As part of the project on Diverging Capitalisms with FEPS and Policy Network, we are pleased to publish a new paper by Professor Lucia Quaglia which analyses the EU reforms in three key financial policy areas – financial regulation, Banking Union and Capital Markets Union – and the role played by the preferences and influence of the United Kingdom (UK) within them. She argues that the UK has played a variety of roles – ‘foot-dragger’, ‘fence-sitter’ and ‘pace-setter’ – in the policy areas under discussion. The (at times considerable) British influence was geared towards the attainment of preferences that were shaped by domestic politics and political economy, primarily the interests of the financial services industry and the City of London.
Download SPERI Paper No. 38: European Union Financial Regulation, Banking Union, Capital Markets Union and the UK.