Finance-Led Capitalism and Neoliberal Financial Market Integration in Europe

  • Dieter PesendorferEmail author


The chapter starts with an introduction to the history of European financial integration and disintegration. It continues with an overview of financialization in Europe before discussing the rise of finance-driven capitalism in Europe, linking the relative success in financial integration with the critique of neoliberal globalization and finance capitalism in Europe. The chapter then explores the European experience with financial fragmentation and disintegration and discusses the ongoing reforms of the Economic and Monetary Union. The chapter concludes with a discussion of the challenges for deeper integration and a more resilient and sustainable finance.


European financial markets integration Economic and Monetary Union Financial regulation Financial markets fragmentation 


  1. Akman, P. & Kassim, H. 2010, ‘Myths and Myth-Making in the European Union: The Institutionalization and Interpretation of EU Competition Policy’, Journal of Common Market Studies, vol. 48, no. 1, 111–132.CrossRefGoogle Scholar
  2. Aktas, N., de Bodt, E. & Roll, R. 2007, ‘Is European M&A Regulation Protectionist?’, The Economic Journal, vol. 117, no. 522, 1096–1121.CrossRefGoogle Scholar
  3. Allen, C.S. 1989, ‘The Underdevelopment of Keynesianism in the Federal Republic of Germany’, in P.A. Hall (ed.), The Political Power of Economic Ideas: Keynesianism across Nations, Princeton University Press, Princeton, N.J., 263–289.Google Scholar
  4. Altvater, E. & Mahnkopf, B. 1993, Gewerkschaften vor der europäischen Herausforderung: Tarifpolitik nach Mauer und Maastricht, Westfälisches Dampfboot, Münster.Google Scholar
  5. Altvater, E. & Mahnkopf, B. 2007, Konkurrenz für das Empire: Die Zukunft der Europäischen Union in der globalisierten Welt, Westfälisches Dampfboot, Münster.Google Scholar
  6. Andrews, D.M. 1993, ‘The Global Origins of the Maastricht Treaty on EMU: Closing the Window of Opportunity’, in A. Cafruny & G.G. Rosenthal (eds.), The State of the European Community: The Maastricht Debate and Beyond, Lynne Rienner, Boulder.Google Scholar
  7. Balassa, B.A. 1961, The Theory of Economic Integration, Allen and Unwin, London.Google Scholar
  8. Bello, W., Bullard, N. & Malhotra, K. (eds.), 2000. Global Finance: New Thinking on Regulating Speculative Capital Markets, Zed Books, London.Google Scholar
  9. Bénassy-Quéré, A., Brunnermeier, M., Enderlein, H., Fahri, E., Fratzscher, M., Fuest, C., Gourinchas, P.-O., Martin, P., Pisani-Ferry, J., Rey, H., Schnabel, I., Véron, N., Weder di Mauro, B. & Zettelmeyer, J. (2018), ‘Reconciling risk sharing with market discipline: A constructive approach to euro area reform, Policy Insight no. 91, CEPR, January 2018.Google Scholar
  10. Berend, I.T. 2016, An Economic History of Twentieth-Century Europe: Economic Regimes from Laissez-Faire to Globalization, Second Edition, Cambridge University Press, Cambridge.CrossRefGoogle Scholar
  11. Boughton, J.M. 2001, Silent Revolution: The International Monetary Fund 1979–1989, IMF, Washington, DC, Scholar
  12. Brunnermeier, M.K., James, H. & Landau, J.-P. 2016, The Euro and the Battle of Ideas, Princeton University Press, Princeton.CrossRefGoogle Scholar
  13. Capaldo, J. 2014, ‘The Trans-Atlantic Trade and Investment Partnership: European Disintegration, Unemployment and Instability’, Global Development and Environment Institute Working Paper no. 14-03, Tufts University, Medford, MA,
