Academic literature on the topic 'EU. Financial governance. Organized interests'
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Journal articles on the topic "EU. Financial governance. Organized interests"
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Van Loon, Aukje. "European Financial Governance: FTT Reform, Controversies and Governments’ Responsiveness." Politics and Governance 9, no. 2 (May 27, 2021): 208–18. http://dx.doi.org/10.17645/pag.v9i2.3935.
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The Eurozone crisis exposed the incompleteness of the Economic and Monetary Union’s governance framework thereby prompting the promotion of a multitude of reform packages and proposals. This simultaneously induced conflict among EU governments on both design and content of such reforms. In case of the financial transaction tax (FTT) proposal, which failed to garner consensus among member governments, it illustrates Ireland’s disapproval clashing with favorable German and French stances. While these governments aligned on the necessity to reform, the process of harmonizing EU financial governance proved rather difficult. In analyzing governments’ variation of reform support or opposition, the societal approach to governmental preference formation is employed. This is considerably conducive in directing academic attention to the role of two explanatory variables, domestic material interests and value-based ideas, in shaping governments’ reform positions. This article encompasses a comprehensive comparative account of domestic preference formation and responsiveness of three EU governments (France, Germany and Ireland), in the case study of the FTT, and demonstrates that the two societal dynamics are prone to have played a role in shaping financial reform controversies. By building on and contributing to Eurozone crisis literature, this approach seems appropriate in analyzing financial governance reform due to the crisis’ domestic impact resulting in increased public salience, issue politicization and an advanced role of elected politicians.
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Kurczewska, Urszula. "The lobbying of cities in the European Union." Sprawy Międzynarodowe 74, no. 1 (October 22, 2021): 175–94. http://dx.doi.org/10.35757/sm.2021.74.1.03.
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Most European Union policies directly affect cities, but their role in formulating these policies is insufficient. Therefore, cities are undertaking para-diplomacy and lobbying at the EU level independently of national governments. They use the opportunities offered by the EU, namely multilevel governance system and the European Commission’s policy of openness and deliberation. The article presents an analysis of the patterns and strategies of representation of cities’ interests at the EU level, their adaptation to the requirements of the EU interests intermediation system, as well as the motivations for undertaking lobbying. It is argued that cities follow two main channels of interests representation: permanent representations with direct lobbying in Brussels and activity in European city networks. Two types of motivations behind lobbying can be distinguished: regulatory mobilization and financial mobilization. Their relations with EU institutions are subject to advanced institutionalization.
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Jezernik, Živa Skok. "Changes in bank resolution mechanism: opportunity for change in bank governance towards stakeholder approach." Corporate Ownership and Control 11, no. 4 (2013): 800–805. http://dx.doi.org/10.22495/cocv11i1c9art4.
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The current financial crisis has vividly demonstrated that due to the incentives of bank shareholders to take excessive risks on behalf of other stakeholders and society, banking governance based exclusively on shareholder interests results in systemically fragile banks and financial instability. The key challenge is to establish a bank governance framework in which financial institutions begin to perform their central function of serving and supporting long-term economic development. The recent change in the bank resolution mechanism legislation for banks in the EU from a bail-out to a bail-in approach that creates a new group of bank stakeholders with strong incentives to oppose excessive risk-taking – uninsured debtholders – can be seen as an opportunity to enact substantial change in bank governance.
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Howell, Elizabeth. "EU AGENCIFICATION AND THE RISE OF ESMA: ARE ITS GOVERNANCE ARRANGEMENTS FIT FOR PURPOSE?" Cambridge Law Journal 78, no. 02 (May 7, 2019): 324–54. http://dx.doi.org/10.1017/s0008197319000394.
