In the years leading up the global financial crisis, the European
Union (EU) had emerged as a central actor in global financial
governance, almost rivalling the United States in influence. While
the USA and the EU continue to dominate financial rule setting in
the post-crisis world, the context in which they do so has changed
dramatically. Pre-crisis ideas about laissez-faire regulation have
been discarded in favour of more interventionist ones. The G20 and
the Financial Stability Board have been charged with stronger
coordination of global efforts. At the same time, jurisdictions
have re-emphasized the need "to get their own regulatory house in
order" before committing to further global harmonization. And
through banks failures and massive bail-outs, the financial sector
- hitherto a driving force behind the cross-border integration of
finance - has been reconfigured. This book asks a straightforward
question: what have these and other key post-crisis trends in
global finance done to the position that the European Union
occupies in it? The contributions to this book analyse the link
between financial governance in the European Union and on the
global level from diverse theoretical angles, and they cover the
main issues that will shape the future European role on the global
regulatory stage. This book was published as a special issue of the
Journal of European Public Policy.
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