European Union Financial Regulation, Banking Union, Capital Markets Union and the UK

  • Lucia QuagliaEmail author
Part of the Building a Sustainable Political Economy: SPERI Research & Policy book series (SPERIRP)


Following the international financial crisis and the sovereign debt crisis, the European Union (EU) undertook major reforms in three key financial policy areas: financial regulation, Banking Union and Capital Markets Union. This chapter examines the dynamics of these reforms by focusing on the preferences and influence of the United Kingdom (UK) in the policy process. It is argued that the UK has played a variety of roles—‘foot-dragger’, ‘fence-sitter’ and ‘pace-setter’—in the policies under discussion. The (at times considerable) British influence was geared towards the attainment of preferences that were shaped by domestic politics and political economy, first and foremost the interests of the financial services industry and the City of London. The final part of the chapter also briefly discusses Brexit and finance.


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Copyright information

© The Author(s) 2019

Authors and Affiliations

  1. 1.University of BolognaBolognaItaly

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