  14. Carney, M. 2019, ‘A New Horizon’, speech, European Commission Conference: A Global Approach to Sustainable Finance, 21 March 2019, Bank of England,
  15. CEC 1983, Financial Integration, Communication from the Commission to the Council, Brussels, 20 April 1983, COM(83) 207 final
  16. CEC 1985, Completing the Internal Market, White Paper from the Commission to the European Council, Brussels, 14 June 1985, COM(85) 310 final,
  17. Cecchini, P. 1988, The European Challenge 1992: The Benefits of a Single Market, Wildwood House, Aldershot.Google Scholar
  18. Collier, R., Kari, S., Ropponen, O., Simmler, M. & Todtenhaupt, M. 2018, ‘Dissecting the EU’s Recent Anti-Tax Avoidance Measures: Merits and Problems’, EconPol Policy Report, Munich,
  19. Corporate Europe Observatory 2019, Captured States: When EU Governments are a Channel for Corporate Interests, CEO, Brussels,
  20. Crotty, J. & Epstein, G. 2009, ‘A Financial Precautionary Principle: New Rules for Financial Product Safety’, Wall Street Watch Working Paper, no. 1, Consumer Education Foundation.Google Scholar
  21. De Larosière, J. 2009, High-Level Group on Financial Supervision in the EU, Report, Brussels,
  22. Decressin, J., Fonteyne, W. & Faruquee, H. (eds) 2007, Integrating Europe’s Financial Markets, IMF, Washington, DC.Google Scholar
  23. Delors Report 1989, Report on Economic and Monetary Union in the European Community, Committee for the Study of Economic and Monetary Union,
  24. Dombrovskis, V. 2019, Remarks by Vice-President Valdis Dombrovskis at the High-level conference: A global approach to sustainable finance, Brussels, 21 March 2019.Google Scholar
  25. Doralt, P. & Kalss, S. 2004, ‘The EU Model of Corporate Law and Financial Market Integration’, in G.A. Bermann & K. Pistor (eds.), Law and Governance in an Enlarged European Union, Hart, Oxford, 253–286.Google Scholar
  26. Dorn, N. 2015, Democracy and Diversity in Financial Market Regulation, Routledge, Abingdon.Google Scholar
  27. Dräger, K. 2006, ‘Alternativen zur Lissabon-Strategie der EU: Europa braucht eine integrierte Nachhaltigkeitsstrategie’, in A. Klein & P.B. Kleiser (eds.), Die EU in neoliberaler Verfassung, ISP, Köln.Google Scholar
  28. Draghi, M. 2012, ‘Verbatim of the remarks’, Speech at the Global Investment Conference in London, 26 July 2012,
  29. Dullien, S., Herr, H. & Kellermann, C. 2011, Decent Capitalism: A Blueprint for Reforming our Economies, Pluto Press, London.Google Scholar
  30. EBA 2016, The European Banking Authority at a Glance, EBA, London.Google Scholar
  31. EC 2005a, European Values in a Globalised World, contribution of the Commission to the October Meeting of Heads of State and Government, Communication from the Commission to the European Parliament, 20 October 2005, COM(2005) 525 final.Google Scholar
  32. EC 2008, A European Economic Recovery Plan, Communication from the Commission to the European Council, Brussels, 26.11.2008, COM(2008) 800 final.Google Scholar
  33. EC 2010, Europe 2020: A Strategy for Smart, Sustainable and Inclusive Growth, Communication from the Commission, Brussels, 3.3.2010, COM(2010) 2020.Google Scholar
  34. EC 2012a, A Blueprint for a Deep and Genuine Economic and Monetary Union: Launching European Debate, COM(2012) 777 final/2.Google Scholar
  35. EC 2012b, EU Regulatory Fitness, Communication from the Commission to the European Parliament, the Council, the European Economic and Social Committee and the Committee of the Regions, Strasbourg, 12.12.2012, COM(2012) 746 final.Google Scholar
