The EU Financial Market Policy: Evolution, Innovation and Research Outlook

Zdenek Kudrna

No 4, Working Papers of the Vienna Institute for European integration research (EIF) from Institute for European integration research (EIF)

Abstract: This paper reviews the process of regulatory integration in the financial markets of the European Union. It shows that the regulatory framework for the single market in financial services has progressed in stages reflecting the evolution of EU policy-modes; from market opening to attempts at harmonization, to reliance on mutual recognition. The slow progress induced the EU to innovate its decision-making processes by introducing the Lamfalussy procedure in 2001. The new procedure accelerated the adoption of new regulations and is being adapted to ensure consistent enforcement across all EU jurisdictions. The next round of challenges to regulatory integration will stem from weak crisis management mechanisms revealed by the current crisis.

Keywords: financial markets; Euro; harmonisation; harmonisation; political science; regulation; regulatory politics; joint decision making (search for similar items in EconPapers)
Date: 2009-08-15
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (3)

Downloads: (external link)
https://eif.univie.ac.at/downloads/workingpapers/wp2009-04.pdf Full text (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:erp:eifxxx:p0007

Access Statistics for this paper

More papers in Working Papers of the Vienna Institute for European integration research (EIF) from Institute for European integration research (EIF)
Bibliographic data for series maintained by Gerda Falkner ( this e-mail address is bad, please contact ).