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The Regimes of European Integration - Constructing Governance of the Single Market (Hardcover)
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The Regimes of European Integration - Constructing Governance of the Single Market (Hardcover)
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The regulation of financial markets and companies in Europe has
undergone significant changes over the last decade. The Commission,
Member States, and Parliament constructed regimes that facilitate
new legislation, sanction delegation to the Commission for
financial market law, and structure the cross-border regulation of
companies within the single market. The substance of this book is
about that regime development. In creating the regimes discussed in
this book, EU leaders contributed to the ongoing
constitutionalisation of Europe by contesting and constructing
norms. Patterns of normative collision, collusion and coexistence
determined whether and what kind of regime emerged. Each of the
regimes required an explicit definition of the vertical
relationship between the EU and the member states, and of the
horizontal relationship amongst the member states. It defined the
kind of regulatory state that would be required, the mix of
European and national bodies involved, and the procedures they were
to follow in carrying out their functions. It also defined what
kinds of national variation in related economic and social policy
would be regarded as legitimate. As they made these agreements,
European leaders simultaneously articulated what it meant to be a
member state in the single market, and what it meant to delegate
responsibilities to the EU. This constitutionalised these ideals by
sorting out the issues of EU and national responsibilities in a
powerfully authoritative way. The theory of this book is about
demonstrating the normative foundations of these constitutional
agreements and showing how they had to be built on the shoulders of
national ones.
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