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AbstractEU agencies have mushroomed in recent years and new agencies, such as those in the financial arena, can have far-reaching quasi-regulatory and supervisory powers. These developments raise fundamental questions as to their constitutional standing, the delegation of powers and how to wrestle the challenges of independence and accountability. This paper considers ESMA, the most ambitious new financial sector agency. It examines ESMA's governance and accountability mechanisms and makes normative proposals to better balance the competing supranational and national interests within it. Such refinements should also be implemented in conjunction with additional accountability requirements, particularly a greater role for the European Parliament. This reshaping is vital to guarantee ESMA's autonomy and legitimacy.
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Pantazatou, Katerina. "Promoting solidarity in crisis times: Building on the EU Budget and the EU Funds." Perspectives on Federalism 7, no. 3 (December 1, 2015): 49–76. http://dx.doi.org/10.1515/pof-2015-0018.
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Abstract This article examines the evolution of the EU ‘redistributive’ policies in the (post-) crisis EU era. By reviewing the EU cohesion policy, the financial assistance mechanisms, the new economic governance measures and the potentials of attributing the EU fiscal capacity, it aims to conceptualize the notion of solidarity as redistribution as this has evolved by reason of the crisis. The article argues that by virtue of the diverging economies, interests and preferences of the Member States, reciprocal or ‘effects-based solidarity’ is the only type of solidarity that has been exhibited among the Member States during the crisis. It, further, shows how the principle of solidarity has not lived up to its potential in the present crisis context, but it has instead been cropped up in sharply different ways in the rhetorics and communications of political parties of all hues across the Union.
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Korac, Srdjan. "Lobbying in institutions of European Union." Medjunarodni problemi 62, no. 2 (2010): 348–84. http://dx.doi.org/10.2298/medjp1002348k.
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The author analyses how big business interests groups influence the both EU legislative and policy making process, and by doing so how they distort pluralistic concept of public policy networking at the supranational level of governance. The enormous financial resources available to multinational corporations provide them the use of 'front group' strategy or the 'third party' strategy, manipulative public relations tactics, and an insider position in the European Commission's consultative fora, which all lead to exclusion of grass root groups. The author concludes that big business influence on the EU decision-makers will have negative effects on democratic legitimacy of the EU institutions, and he thinks that an efficient institutional control over lobbying activities in Brussels is needed.
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Shageeva, Gulnara R. "CORPORATE GOVERNANCE IN THE RUSSIAN BANKING SECTOR UNDER ADVERSE ENVIRONMENTAL FACTORS." EKONOMIKA I UPRAVLENIE: PROBLEMY, RESHENIYA 5/1, no. 125 (2022): 33–38. http://dx.doi.org/10.36871/ek.up.p.r.2022.05.01.005.
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The article presents an assessment of the impact of adverse environmental factors on corporate governance in the Russian banking sector. The specifics of national banking corporate governance are revealed. It is concluded that it is necessary to use built-in adaptation mechanisms in the corporate governance system of the banking sector. The main threats from the external environment related to the impact of the package of US and EU sanctions on the financial system of the Russian Federation are identified. Possible ways of using corporate governance tools to smooth out negative influences and reduce the degree of risk in the banking sector are considered. A proactive approach and a focus on maintaining a balance of interests of all interested groups are proposed as the main vectors for the development of corporate governance in the banking sector.
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MARCHENKO, Sergii. "Strategic public finance governance: European integration course, international trends, national peculiarities." Fìnansi Ukraïni 2022, no. 1 (May 9, 2022): 7–26. http://dx.doi.org/10.33763/finukr2022.01.007.
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The experience of public finance management in the EU in the framework of tightly controlled coordination of medium-term fiscal policy and the single monetary policy of the European Monetary Union (EMU) indicates that Strategic Public Finance Governance (SPFG) should be distinguished from the strategy for reforming the public finance management system within the established approaches of Public Finance Management (PFM) as general from special. The Strategic Public Finance Governance Mission (SPFG) is seen as enhancing the government’s financial capacity to respond in a timely and adequate manner to global challenges and threats through coordinated and targeted participation in relevant international activities and programs that correlate with the solution of certain global problems. The mission also includes expanding the fiscal space for public financial support of national sustainable development priorities that meet national interests, the criteria of national security in general and economic, financial, fiscal in particular. This involves the use of both domestic and borrowed (from other countries, international organizations, etc.) financial resources. Nowadays, the PFM approach covers mainly the general government sector. Strategic Public Finance Governance (SPFG) should cover the public sector as a whole. In our opinion, this is the main direction of further European integration reform of the public finance management system in Ukraine.
