Advertisement

Conclusion: The Future of Financial Markets (Dis)Integration

  • Dieter PesendorferEmail author
Chapter

Abstract

The final chapter draws the conclusions from European financial integration and puts the major achievements and failures into the context of the evolution of finance-led capitalism and financial globalization. Summarizing the main arguments of the book and reflecting on the major challenges the chapter calls for a more interventionist financial integration policy and an alternative financial integration based on the lessons from financial regulation and financial crises.

Keywords

European financial markets integration Financial disintegration Sustainable finance Neoliberal globalization Capital Markets Union Banking Union 

References

  1. Bell, S. & Hindmoor, A. 2015, Masters of the Universe, Slaves of the Market, Harvard University Press, Cambridge, MA.Google Scholar
  2. Berger, H., Dell’Ariccia, G. & Obstfeld, M. 2018, Revisiting the Economic Case for Fiscal Union in the Euro Area, IMF, Washington, DC.Google Scholar
  3. Block, F. 2014, ‘Democratizing Finance’, Politics & Society, vol. 42, no. 1, 3–28.CrossRefGoogle Scholar
  4. 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
  5. Davies, A. & Oran, O. 2016, ‘Brexit widens chasm between Wall Street and Europe’s investment banks’, Reuters, 18 July 2016, http://uk.reuters.com/article/uk-britain-eu-investment-banking-idUKKCN0ZY1KF.
  6. EC 2017, Reinforcing integrated supervision to strengthen Capital Markets Union and financial integration in a changing environment, 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, 20.9.2017, COM(2017) 542 final.Google Scholar
  7. EC 2019, ‘G20 Summit’, Banking and Finance Newsletter, issue 07/2019.Google Scholar
  8. G20 2019, ‘Osaka Leaders Declaration, Osaka, Japan, https://g20.org/en/documents/final_g20_osaka_leaders_declaration.html.
  9. Gerding, E.F. 2014, Law, Bubbles, and Financial Regulation, Routledge, London.Google Scholar
  10. Gill, I.S. & Raiser, M. et al. 2012, Golden Growth: Restoring the Lustre of the European Economic Model, World Bank, Washington, DC.Google Scholar
  11. Goodhart, C. & Schoenmaker, D. 2016, ‘The United States Dominates Global Investment Banking: Does it Matter for Europe?’, Bruegel Policy Contribution, Issue 2016/06, March 2016, Bruegel, Brussels, bruegel.org/wp-content/uploads/2016/03/pc_2016_06-1.pdf.
  12. Gramsci, A. 1971, Selections from the Prison Notebooks, Lawrence and Wishart, London.Google Scholar
  13. Huffschmid, J. 2009, ‘Europäische Perspektiven im Kampf gegen die Wirtschafts- und Finanzkrise’, in E. Altvater et al., Krisen Analysen, VSA, Hamburg, 105–118.Google Scholar
  14. Kalaitzake, M. 2017, ‘Death by a Thousand Cuts? Financial Political Power and the Case of the European Financial Transaction Tax’, New Political Economy, vol. 22, no. 6, 709–726.CrossRefGoogle Scholar
  15. Moloney, N. 2018, ‘EU Financial Governance after Brexit: The Rise of Technocracy and the Absorption of the UK’s Withdrawal’, in K. Alexander, C. Bernard, E. Ferran, A. Lang & N. Moloney 2018, Brexit and Financial Services: Law and Policy, Hart, Oxford, 61–113.Google Scholar
  16. 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
  17. Ridao-Cano & Bodewig 2018, Growing United: Upgrading Europe’s Convergence Machine, World Bank Report on the European Union, World Bank, Washington, D.C.Google Scholar
  18. Roubini, N. & Mihm, S. 2010, Crisis Economics: A Crash Course in the Future of Finance, Allen Lane, London.Google Scholar
  19. Shaxson, N. 2018, The Finance Curse, The Bodley Head, London.Google Scholar

Copyright information

© The Author(s) 2020

Authors and Affiliations

  1. 1.School of LawQueen’s University BelfastBelfastUK

Personalised recommendations