  36. EC 2016, Capital Markets Union – Accelerating Reform, Communication from the Commission to the European Parliament, the Council, the European Central Bank, the European Economic and Social Committee and the committee of the Regions, Brussels, 14.9.2016, COM(2016) 601 final.Google Scholar
  37. EC 2017, ‘Reflection Paper on the Deepening of the Economic and Monetary Union’, Brussels, 31 May 2017,
  38. EC 2018a, The Single Market in a Changing World: A Unique Asset in Need of Renewed Political Commitment, Communication from the Commission to the European Parliament, the Council, the European Economic and Social Committee, the Committee of the Regions, Brussels, 22.11.2018, COM(2018) 772 final.Google Scholar
  39. EC 2018b, Action Plan: Financing Sustainable Growth, Communication from the Commission to the European Parliament, the European Council, the Council, the European Central Bank, the European Economic and Social Committee and the Committee of the Regions, Brussels, 8.3.2018, COM(2018) 97 final.Google Scholar
  40. EC. 2018d, Fact Sheet: Questions and Answers on the New Social fund and Globalisation Adjustment Fund for the Period 2021–2027, Brussels, 30 May 2018, IP/18/3923.Google Scholar
  41. EC 2019a, Towards a More Efficient and Democratic Decision Making in EU Tax Policy, Communication from the Commission to the European Parliament, The European Council and the Council, Strasbourg, 15.1.2019, COM(2019) 8 final.Google Scholar
  42. EC 2019b, Towards better implementation of the EU’s anti-money laundering and countering the financing of terrorism framework, Communication from the Commission to the European Parliament and the Council, Brussels, 24.7.2019, COM(2019) 360 final.Google Scholar
  43. EC 2019c, Report from the Commission to the European Parliament and the Council on the assessment of recent alleged money laundering cases involving EU credit institutions, Brussels, 24.7.2019, COM(2019) 373 final.Google Scholar
  44. Engelen, K.C. 2012, ‘Das Empire Strikes Back II’, International Economy,
  45. Enoch, C., Everaert, L., Tressel, T. & Zhou, J. (eds) 2014, From Fragmentation to Financial Integration in Europe, IMF, Washington, DC.Google Scholar
  46. EPRS 2019, ‘Establishment of a European Monetary Fund (EMF)’, EP Briefing, European Parliamentary Research Service, March 2019, PE 635.556.Google Scholar
  47. Erdilek, A. 1990, ‘The Financial Integration of the European Community in Project 1992’, Case Western Reserve Journal of International Law, vol. 22, no. 2/3, 245–267.Google Scholar
  48. Erhard, L. 1957, Wohlstand für Alle, Econ, Düsseldorf.Google Scholar
  49. ESMA, EBA, EIOPA, Joint Committee of the European Supervisory Authorities 2019, Report on cross-border supervision of retail financial services, JC/2019-22, 9 July 2019.Google Scholar
  50. Eucken, W. 1959, Grundsätze der Wirtschaftspolitik, J.C.B. Mohr, Tübingen.Google Scholar
  51. European Council 2000, Presidency Conclusions, Lisbon, 23 and 24 March, EU official document.Google Scholar
  52. Evertsson, N. 2016, ‘Corporate Tax Avoidance: A Crime of Globalization’, Crime Law Soc Change, vol. 66, 199–216.CrossRefGoogle Scholar
  53. Fabbrini, F. 2016, Economic Governance in Europe: Comparative Paradoxes and Constitutional Challenges, Oxford University Press, Oxford.CrossRefGoogle Scholar
