Saving the Single Market:
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Diab, Mikele1, Forfatter
Rosamond, Ben2, Vejleder
1Det Samfundsvidenskabelige Fakultet, Københavns Universitet, København, Danmark, diskurs:7001              
2Institut for Statskundskab, Det Samfundsvidenskabelige Fakultet, Københavns Universitet, København, Danmark, diskurs:7003              
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Ukontrollerede emneord: Single Market, Financial Stability, Supervision
 Abstract: The thesis considers the introduction of the European System of Financial Supervision (ESFS) in terms of the so-called policy trilemma of European policymakers. The policy trilemma states that the three elements of financial stability, national sovereign prerogatives over financial matter and European integration are incompatible. Although the trilemma has existed for a long time, the introduction of free capital movements with the Single Market, made it particularly unstable.

This instability was demonstrated in the financial crisis. More specifically, the thesis considers to what degree the ESFS can be depicted as an embedding of the market within a regional realm, following an embedded liberalism macro-theoretical framework. This is done through a principal-agent analysis of actors’ behaviour, which indicates the direction of balance of power within a EU-state-market triangle. Analysis is carried out for the periods immediately before and after the crisis as well as after the introduction of the ESFS.

An embedded liberalism theory suggests that crisis leads to a process of re-embedding the market in the state. This hypothesis came true for the initial reactions to the financial crisis. However, given the deeply integrated financial markets, a national re-embedding of financial markets was undesirable. Moreover, regional disintegration would most likely cause unforeseeable economic setbacks. Therefore, the ESFS represents a movement towards a supranational solution, which further integrates the European financial markets, and which solves the financial trilemma by sacrificing the national agenda. As such, the ESFS can be seen as an indication that the market is in process of being embedded in the EU. Moreover, evidence suggest that this embedding has conducted been in a top-down manner.
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Bogmærk denne post:
 Type: Speciale
Alternativ titel: How the European System of Financial Supervision Indicates a Regional Embedding of Financial Markets
Alternativ titel: At bevare det indre market:
Alternativ titel: Hvordan "European System of Financial Supervision" kan anskues som en regional indlejring af det finansielle market
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Sprog: English - eng
 Datoer: 2012-10-31
 Sider: -
 Publiceringsinfo: København : Københavns Universitet
 Indholdsfortegnelse: -
 Note: -
 Type: Speciale
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