Governing Finance in Europe

Edited by Adrienne Héritier, Emeritus Professor of Social and Political Sciences, European University Institute, Italy and Magnus G. Schoeller, Centre for European Integration Research (EIF), Department of Political Science, University of Vienna, Austria and Robert Schuman Centre for Advanced Studies (RSCAS), Florence, Italy

'To what extent do we see a centralisation of rule-making on finance at the European Union level? This edited book of six chapters, and a substantial introduction and conclusion offers an intelligently organised, concise and well-argued answer to this question. In doing so, this collection makes an important contribution to the small but growing literature on European financial market integration. The editors bring together insightful analyses of the main institutional, political, economic and technological factors shaping European Union legislation on finance. The chapters examine how European legislation relates to international agreements, transatlantic coordination with the United States, the relationship between public and private regulation and the impact of technological innovation on regulatory structure. Without exception, the authors provide excellent analyses based on a good range of empirical evidence. Through a number of hypotheses, the editors clarify strong lines of argumentation on rule-making centralisation that are tested in the chapters of the book and are critically considered in Professor Héritier's superbly written conclusion.'--David Howarth, University of Luxembourg'Governing Finance in Europe: A Centralisation of Rulemaking? tackles in a sophisticated and comprehensive way key issues in the governance of finance - why the centralisation, decentralisation or fragmentation of rulemaking occur and with what effects. In a truly interdisciplinary fashion, this edited volume masterfully brings together the perspectives of political scientists, law scholars, economists, and sociologists.'--Lucia Quaglia, University of Bologna, Italy

• Contents:1 Governing Finance in Europe: A Centralisation of Rule-making? Adrienne Héritier and Magnus G. SchoellerVERTICAL RESEARCH PERSPECTIVE: EUROPEAN LEGISLATION IN THE CONTEXT OF INTERNATIONAL AGREEMENTS2 MiFID II between European rule-making and national market surveillance: The case of high-frequency-tradingJohannes Karremans and Magnus G. Schoeller3 The internal and external centralisation of Capital Markets Union regulatory structures: the case of Central CounterpartiesFabio Bulfone and Agnieszka Smolenska4 The choice of instrument in EU legislation: Mapping the system of governance under MiFID II and MiFIRMagnus StrandHORIZONTAL INTERNATIONAL PERSPECTIVE: RIVAL FINANCIAL REGULATORY POWERS 5 Sharing global regulatory space: transatlantic coordination of the G20 OTC derivatives reformsHeikki MarjosolaHYBRID GOVERNANCE PERSPECTIVE: PUBLIC AND PRIVATE REGULATION6 The emergence of transnational hybrid governance: how private risks trigger public interventionJohannes Karremans and Adrienne HéritierTECHNOLOGICAL INNOVATION PERSPECTIVE7 The impacts of technological innovation on regulatory structure: Fintech in post-crisis EuropeAgnieszka Smolenska, Joseph Ganderson and Adrienne Héritier8 Governing Finance in Europe: Discussion and ConclusionAdrienne HéritierIndex