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Regulatory arbitrage, harmonization and financial innovation

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Abstract

In the period preceding 1987, when the Single European Act came into force, the European Community legislative process had been criticized, rightly or wrongly, for ‘harmonizing for harmonization’s sake’. Much publicity was given for example to a directive seeking to reduce lawnmower noise. The critics saw this as an unwarranted intrusion on citizens’ rights to deafen their neighbours, but they perhaps failed to appreciate the fact that uniform standards of noise emission do in fact make an important contribution to cross-border trade in lawnmowers.

Keywords

  • Member State
  • Financial Service
  • Mutual Recognition
  • Financial Innovation
  • Investment Firm

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  • DOI: 10.1007/978-1-349-25867-3_13
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© 1997 The Regulatory Policy Institute

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Cruickshank, C. (1997). Regulatory arbitrage, harmonization and financial innovation. In: Jeunemaître, A. (eds) Financial Markets Regulation. Studies in Regulation. Palgrave Macmillan, London. https://doi.org/10.1007/978-1-349-25867-3_13

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