  54. Finance Watch 2018a, ‘Final Report of the High-Level Expert Group (HLEG) on Sustainable Finance: Some promising progress, but blind spots remain’, Finance Watch, March 2018.Google Scholar
  55. Finance Watch 2018b, Building a financial system for a sustainable future: Finance Watch’s blueprint on sustainable finance, Finance Watch,
  56. Finance Watch, Positive Money Europe, WWF, Nordic Financial Unions, CDP Europe, ActionAid, Share Action, Friends of the Earth, Global Witness, Rainforest Action Network, Germanwatch & Frank Bold 2018, ‘NGO Recommendations for the EU Sustainable Finance Action Plan’, March 2018,
  57. Fitoussi, J.-P. & Le Cacheux, J. 2007, Report on the State of the European Union: Volume 2 Reforming the European Union, Palgrave Macmillan, Basingstoke and New York.CrossRefGoogle Scholar
  58. Fonteyne, W. 2007, ‘Toward a Single Financial Market’, in Decressin, J., Fonteyne, W. & Faruquee, H. (eds), Integrating Europe’s Financial Markets, IMF, Washington, DC, 1–16.Google Scholar
  59. Francis, J. 1993, The Politics of Regulation: A Comparative Perspective, Blackwell, Oxford.Google Scholar
  60. Friedman, M. 1997, ‘Why Europe Can’t Afford the Euro’, The Times, 19 November 1997.Google Scholar
  61. Friedman, M. 2000, ‘Canada and Flexible Exchange Rate’ Keynote Address. Bank of Canada,
  62. Geiger, C. 2018, ‘Sustainable Finance: EU becomes a global leader, but trillions unlikely to shift’, Press Release, Finance Watch, 8 March 2018.Google Scholar
  63. George, S. 1998, An Awkward Partner: Britain in the European Community, 3rd ed., Oxford University Press, Oxford.Google Scholar
  64. George, S. 2015, Shadow Sovereigns: How Global Corporations are Seizing Power, Polity Press, Cambridge.Google Scholar
  65. Gerber, D.J. 1998, Law and Competition in Twentieth Century Europe: Protecting Prometheus, Oxford University Press, Oxford.Google Scholar
  66. Giersch, H. 1985, ‘Eurosclerosis’, Kieler Diskussionsbeiträge, no. 112, Institut für Weltwirtschaft, Kiel.Google Scholar
  67. Giersch, H. 1989, ‘Europe’s Prospects for the 1990s’, Economic Papers, no. 76, Commission of the European Communities, DG for Economic and Financial Affairs, Brussels,
  68. Gill, S. 1998, ‘European Governance & New Constitutionalism: EMU & Alternatives to Disciplinary Neo-liberalism in Europe’, New Political Economy, vol. 3, no. 1, 5–26.CrossRefGoogle Scholar
  69. Giovannini, A. & Mayer, C. 1991, ‘Introduction’, in A. Giovannini & C. Mayer (eds.), European Financial Integration, Cambridge University Press, Cambridge, 1–8.Google Scholar
  70. Gros, D. 2017, ‘Try Again to Complete the Banking Union!’, in Europe’s Political Spring: Fixing the Eurozone and Beyond, eds. Béngassy-Quéré, A. & Giavazzi, F., CEPR Press, London, 47–60.Google Scholar
  71. Hall, P.A. and Soskice, D. (eds) 2001, Varieties of Capitalism: The Institutional Foundations of Comparative Advantage, Oxford: Oxford University Press.Google Scholar
  72. Hein, E., Detzer, D. & Dodig, N. 2015, The Demise of Finance-Dominated Capitalism: Explaining the Financial and Economic Crises, Edward Elgar, Cheltenham.CrossRefGoogle Scholar
  73. Heipertz, M. & Verdun, A. 2010, Ruling Europe: The Politics of the Stability and Growth Pact, Cambridge University Press, Cambridge.CrossRefGoogle Scholar
  74. Hirst, P. & Thompson, G. 1996, Globalization in Question, Polity, Cambridge.Google Scholar
  75. HLEG Sustainable Finance 2017, Financing A Sustainable European Economy, Interim Report by the EU High-Level Expert Group on Sustainable Finance,
