EU Post-crisis Economic and Financial Market Regulation

Abstract

In the wake of financial and economic crisis, the European Union took unprecedented steps to build an institutional framework for financial market governance in Europe. This chapter will examine the EU law techniques used to integrate the interests of the Member States in setting up and operating that framework. Following a brief overview and recapitulation of the developments having taken shape in the wake of crisis brining “more Europe” in this policy domain, the chapter will look at how Member States’ interests have been embedded directly into the post-crisis EU regulatory framework. It will be submitted that two different and complementary kinds of “interest-inclusion” techniques can be identified, more or less explicitly, within the newly created financial market supervision frameworks. This inclusion and presumed safeguarding of Member States’ interests by virtue of administrative law tools is not entirely unproblematic. There are clear challenges associated with such solutions for “interest-inclusion” which question whether there is a modest way forward in attempting to improve the legitimacy of such arrangements.