Skip to main content
SpringerLink
Log in

The Role of Finance in the UK’s Relationship with the European Union

  • Chapter
The UK Challenge to Europeanization

  • 229 Accesses

Abstract

The EU summit in December 2011 led to an overt split between Britain and other member states concerning the EU’s new treaty on fiscal stability. The split did not concern questions of fiscal policy. Instead, it resulted from issues relating to the regulation of financial services, and in particular the transfer of powers from national regulators to an EU regulator of financial services and the extent to which such a regulator’s actions would be subject to a veto by member states. Other issues were involved too, such as the location of the European Banking Authority in London (The Economist, 9 December, 2011).

This is a preview of subscription content, log in via an institution to check access.

Access this chapter

Log in via an institution
Chapter
USD 29.95
Price excludes VAT (USA)
  • Available as PDF
  • Read on any device
  • Instant download
  • Own it forever
eBook
USD 39.99
Price excludes VAT (USA)
  • Available as EPUB and PDF
  • Read on any device
  • Instant download
  • Own it forever
Hardcover Book
USD 54.99
Price excludes VAT (USA)
  • Durable hardcover edition
  • Dispatched in 3 to 5 business days
  • Free shipping worldwide - see info

Tax calculation will be finalised at checkout

Purchases are for personal use only

Institutional subscriptions

Preview

Unable to display preview. Download preview PDF.

Unable to display preview. Download preview PDF.

Bibliography

  • Alessandri, P. and Haldane, A. (2009) Banking on the State, Paper, Bank of England, 6 November 2009, <http://www.bankofengland.co.uk/archive/Documents/historicpubs/ speeches/2009/speech409.pdf>, retrieved 19 September 2014.

    Google Scholar 

  • Arnold, M. and Fleming, S. (2014) ‘US Banks Plan Ahead for UK Exit from EU’, The Financial Times, August 17.

    Google Scholar 

  • Barker, A. (2011) ‘Barnier vs the Brits’, The Financial Times, November 8.

    Google Scholar 

  • Barker, A., Fleming, S. and Rigby, E. (2014) ‘UK Loses Legal Challenge to EU Financial Transaction Tax’, The Financial Times, April 30.

    Google Scholar 

  • Barker, A. and Spiegel, P. (2014) ‘Michel Barnier urges MEPs to give UK’s Lord Mill a fear hearing’, The Financial Times, September 28.

    Google Scholar 

  • Beetham, D. (2011) Unelected Oligarchy: Corporate and Financial Dominance of Britain’s Democracy, Democratic Audit, <https://democraticaudituk.files.wordpress.com/2013/06/oligarchy-update.pdf>, retrieved 5 May 2015.

    Google Scholar 

  • Brown, G. (2005) ‘Speech to the CBI, 28 November 2005, Full Text Available on’, The Financial Times, website, retrieved 8 August2013, at: <http://www.ft.com/intl/cms/s/2/9073a120–600d-11da-a3a6–0000779e2340.html#axzz2bTmRFfD9>.

    Google Scholar 

  • Colombani, J.-M. (2011) ‘Wall Street et la City en guerre contre l’euro’, Slate.fr, published, 6 August 2011.

    Google Scholar 

  • Davidson, A. (2012) ‘London Is Eating New York’s Lunch’, The New York Times, February 29, 2012.

    Google Scholar 

  • Davies, R., Katinaite, V., Manning, M., and Richardson, P. (2010) ‘Evolution of the UK Banking System’, Bank of England Quarterly Bulletin, Q4, pp. 321–332.

    Google Scholar 

  • ECB (2014) Banking Structures Report, October.

    Google Scholar 

  • Economist (The) (2011) ‘Charlemagne’, 9 December.

    Google Scholar 

  • Economist (The) (2013) ‘Locust Pocus’, 5 May.

    Google Scholar 

  • Economist (The) (2013) ‘Bagehot’, 18 May.

    Google Scholar 

  • European Commission (2011) IP/11/1085, 28/09/2011, ‘Financial Transaction Tax: Making the Financial Sector Pay Its Fair Share’, Press Release.

    Google Scholar 

  • European Commission (2014) A New Financial System for Europe, Financial Reform at the Service of Growth: State of Play, 27 June.

    Google Scholar 

  • Fleming, S., Jenkins, P., and Barker, A. (2014) ‘EU Watchdog Calls for Clampdown on Bankers’ Pay’, The Financial Times, 15 October.