  76. HLEG Sustainable Finance 2018, Financing A Sustainable European Economy, Final Report by the EU High-Level Expert Group on Sustainable Finance,
  77. Howarth, D. & Quaglia, L. 2016, The Political Economy of European Banking Union, Oxford University Press, Oxford.CrossRefGoogle Scholar
  78. IMF 2019, ‘Corporate Taxation in the Global Economy’, IMF Policy Paper, IMF, Washington, D.C.Google Scholar
  79. Inglehart, R. 1977, The Silent Revolution: Changing Values and Political Styles Among Western Publics, Princeton University Press, Princeton, N.J.Google Scholar
  80. Jessop, B. 2018, ‘Neoliberalization, Uneven Development, and Brexit: Further Reflections on the Organic Crisis of the British State and Society’, European Planning Studies, vol. 26, no. 9, 1728–1746.CrossRefGoogle Scholar
  81. Joerges, C. 2002, ‘The Law’s Problems with the Governance of the European Market’, in C. Joerges & R. Dehousse (ed.), Good Governance in Europe’s Integrated Market, Oxford University Press, Oxford, 3–31.CrossRefGoogle Scholar
  82. Juncker, J.-C., Tusk, D., Dijsselbloem, J., Draghi, M. & Schulz, M. 2015, Completing Europe’s Economic and Monetary Union, The Five Presidents’ Report, European Commission, Brussels, Scholar
  83. Kindleberger, C.P. & Laffargue, J.-P. 1982, ‘Introduction’, in C.P. Kindleberger & J.-P. Laffargue (eds.), Financial Crises: Theory, History, and Policy, Cambridge University Press, Cambridge, 1–10.Google Scholar
  84. Kirschenbaum, J. & Véron, N. 2018, ‘A Better European Union Architecture to Fight Money Laundering’, Policy Contribution no. 19, Bruegel.Google Scholar
  85. Knobel, A. 2018, Reporting Taxation: Analysing Loopholes in the EU’s Automatic Exchange of Information and How to Close Them’, report commissioned by the Greens/EFA Group in the European Parliament,
  86. Kohler, P. & Storm, S. 2016, ‘CETA Without Blinders: How Cutting ‘Trade Costs and More’ Will Cause Unemployment, Inequality and Welfare Losses’, Global Development and Environment Institute Working Paper no. 16–03, Tufts University, Medford, MA,
  87. Kok, W. 2004, Facing the Challenge: The Lisbon Strategy for Growth and Employment, Report from the High Level Group chaired by Wim Kok, Office for Official Publications of the European Communities, Luxemburg.Google Scholar
  88. Kouparitas, M.A. 2001, ‘Is the United States an Optimum Currency Area? An Empirical Analysis of Regional Business Cycles’, Federal Reserve Bank of Chicago, WP 2001–22.Google Scholar
  89. Kristensen, P.H. & Morgan, G. 2012, ‘Theoretical Contexts and Conceptual Frames for the Study of Twenty-First Century Capitalisms’, in G. Morgan & R. Whitley (eds.), Capitalisms and Capitalism in the Twenty-First Century, Oxford University Press, Oxford, 11–43.CrossRefGoogle Scholar
  90. Lamy, P. 2018, ‘Trump, Brexit, globalisation in crisis?’,
  91. Lautenschläger, S. 2013, ‘The New European Supervisory System – Harmonisation and Macroprudential Oversight’, in A. Dombret & O. Lucius (eds.), Stability of the Financial System: Illusion or Feasible Concept?, Edward Elgar, Cheltenham, 457–473.Google Scholar
  92. Lavigne, M. 1999, The Economics of Transition: From Socialist Economy to Market Economy, 2nd ed., Macmillan Press, Basingstoke.CrossRefGoogle Scholar
  93. Lipsky, J. 2007, ‘Foreword’, in Decressin, J., Fonteyne, W. & Faruquee, H. (eds), Integrating Europe’s Financial Markets, IMF, Washington, DC., xi–xii.Google Scholar
  94. List, F. 1841, The National System of Political Economy, Longmans, Green & Co, London [1909].Google Scholar