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Kouloridas, Athanasios, and Jens von Lackum. "Recent Developments of Corporate Governance in the European Union and their Impact on the German Legal System." German Law Journal 5, no. 10 (October 1, 2004): 1275–94. http://dx.doi.org/10.1017/s2071832200013213.
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The collapses of several US-businesses like those of Enron and Worldcom and a number of scandals in the EU – in the recent past that of Parmalat – have strongly affected public confidence in the operation and governance of large entities trading their shares in organized capital markets. The European Commission reacted by issuing the Action Plan on Modernizing Company Law and Enhancing Corporate Governance in the EU on 21 May 2003. The Action Plan contains measures which the Commission wants to implement over the short term (until 2005), medium term (until 2008) and long term (until 2010). The key issues set up in the Action Plan concern corporate governance, capital maintenance, recapitalization as well as decreasing capital, groups of companies, international corporate restructuring and the introduction of a new legal form of incorporation. The fact that the big rating agencies have begun to rate the corporate governance performances of major companies, can well be seen as a further indicator that good corporate governance has an important concern for managers, shareholders and for policy makers. As part of the Action Plan, the Commission has recently launched consultations on board responsibilities and improving financial and corporate governance information, on directors’ remuneration and on the role of (independent) non-executive or supervisory directors. In the light of these recent consultations and the results of the public consultation on the Action Plan, this Article offers an overview and assessment of the corporate governance measures planned at Community level.
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Lee, Heewon. "Private Sector Engagement in the Self-Governance of Urban Sustainable Infrastructure: A Study on Alternative Fueling Infrastructure in the United States." Sustainability 13, no. 22 (November 11, 2021): 12435. http://dx.doi.org/10.3390/su132212435.
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Greenhouse gas emission reduction and decarbonization goals drive citizens’ interests in alternative fuel vehicles and have created fast-growing demands on alternative fuels. While governments are promoting the transition to alternative fuel vehicles, the lack of refueling and recharging infrastructure for the vehicles is a key barrier to the adoption. At the same time, the public sector cannot solely provide needed alternative fueling infrastructure due to limited financial resources. Consequently, governments in the U.S. have been working on facilitating the private sector’s investment in alternative fueling infrastructure. The most common approach was financial incentive programs and policies, but the U.S. also promotes self-organized collaborative governance of alternative fuels across sectors at the local level. This paper asks whether these two approaches stimulate the private sector’s engagement in providing alternative fueling infrastructure. This study uses the case of the Clean Cities program that targets the reduction in petroleum usage, adoption of alternative fuels and creation of self-governance at the local level. Local private businesses, local government agencies and non-profit organizations voluntarily participate in the local transition to alternative fuels. Therefore, this governance aims at facilitating more sustainable actions and business choices in the private sector. This paper tests the hypotheses of whether the local self-governance of Clean Cities increases privately-owned alternative fueling infrastructure using panel fixed-effects Poisson regression models. Based on the data of counties in 12 states from 2004 to 2015, the results of empirical analysis suggest that both self-governance and financial incentive programs are effective in increasing the engagement of private actors in providing alternative fueling infrastructure.
Dissertations / Theses on the topic "EU. Financial governance. Organized interests"
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MONTALBANO, GIUSEPPE. "Reshaping hegemony: societal interests and political power in the European post‐crisis financial governance." Doctoral thesis, Luiss Guido Carli, 2016. http://hdl.handle.net/11385/201108.