    Google Scholar 

  • Gamble, A. (2012) ‘Better Off Out? Britain and Europe’, Political Quarterly, 83:3, 468–477.

    Article  Google Scholar 

  • Gamble, A. (1981) Britain in Decline (London: Macmillan).

    Google Scholar 

  • Hall, P.A. and Soskice, D. (2001) Varieties of Capitalism: The Institutional Foundations of Comparative Advantage (Oxford: Oxford University Press).

    Book  Google Scholar 

  • HM Treasury, Pre-Budget Report, 5 December, 2005, retrieved 8 August 2013, at: http://webarchive.nationalarchives.gov.uk/20091222074811/http://www.hm-treasury.gov.uk/prebud_pbr05_repindex.htm.

    Google Scholar 

  • HM Treasury, UK Membership of the Single Currency: An Assessment of the Five Economic Tests, Chapter 4: Financial Services, Overall conclusion, Cm 5776, 9 June 2003, at <http://news.bbc.co.uk/2/shared/spl/hi/europe/03/euro/pdf/final_assessment/03_1100.pdf>, retrieved 5 May 2015.

    Google Scholar 

  • IMF (2011) ‘Germany: Technical Note on Banking Sector Structure’, IMF Country, Report No. 11/370, December.

    Google Scholar 

  • IMF (2014) World Economic Outlook (Washington), IMF, October.

    Google Scholar 

  • Kantor, J. (2014) ‘Jonathan Hill Poised to Win Approval as Official Overseeing E.U. Financial Sector’, The New York Times, 8 October.

    Google Scholar 

  • Krupa, M. and J. Ross (2011) ‘Geht es auch ohne die Briten?’, Die Zeit, No. 50/2011, 8 December.

    Google Scholar 

  • OECD (2012) Employment Outlook (Paris) OECD.

    Google Scholar 

  • Parker, G. (2011) ‘Cameron Wants “Safeguards” for Financial Services’, The Financial Times, October 9.

    Google Scholar 

  • Parker, G. (2014) ‘UK Banks Step Up Opposition to New EU Financial Services Tsar’, The Financial Times, 3 August.

    Google Scholar 

  • PricewaterhouseCoopers and CBI (2010) The Future of Financial Services, retrieved 08 November 2013, at: <www.cbi.org.uk/media/1129294/20_years_of_the_financial_services_survey.pdf>.

    Google Scholar 

  • Rajan, R. (2010) Fault Lines: How Hidden Fractures Still Threaten the World Economy (Princeton: Princeton University Press).

    Google Scholar 

  • Rigby, E. and Barker, A. (2011) ‘Cameron Vows to Protect City from EU Attacks’, The Financial Times, 28 October.

    Google Scholar 

  • Rigby, E. and Barker, A. (2014) ‘Top-Up Bill Row Masks Steep Rise in UK Payments to Brussels’, The Financial Times, 29 October.

    Google Scholar 

  • Stiglitz, J. (2009) Freefall: Free Markets and the Shrinking of the Global Economy (USA: Penguin).

    Google Scholar 

  • The City UK (2014a) EU Key Facts Report, April.

    Google Scholar 

  • The City UK (2014b) The UK as an International Financial Centre, June.

    Google Scholar 

  • Thornhill, J. and Jenkins, P. (2013) ‘The City and Europe: Ties That Bind’, The Financial Times, 1 April.

    Google Scholar 

  • Wolf, M. (2014) The Shifts and the Shocks: What We’ve Learned — And Have Still to Learn — From the Financial Crisis (USA: Penguin Press).

    Google Scholar 

Download references

Authors
  1. Nicholas Sowels
    View author publications

    You can also search for this author in PubMed Google Scholar

Editor information

Editors and Affiliations

  1. University of Toulon, France

    Karine Tournier-Sol (Senior Lecturer in British Politics) (Senior Lecturer in British Politics)

  2. Department of Behavioural and Social Sciences, University of Huddersfield, UK

    Chris Gifford (Head of Department) (Head of Department)

Copyright information

© 2015 Nicholas Sowels

About this chapter

Cite this chapter

Sowels, N. (2015). The Role of Finance in the UK’s Relationship with the European Union. In: Tournier-Sol, K., Gifford, C. (eds) The UK Challenge to Europeanization. Palgrave Macmillan, London. https://doi.org/10.1057/9781137488169_12

Download citation

Publish with us

Policies and ethics

Search

Navigation