  95. Lodge, M. 2013, ‘Crisis, Resources and the State: Executive Politics in the Age of the Depleted State’, Political Studies Review, vol. 11, no. 3, 378–390.CrossRefGoogle Scholar
  96. Macchiarelli, C. & Koutroumpis, P. 2016, ‘The Current State of Financial (Dis)Integration in the Euro Area: In-dept Analysis’, IP/A/ECON/2016-03, PE 587.314, European Parliament, Policy Department A: Economic and Scientific Policy, Brussels, Belgium.Google Scholar
  97. Majone, G. (ed.) 1996, Regulating Europe, Routledge, London.Google Scholar
  98. Majone, G. 2014, Rethinking the Union of Europe Post-Crisis: Has Integration Gone Too Far?, Cambridge: Cambridge University Press.CrossRefGoogle Scholar
  99. Marsh, D. 2011, The Euro: The Battle for the New Global Currency, Yale University Press, New Haven & London.Google Scholar
  100. Masciandaro, D. & Quintyn, M. 2011, ‘Regulating the Regulators: The Changing Face of Financial Supervision Architectures Before and After the Financial Crisis’, in S. Eijffinger & D. Masciandaro (eds.) 2011, Handbook of Central Banking, Financial Regulation and Supervision: After the Financial Crisis, Edward Elgar, Cheltenham, 454–484.Google Scholar
  101. Masciandaro, D., Nieto, M.J. & Quintyn, M. 2011, ‘Will They Sing the Same Tune? Measuring Convergence in the New European System of Financial Supervisors’, in S. Eijffinger & D. Masciandaro (eds.), Handbook of Central Banking, Financial Regulation and Supervision: After the Financial Crisis’, Edward Elgar, Cheltenham, 485–530.Google Scholar
  102. Mason, W. 2008, ‘The Cost of Regulation – and How the EU Makes Them Worse’, The Bruges Group, London, Scholar
  103. Maurice, E. 2018, ‘Commission opens debate on tax competition within EU’, EU Observer, 7 March 2018,
  104. McGuinness, F. & Harari, D. 2019, ‘Income Inequality in the UK’, Briefing Paper no. 7484, House of Commons Library.Google Scholar
  105. Minford, P. 1996, ‘The Price of Monetary Unification’, in M. Holmes (ed.), The Eurosceptical Reader, Macmillan Press, Basingstoke, 149–166.CrossRefGoogle Scholar
  106. Monti, G. 2007, EC Competition Law, Cambridge University Press, Cambridge.CrossRefGoogle Scholar
  107. Mügge, D. 2006, ‘Reordering the Marketplace: Competition Politics in European Finance’, Journal of Common Market Studies, vol. 44, no. 12, 991–1022.CrossRefGoogle Scholar
  108. Müller-Armack, A. 1981, Genealogie der Sozialen Marktwirtschaft, Paul Haupt, Bern.Google Scholar
  109. Mundell, R.A. 1961, ‘A Theory of Optimum Currency Areas’, The American Economic Review, vol. 51, 657–665.Google Scholar
  110. New Economics Foundation 2018, Austerity by Stealth? Options for the Chancellor at the coming spending review,
  111. Ohmae, K. 1985, Triad Power: The Coming Shape of Global Competition, Free Press, New York.Google Scholar
  112. Oxelheim, L. 1996, Financial Markets in Transition: Globalization, Investment and Economic Growth, International Thomson Business Press, London.Google Scholar
  113. Papadopoulos, T. & Roumpakis, A. 2018, ‘Rattling Europe’s Ordoliberal Iron Cage@ The Contestation of Austerity in Southern Europe’, Critical Social Policy, vol. 38, no. 3, 505–526.CrossRefGoogle Scholar
  114. Parsons, C. 2007, ‘Neoliberalism Isn’t Enough: On the Interaction of the Neoliberal and Europeanist Shared Mental Models in the European Union’, in R.K. Roy, A.T. Denzau & T.D. Willett (eds.), Neoliberalism: National and Regional Experiments with Global Ideas, Routledge, London, 160–184.Google Scholar