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A Neo‐Gramscian approach to the analysis of EU integration and policy-making. Mapping the participatory channels in the EU economic and financial policy-making. The formation of the European post‐crisis regulatory agenda. The reform of Basel II and the Capital Requirements’ package. The reform of the Lamfalussy process and the European supervision of the financial markets. The Single Supervisory Mechanism and the path towards the Banking Union. The debate on the Banking Structural Reform: a view on the on going negotiations.
Books on the topic "EU. Financial governance. Organized interests"
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Great Britain: Parliament: House of Commons: European Scrutiny Committee and William Cash. Forty-third report of Session 2010-12: Documents considered by the Committee on 19th October 2011, including the following recommendations for debate, protecting the financial interests of the EU; establishing a new Schengen evaluation mechanism; Schengen Governance. Stationery Office, The, 2011.
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Guido, Ferrarini, and Saguato Paolo. Part III Trading, 11 Governance and Organization of Trading Venues: The Role of Financial Market Infrastructure Groups. Oxford University Press, 2017. http://dx.doi.org/10.1093/law/9780198767671.003.0011.
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This chapter shows that MiFID II brings modest changes to trading venues in the EU: newly introduced Organized Trading Facilities (OTFs) will be the reference venues for a significant portion of derivatives trading; and regulated markets (RMs) and Multilateral Trading Facilities (MTFs) regimes have been aligned, with specific provisions to strengthen the governance of venues and operators. However, trading venues which have developed into Financial Markets Infrastructures (FMI) groups providing trading and post-trading services test the capacity of the current regime—and MiFID II itself—to oversee their activities and guarantee competition and stability. MiFID II does not explicitly take FMI groups into account; only three sets of rules address some of their potential risks. The authors conclude that this regulatory gap might threaten financial market stability, and regulators should consider a regulatory intervention, such as the experience of the regulatory and supervisory colleges of CCPs under EMIR and the regulatory framework of the financial conglomerates directive.
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Bianchi, Marcello, Carmine Di Noia, and Matteo Gargantini. The EU Securities Law Framework for SMEs. Oxford University Press, 2018. http://dx.doi.org/10.1093/oso/9780198815815.003.0014.
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This chapter claims that the current EU securities and financial law falls short of delivering a satisfactory equilibrium between investor protection and limitation of issuer costs and may squeeze too many firms out of the market for both debt and equity capital. Based on the assumption that market participants are sometimes better suited to deciding how best to protect their own interests, the chapter submits a set of proposals largely based on optional rules that, we believe, could improve the quality of EU regulation. In contrast with the current regime, those options would be available irrespective of the trading venue where the relevant SME securities are traded, but they should also be allocated in a way that ensures sufficient standardization exists when needed. Matters covered by our proposal include takeovers, major shareholding disclosure, corporate governance statements, ongoing issuer disclosure duties, and prospectuses.
Book chapters on the topic "EU. Financial governance. Organized interests"
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Schiliro, Daniele. "Governance and Institutions for Stability and Growth in the Eurozone." In Regaining Global Stability After the Financial Crisis, 108–25. IGI Global, 2018. http://dx.doi.org/10.4018/978-1-5225-4026-7.ch006.
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This chapter aims to contribute to the debate on which kinds of governance and institutions are needed to ensure stability and growth in the Eurozone. Despite the economic recovery, the Eurozone does not have effective institutions to ensure stability in the face of a new economic crisis (without forgetting legitimacy, transparency, and the ability to meet the expectations of greater prosperity for Euro-area citizens). This chapter supports the view of a deep rethinking of the European monetary union (EMU) with a different governance and institutions. The new governance should imply a renewed political agreement among member states in both the Eurozone and the European Union (EU). This political agreement must lead to a reconsideration of the Maastricht parameters, a different approach of European institutions, and a change of the EU treaty. This chapter also discusses the role of institutions in balancing European interests with those of member states to provide a consistent approach to stability and growth.
