This timely book presents an in-depth investigation of who benefits from European financial market regulatory measures and how decision-makers and stakeholders are held politically and administratively accountable. The extensive study illustrates the full range of the actors involved in key regulatory processes such as the regulation of high-frequency trading and the activities of central-clearing counterparties. Chapters outline how politicians, regulators and market players are linked in various political and administrative accountability mechanisms. Providing analysis of how the accountability channels are linked to policy content, contributors ask whether specific regulatory objectives and results give rise to the mobilising of accountability mechanisms. Regulating Finance in Europe critically examines the implementation of major EU legislative packages in financial regulation (MiFID II and CMU), offering a unique empirical insight into how different modes of accountability in financial market regulation are linked with different policy effects. This comprehensive yet accessible book will be an invaluable read for politicians and practitioners working in finance as well as academics in EU politics and policies. It will also provide a useful resource for undergraduate and postgraduate students of political science, law and economics.

How do regulatory structures evolve in EU financial governance? Incorporating insights from a variety of disciplines, Governing Finance in Europe provides a comprehensive framework to investigate the dynamics leading to centralisation, decentralisation and fragmentation in EU financial regulation. Offering a comprehensive and generalizable theoretical account of regulatory centralisation, this book combines theoretical approaches from political science, law, sociology and economics to trace centralisation in EU financial governance. Contributors build on a rich political science and legal literature and offer empirical analyses of major EU legislative packages in financial regulation, including the Markets in Financial Instruments Directive II (MiFID II) and Capital Markets Union (CMU). This book systematically identifies and examines the forces and counter-forces on regulatory centralisation. It also offers conjectures as to who benefits from the regulation and how decision-makers are held politically and legally accountable. Featuring contributions from internationally renowned scholars, this book is key reading for academics working in finance and financial policies, particularly those investigating European politics, regulation and regional integration. It will also be of interest to practitioners and policymakers, as chapters provide unique insights into the real-world implications of financial regulation. Contributors include: F. Bulfone, J. Ganderson, A. Heritier, J. Karremans, H. Marjosola, M.G. Schoeller, A. Smolenska, M. Strand

Regulation is on the rise across the world as the state steps back from public ownership. However, as the authors highlight, the style of political delegation to regulatory authorities has not followed a uniform trajectory but rather institutional endowments, administrative traditions, market structure and business culture have all influenced the creation of regulatory authorities and implementation styles. Noting these variances, the focus of this book is to consider the impact of liberalisation and the introduction of new regulatory structures on three utility sectors - telecommunications, energy and the railways - using Germany and the UK as case studies. With regulation seeking to foster competition at the same time as also having to protect essential services, the authors investigate regulatory styles, costs of new regulatory functions and how firms in the new regulatory landscape access and influence regulatory authorities. The authors consider how EU pressures may hinder or help the functioning of new regulatory markets and the establishment of business-regulator relationships, as well as the broader policy implications for these new regulatory environments. The book also determines how regulatory authorities emerge and evolve under different state traditions and assesses, over time, the degree to which there is potential for convergence, divergence and continued differences as regulatory functions mature. This book will be warmly welcomed by researchers and academics of comparative public policy, politics and regulation. It will also appeal to policy makers and the business community in Europe.

"If one wants to understand why, from its modest beginnings, the European Parliament has become a major player in EU decision-making, look no further than this book. It presents, to date, the theoretically most compelling, methodologically disciplined and empirically richest account of parliamentary self-empowerment over time, across key functions and policy areas. This volume will be a main point of reference for work on the European Parliament, the dynamics of inter-institutional politics, and EU integration more generally for years to come."-Berthold Rittberger, Professor of International Relations, University of Munich, Germany "Anyone interested in the rise of the European Parliament as a significant actor in the EU should read this book. It offers a fascinating insight into the strategies used by the Parliament to achieve its aims and the conditions for its success or failure. It ranges widely across time and policy areas to give a comprehensive analysis of the Parliament's changing institutional position."-Michael Shackleton, Professor of European Institutions, Maastricht University, The Netherlands, and former EP official This book analyses the European Parliament's strategies of self-empowerment over time stretching across cases of new institutional prerogatives as well as substantive policy areas. It considers why and how the Parliament has managed to gain formal and informal powers in this wide variety of cases. The book provides a systematic and comparative analysis of the European Parliament's formal and informal empowerment in two broad sets of cases: on the one hand, it examines the EP's empowerment since the Treaty of Rome in three areas that are characteristic of parliamentary democracies, namely legislation, the budget, and the investiture of the executive. On the other hand, it analyses the European Parliament's role in highly politicised policy areas, namely Economic and Monetary Governance and the shaping of EU trade agreements.