  115. Pesendorfer, D. 2012, ‘Good-Bye Neoliberalism? Contested Policy Responses to Uncertain Consequences of the 2007–2009 Financial Crisis’, in A. Kern & R. Dhumale (eds.), Research Handbook on International Financial Regulation, Edward Elgar, Cheltenham, 414–434.Google Scholar
  116. Pesendorfer, D. 2014, ‘Beyond Financialisation? Transformative Strategies for More Sustainable Financial Markets in the European Union’, European Journal of Law Reform, vol. 16, no. 4, 692–712.Google Scholar
  117. Pesendorfer, D. 2015, “Capital Markets Union and Ending Short-Termism: Lessons from the European Commission’s Public Consultation”, Law and Financial Markets Review, vol. 9, no. 3, 202–209.CrossRefGoogle Scholar
  118. Pesendorfer, D. 2016, “EU Capital Markets Union: Tensions, Conflicts, Flaws” in Controlling Capital: Public and Private Regulation of Financial Markets, ed. N. Dorn, Routledge, Abingdon, 41–57.CrossRefGoogle Scholar
  119. Pisani-Ferry, J. & Posen, A.S. 2009, The Euro At Ten: The Next Global Currency?, Peterson Institute for International Economics, Bruegel, Washington, DCGoogle Scholar
  120. Quaglia, L. 2010, Governing Financial Services in the European Union: Banking, Securities and Post-trading, Routledge, Abingdon.CrossRefGoogle Scholar
  121. Rhodes, M. 1998, ‘Defending the Social Contract: The EU between global constraints and domestic imperatives’, in D. Hine & H. Kassim (eds.), Beyong the Market: The EU and National Social Policy, Routledge, London, 36–59.Google Scholar
  122. Rockoff, H. 2000, ‘How long did it take the United States to become an optimum currency area?’, NBER Working Papers, Historical Paper 124,
  123. Rodrik, D. 2018, Straight Talk on Trade: Ideas for a Sane World Economy, Princeton University Press, Princeton.CrossRefGoogle Scholar
  124. Rothschild, K.W. 1999, ‘Maastricht und die soziale Frage’, in K.S. Althaler (ed.), Primat der Ökonomie? Über Handlungsspielräume sozialer Politik im Zeichen der Globalisierung, Metropolis, Marburg, 11–29.Google Scholar
  125. Schammo, P. 2011, ‘The European Securities and Markets Authority: Lifting the Veil on the Allocation of Powers’, Common Market Law Review, vol. 48, 1879–1914.Google Scholar
  126. Scharpf, F.W. 1999, Governing in Europe: Effective and Democratic?, Oxford University Press, Oxford.CrossRefGoogle Scholar
  127. Schelke, W. 2005, ‘Understanding New Forms of European Integration: A Study in Competing Political Economy Explanations’, in E. Jones & A. Verdun (eds.), The Political Economy of European Integration: Theory and Analysis, Routledge, London and New York, 149–169.Google Scholar
  128. Scicluna, N. 2018, ‘Integration Through the Disintegration of Law? The ECB and EU Constitutionalism in the Crisis’, Journal of European Public Policy, vol. 25, no. 12, 1874–1891.CrossRefGoogle Scholar
  129. Segré, C. 1966, The Development of a European Capital Market: Report of a Group of Experts Appointed by the EEC Commission, European Economic Community, Brussels.Google Scholar
  130. Shaxson, N. 2011, Treasure Islands: Tax Havens and the Men Who Stole the World, Bodley Head, London.Google Scholar
  131. Smith, E. 2019, ‘The EU may be overplaying its hand in Swiss stock exchange standoff, experts say’, CNBC,
  132. Stiglitz, J.E. 2016, The Euro and Its Threat to the Future of Europe, Allen Lane.Google Scholar
  133. Stiglitz, J.E., Sen, A. & Fitoussi, J.-P. 2010, Mis-Measuring Our Lives: Why GDP Doesn’t Add Up, The New Press, New York.Google Scholar
