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Reordering the Marketplace: Competition Politics in European Finance *
Author(s) -
MÜGGE DANIEL
Publication year - 2006
Publication title -
jcms: journal of common market studies
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 1.54
H-Index - 90
eISSN - 1468-5965
pISSN - 0021-9886
DOI - 10.1111/j.1468-5965.2006.00671.x
Subject(s) - competition (biology) , corporate governance , liberalization , financial market , politics , financial integration , market economy , economics , state (computer science) , economic system , finance , business , political science , ecology , algorithm , computer science , law , biology
Over the last 15 years, Europe has seen the liberalization of national financial markets as well as the integration of these markets and their governance through the introduction of the ‘Lamfalussy process’. This article argues that we can best understand these shifts as one integrated project of market‐building in Europe, guided by distributional struggles over the terms of mutual markets access. To comprehend the complex linkages between private and public actors across levels of governance, we have to look beyond macro‐theories of integration and financial liberalization upholding an analytical state‐market dichotomy and adopt an integrative approach to theory, instead. Using the example of securities markets, this article argues that ‘competition politics’ are key to understanding European financial market integration.