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Bas, Zebregs, and de Serière Victor. "Part III Post-Trading Infrastructures, 10 Securities and Derivatives Central Counterparties in the EU: Regulatory Framework, Segregation, and Portability." In Financial Market Infrastructures: Law and Regulation. Oxford University Press, 2021. http://dx.doi.org/10.1093/law/9780198865858.003.0010.
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This chapter provides a general introduction to the relevant international standards and their transposition into the regulatory framework for the clearing sector in the European Union. It summarizes the applicable regulations established by the European Market Infrastructure Regulation (EMIR) of 2012 and related legal instruments. Specifically, the chapter analyses the applicable licensing and governance requirements, requirements pertaining to restricting and managing conflicts of interests, the outsourcing of certain activities and, in particular, the applicable prudential requirements for the management of losses and liquidity shortfalls and relevant conduct-of-business rules. All of these are broadly in line with the CPSS-IOSCO principles for market infrastructures of 2012. The chapter then turns to a closer look at the relevant investor protection rules established by MiFID II and the corresponding Markets in Financial Instruments Regulation (MiFIR). Of particular relevance within the European framework are issues relating to the segregation and portability of client assets.
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Paolo, Saguato. "Part III Post-Trading Infrastructures, 11 Securities and Derivatives Central Counterparties in the United States." In Financial Market Infrastructures: Law and Regulation. Oxford University Press, 2021. http://dx.doi.org/10.1093/law/9780198865858.003.0011.
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This chapter offers the US perspective on securities and derivatives central counterparties (CCPs) and focuses on the macro-prudential and financial stability role bestowed on CCPs by post-crisis policymakers. It unpacks the peculiar economic and governance dynamics of clearinghouses and their delicate incentives structure and focuses on the regulatory framework built by post-crisis policymakers. Interestingly, in the United States, the market and regulatory structure of securities and derivatives CCPs substantially differentiate, with securities CCPs organized as subsidiaries of a stand-alone member-owned firm, and derivatives CCPs being vertically integrated in investor-owned for-profit financial groups. The chapter looks into the two different market structures and ownership models of securities and derivatives clearinghouses and draws comparative analyses of the US and EU approaches to the regulation of clearing markets and CCPs. US derivatives investor-owned CCPs, as their EU peers, present unique agency costs between clearinghouses' members and shareholders, where the members are the final risk bearers of the business but without control rights, and the shareholders retain control rights, but with limited skin in the game. The chapter concludes with some policy considerations on how to strengthen CCPs resilience and how to more effectively mitigate the agency costs that spills from the members-shareholder divide.
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Mainwaring, Ċetta. "Lilliputian Power? Malta’s ‘Crisis’." In At Europe's Edge, 121–50. Oxford University Press, 2019. http://dx.doi.org/10.1093/oso/9780198842514.003.0005.
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The fifth chapter analyses how in the EU context Malta constructed a crisis around the issue of migration, and how the small state exploited the crisis to secure more EU funds and support. It thus focuses on how member states on the periphery respond to the new responsibility they face as EU migration gatekeepers. In this way, the chapter continues to explore the theme of power at the margins but moves away from the migrant experience to that of a small state at the edge of Europe. The chapter analyses Malta’s strategies at the EU level and its lobbying around particular policies between 2008 and 2016, including (1) the European Pact on Immigration and Asylum, (2) the Schengen Borders Code, (3) the Dublin Regulation, and (4) the Long-Term Residents Directive. The research demonstrates how Malta exerted an unexpected level of influence on EU migration governance by adopting a number of strategies, including emphasizing its small state status, its gatekeeper role, and the ‘crisis’. The most significant success was the expansion of the concept of solidarity within the EU to not only include financial transfers but also the relocation of people. However, this success has come at a price: Malta’s construction and exploitation of a migration crisis reinforces the very emphasis on migration control at the external border that it has resisted. Indeed, the EU framework now shapes Malta’s interests and strategies, encouraging the construction of migration crisis in the Mediterranean and the reduction of migrants to symbols of suffering and disorder.