Policy dismantling is a distinctive form of policy change, which involves the cutting, reduction, diminution or complete removal of existing policies. The perceived need to dismantle existing policies normally acquires particular poignancy during periods of acute economic austerity. Dismantling is thought to be especially productive of political conflict, pitting those who benefit from the status quo against those who, for whatever reason, seek change. However, scholars of public policy have been rather slow to offer a comprehensive account of the precise conditions under which particular aspects of policy are dismantled, grounded in systematic empirical analysis. Although our overall understanding of what causes policy to change has accelerated a lot in recent decades, there remains a bias towards the study of either policy expansion or policy stability. Dismantling does not even merit a mention in most public policy textbooks. Yet without an account of both expansion and dismantling, our understanding of policy change in general, and the politics surrounding the cutting of existing policies, will remain frustratingly incomplete.
This book seeks to develop a more comparative approach to understanding policy dismantling, by looking in greater detail at the dynamics of cutting in two different policy fields: one (social policy) which has been subjected to study before and the other (environmental policy) which has not. On the basis of a systematic analysis of the existing literatures in these two fields, it develops a new analytical framework for measuring and explaining policy dismantling. Through an analysis of six, fresh empirical cases of dismantling written by leading experts, it reveals a more nuanced picture of change, focusing on what actually motivates actors to dismantle, the strategies they use to secure their objectives and the politically significant effects they ultimately generate.
Dismantling Public Policy is essential reading for anyone wanting to better understand a hugely important facet of contemporary policy and politics. It will inform a range of student courses in comparative public policy, politics, social and environmental policy.

With each legislative issue, legislators have to decide whether to delegate decision-making to the executive and/or to expert bodies in order to flesh out the details of this legislation, or, alternatively, to spell out all aspects of this decision in legislation proper. The reasons why to delegate have been of prime interest to political science. The debate has concentrated on principal-agent theory to explain why politicians delegate decision-making to bureaucrats, to independent regulatory agencies, and to others actors and how to control these agents. By contrast, Changing Rules of Delegation focuses on these questions: Which actors are empowered by delegation? Are executive actors empowered over legislative actors? How do legislative actors react to the loss of power? What opportunities are there to change the institutional rules governing delegation in order to (re)gain institutional power and, with it influence over policy outcomes? The authors analyze the conditions and processes of change of the rules that delegate decision-making power to the Commission's implementing powers under comitology. Focusing on the role of the European Parliament the authors explain why the Commission, the Council, and increasingly the Parliament, delegated decision-making to the Commission. If they chose delegation, they still have to determine under which institutional rule comitology should operate. These rules, too, distribute power unequally among actors and therefore raise the question of how they came about in the first place and whether and how the "losers" of a rule change seek to alter the rules at a later point in time.

Europe matters, but in different ways in different countries. The European Union affects the policy fabric of all member states, but that impact is differential rather than convergent. In some instances, new policy goals have been added to national agendas and fresh policy instruments are applied, while old ones become less important or are openly challenged. In other instances, when European and national policy objectives are concurrent, national practices may be reinforced, or even redirected, by EU policies. In all instances, however, state actors reconsider national policy practices wherever the EU extends it activities. This innovative study solves the differential puzzle by developing a sophisticated theoretical and conceptual framework for studying the impact of European policies on member states. Focusing especially on transport policy, the authors employ extensive interviews and archival research in an empirically rich set of case studies (Britain, France, Germany, Italy, and the Netherlands) to demonstrate convincingly that this influence depends on pre-existing policies and institutional capacity to change. Depending on the particular phase of regulation in which a country finds itself and on its institutional flexibility, an identical EU policy has remarkably diverse impacts within individual member states. The authors' research points to fascinating counterintuitive results and a new general model that will have implications for anyone studying policymaking in Europe.

Policy-Making and Diversity in Europe examines the European Union and its policy-making processes. In particular, it asks how an institution that is so riddled with veto points manages to be such an active policy maker. Héritier argues that the diversity of actors' interests and the need for consensus in European institutions would almost inevitably lead to deadlock, were it not for the existence of creative informal strategies and policy-making patterns. Termed by the author "subterfuge," these strategies prevent political impasses and "make Europe work."