  134. Stirling, A. 2019, ‘New Analysis Reveals How Much Austerity Has Cost Each Person in the UK’,
  135. Story, J. & Walter, I. 1997, Political Economy of Financial Integration in Europe: The Battle of the Systems, The MIT Press, Cambridge, MA.Google Scholar
  136. Straubhaar, T., Wohlgemuth, M. & Zweynert, J. 2009, ‘Rückkehr des Keynesianismus: Anmerkungen aus ordnungspolitischer Sicht’, Politik und Zeitgeschichte, Beilage ‘Das Parlament’,
  137. Streeck, W. 2015, ‘The Rise of the European Consolidation State’, MPIfG Discussion Paper 15/1, Max Planck Institute for the Study of Societies, Cologne.Google Scholar
  138. Talani, L.S. 2003, ‘The Political Economy of Exchange Rate Commitments: Italy, the United Kingdom, and the Process of European Monetary Integration’, in A.W. Carfuny & M. Ryner (eds.), A Ruined Fortress? Neoliberal Hegemony and Transformation in Europe’, Rowman & Littlefield, Lanham, 123–146.Google Scholar
  139. TEG 2019, Taxonomy Technical Report, EU Technical Expert Group on Sustainable Finance.Google Scholar
  140. Teixeira, P.G. 2011, ‘The Regulation of the European Financial Market’, in P. Della Posta & L.S. Talani (eds.), Europe and the Financial Crisis, Palgrave Macmillan, Basingstoke, 9–27.CrossRefGoogle Scholar
  141. Thirlwall, T. 2002, ‘The Euro and Regional Divergence in Europe’, in M. Holmes (ed.), The Eurosceptical Reader 2, Palgrave, Basingstoke, 25–49.Google Scholar
  142. Trotsky, L. 1923, ‘The United States of Europe’, Pravda, 30 June 1923,
  143. Tumpel-Gugerell, G. 2008, ‘Towards an Integrated Securities Market – The TARGET2-Securieis Project’, speech at the 12th FESE Convention, Stockholm, 18 June 2008,
  144. Valenduc, C. 2018, ‘Corporate Income Tax in the EU, the Common Consolidated Corporate Tax Base (CCCTB) and Beyond: Is It the Right Way to Go?’, ETUI Working Paper 2018.06, European Trade Union Institute, Brussels.Google Scholar
  145. Valero, J. 2019, ‘EU’s ‘Tobin Tax’ now expected to collect only €3.5 billion’, Euractiv, 15 March 2019,
  146. Vogel, S.K. 1996, Freer Markets, More Rules: Regulatory Reform in Advanced Industrial Countries, Ithaca, Cornell University Press.Google Scholar
  147. Ward, M. 2019, ‘Statistics on UK-EU Trade’, Briefing Paper no. 7851, 11 January 2019, House of Commons Library.Google Scholar
  148. Warlouzet, L. 2019, ‘The EEC/EU as an Evolving Compromise between French Dirigism and German Ordoliberalism (1957–1995)’, Journal of Common Market Studies, vol. 57, no. 1, 77–93.CrossRefGoogle Scholar
  149. Weaver, M. 2017, ‘Liam Fox: EU Trade Deal After Brexit should be ‘Easiest in History’ to Get’, The Guardian, 20 July 2017.Google Scholar
  150. Werner Report 1970, Report to the Council and Commission on the realisation by stages of the Economic and Monetary Union in the Community, Supplement to Bulletin 11-1970 of the European Communities, Luxembourg,
  151. Whittall, M. 2007, ‘European Economic Integration: The Treat to Modell Deutschland’, in S. Lee & S. McBride (eds.), Neo-Liberalism, State Power and Global Governance, Springer, Dordrecht.Google Scholar
  152. WWF 2018a, ‘EU breaks new ground on sustainable finance – but more needed’, Brussels, 8 March 2018,
  153. WWF 2018b, ‘EU can lead world in sustainable finance’, 6 March 2018,

Copyright information

© The Author(s) 2020

Authors and Affiliations

  1. 1.School of LawQueen’s University BelfastBelfastUK

Personalised recommendations