporate permissions for this article, please click on the relevant link below:

Academic Permissions

Please note: Selecting permissions does not provide access to the full text of the article, please see our help page How do I view content?

Obtain permissions instantly via Rightslink by clicking on the button below:

If you are unable to obtain permissions via Rightslink, please complete and submit this Permissions form. For more information, please visit our Permissions help page.