Policy-Making and Diversity in Europe examines the European polity and its policy-making processes. In particular, it asks how an institution which is so riddled with veto points manages to be such an active and aggressive policy maker. Heritier argues that the diversity of actors' interests and the consensus-forcing nature of European institutions would almost inevitably stall the decision-making process, were it not for the existence of creative informal strategies and policy-making patterns. Termed by the author 'subterfuge', these strategies prevent political impasses and 'make Europe work'. The book examines the presence of subterfuge in the policy domains of market-making, the provision of collective goods, redistribution and distribution. Subterfuge is seen to reinforce the primary functions of the European polity: the accommodation of diversity, policy innovation and democratic legitimation. Professor Heritier concludes that the use of subterfuge to reconcile unity with diversity and competition with co-operation is the greatest challenge facing European policy-making.

How and why do institutions change? Institutions, understood as rules of behaviour constraining and facilitating social interaction, are subject to different forms and processes of change. A change may be designed intentionally on a large scale and then be followed by a period of only incremental adjustments to new conditions. But institutions may also emerge as informal rules, persist for a long time and only be formalized later. Why? The causes, processes and outcomes of institutional change raise a number of conceptual, theoretical and empirical questions. While we know a lot about the creation of institutions, relatively little research has been conducted about their transformation once they have been put into place. Attention has focused on politically salient events of change, such as the Intergovernmental Conferences of Treaty reform. In focussing on such grand events, we overlook inconspicuous changes of European institutional rules that are occurring on a daily basis. Thus, the European Parliament has gradually acquired a right of investing individual Commissioners. This has never been an issue in the negotiations of formal treaty revisions. Or, the decision-making rule(s) under which the European Parliament participates in the legislative process have drastically changed over the last decades starting from a modest consultation ending up with codecision. The book discusses various theories accounting for long-term institutional change and explores them on the basis of five important institutional rules in the European Union. It proposes typical sequences of long-term institutional change and their theorization which hold for other contexts as well, if the number of actors and their goals are clearly defined, and interaction takes place under the "shadow of the future" .

"If one wants to understand why, from its modest beginnings, the European Parliament has become a major player in EU decision-making, look no further than this book. It presents, to date, the theoretically most compelling, methodologically disciplined and empirically richest account of parliamentary self-empowerment over time, across key functions and policy areas. This volume will be a main point of reference for work on the European Parliament, the dynamics of inter-institutional politics, and EU integration more generally for years to come."-Berthold Rittberger, Professor of International Relations, University of Munich, Germany "Anyone interested in the rise of the European Parliament as a significant actor in the EU should read this book. It offers a fascinating insight into the strategies used by the Parliament to achieve its aims and the conditions for its success or failure. It ranges widely across time and policy areas to give a comprehensive analysis of the Parliament's changing institutional position."-Michael Shackleton, Professor of European Institutions, Maastricht University, The Netherlands, and former EP official This book analyses the European Parliament's strategies of self-empowerment over time stretching across cases of new institutional prerogatives as well as substantive policy areas. It considers why and how the Parliament has managed to gain formal and informal powers in this wide variety of cases. The book provides a systematic and comparative analysis of the European Parliament's formal and informal empowerment in two broad sets of cases: on the one hand, it examines the EP's empowerment since the Treaty of Rome in three areas that are characteristic of parliamentary democracies, namely legislation, the budget, and the investiture of the executive. On the other hand, it analyses the European Parliament's role in highly politicised policy areas, namely Economic and Monetary Governance and the shaping of EU trade agreements.

Policy dismantling is a distinctive form of policy change, which involves the cutting, reduction, diminution or complete removal of existing policies. The perceived need to dismantle existing policies normally acquires particular poignancy during periods of acute economic austerity. Dismantling is thought to be especially productive of political conflict, pitting those who benefit from the status quo against those who, for whatever reason, seek change. However, scholars of public policy have been rather slow to offer a comprehensive account of the precise conditions under which particular aspects of policy are dismantled, grounded in systematic empirical analysis. Although our overall understanding of what causes policy to change has accelerated a lot in recent decades, there remains a bias towards the study of either policy expansion or policy stability. Dismantling does not even merit a mention in most public policy textbooks. Yet without an account of both expansion and dismantling, our understanding of policy change in general, and the politics surrounding the cutting of existing policies, will remain frustratingly incomplete. This book seeks to develop a more comparative approach to understanding policy dismantling, by looking in greater detail at the dynamics of cutting in two different policy fields: one (social policy) which has been subjected to study before and the other (environmental policy) which has not. On the basis of a systematic analysis of the existing literatures in these two fields, it develops a new analytical framework for measuring and explaining policy dismantling. Through an analysis of six, fresh empirical cases of dismantling written by leading experts, it reveals a more nuanced picture of change, focusing on what actually motivates actors to dismantle, the strategies they use to secure their objectives and the politically significant effects they ultimately generate. Dismantling Public Policy is essential reading for anyone wanting to better understand a hugely important facet of contemporary policy and politics. It will inform a range of student courses in comparative public policy, politics, social and environmental policy.

Das vorliegende Buch entstand im Rahmen eines Forschungsprojektes, das an der Fakultat fur SoziologielForschungsgebiet Politikwissenschaft der Universitat Bielefeld in der Zeit von Marz 1992 bis April 1994 durchgefuhrt und von der Deutschen Forschungsgemeinschaft gefOrdert wurde. Die Daten, die dieser Arbeit zugrundeliegen, wurden in erster Linie im Rahmen von Leitfadeninterviews mit Experten erhoben. Fast 150 Personen gaben uns in sehr aufschlussreichen und anregenden Gesprachen Auskunft uber die Inhalte und Prozesse, die die Luftreinhaltepolitik auf nationaler und supranationaler Ebene bestimmen. Im Verlauf unserer Forschung kristalli- sierte sich immer deutlicher heraus, auf welch vielfiUtige Weise die Interak- tion der Europaischen Union und der Mitgliedstaaten im Bereich der regu- lativen Politik Veranderungen von Staatlichkeit hervorbringt. Wird der Fo- kus auf die Bundesrepublik Deutschland (Verf.: Susanne Mingers), Grossbri- tannien (Verf.: Christoph KniIl) und Frankreich (Verf.: Martina Becka) ge- richtet, so werden verschiedene Muster offenbar: Wahrend die Bundesre- publik im Bereich substantieller Massnahmen eine Schrittmacherfunktion einnimmt, zeigt Grossbritannien bei der Gestaltung prozeduraler Vorschrif- ten regulativen Ehrgeiz. Frankreich wiederum tritt als freundlicher Beobachter und Koalitionspartner auf die Buhne suprastaatlicher Verhand- lungen. Jedoch nicht nur die Mitgliedstaaten, sondern auch die EU-Kom- mission nimmt im Rahmen dieses Interaktionsprozesses Neuorientierungen ihrer inhaltlichen, strategischen und institutionellen Interessen vor und pragt die Entscheidungen massgeblich. Bedauerlicherweise mussen wir dem Leser in diesem Buch die vielfaIti- gen, eindrucksvollen, zum Teil sehr erheiternden und skurrilen Erfahrungen vorenthalten, die wir bei unseren Gesprachen in den Untersuchungslandern gesammelt haben.

Die Policy-Analyse, die sich wesentlich mit Fragen der politischen Steuerung und der Gestaltung gesellschaftlichen Wandels befasst, befindet sich im Wandel. Die Policy-Analyse, die ihre ursprungliche Beeinflussung durch die Planungsdiskussion und den diesem zugrundeliegenden rationale und okonomisch kalkulierenden Menschen nicht verleugnen kann, sieht sich in vielerlei Hinsicht gezwungen, ihre Konzepte skeptisch zu betrachten und eine Erklarungskraft ihrer Hypothesen in Frage zu stellen. Seit mehreren Jahren schon werden Versuche unternommen, Gegenentwurfe zum "Rationality Project" zu formulieren. Das hatte zur Folge, dass der "Textbook Approach" (Nakamura 1987) der Policy-Analyse aufgegeben wurde, der von einem klar abgegrenzten Programm, der "bounded policy," ausgeht. Um die Turbulenz der "Unordentlichkeit" der politischen Wirklichkeit besser zu berucksichtigen, wurde der neue politikwissenschaftliche Institutionalismus in die Netzwerkanalyse integriert. Der Band behandelt die Modifikation der Policy-Analyse und deren veranderte Fragestellungen."