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The ‘British Plan’ as a Pace‐Setter: The Europeanization of Banking Rescue Plans in the EU?

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  • LUCIA QUAGLIA

Abstract

This article examines to what extent the British banking rescue plan announced in late 2008 set the pace for the adoption of similar banking rescue plans across the European Union. This case study can be seen a ‘horizontal’ type of Europeanization, whereby a (perceived successful) policy template adopted in one country is subsequently implicitly endorsed (hence, ‘uploaded’) at the EU level and then adopted (hence, ‘downloaded’) in other countries, albeit with considerable national variations. The two main caveats are that the British plan was not particularly innovative – it provided a functional solution to the problem at hand – and the adoption of similar measures across Europe was politically feasible because this did not envisage any substantial EU‐level intervention as it proposed parallel national solutions to a common problem.

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  • Lucia Quaglia, 2009. "The ‘British Plan’ as a Pace‐Setter: The Europeanization of Banking Rescue Plans in the EU?," Journal of Common Market Studies, Wiley Blackwell, vol. 47(5), pages 1063-1083, November.
    • Handle: RePEc:bla:jcmkts:v:47:y:2009:i:5:p:1063-1083
    DOI: 10.1111/j.1468-5965.2009.02035.x
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    1. Louis W. Pauly, 2009. "The Old and the New Politics of International Financial Stability," Journal of Common Market Studies, Wiley Blackwell, vol. 47, pages 955-975, November.
    2. David G. Mayes, 2009. "Did Recent Experience of a Financial Crisis Help in Coping with the Current Financial Turmoil? The Case of the Nordic Countries," Journal of Common Market Studies, Wiley Blackwell, vol. 47(5), pages 997-1015, November.
    3. Dermot Hodson & Deborah Mabbett, 2009. "UK Economic Policy and the Global Financial Crisis: Paradigm Lost?," Journal of Common Market Studies, Wiley Blackwell, vol. 47(5), pages 1041-1061, November.
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    7. Iain Hardie & David Howarth, 2009. "Die Krise but not La Crise? The Financial Crisis and the Transformation of German and French Banking Systems," Journal of Common Market Studies, Wiley Blackwell, vol. 47(5), pages 1017-1039, November.
    8. David G. Mayes, 2009. "Did Recent Experience of a Financial Crisis Help in Coping with the Current Financial Turmoil? The Case of the Nordic Countries," Journal of Common Market Studies, Wiley Blackwell, vol. 47(5), pages 997-1015, November.
    9. Lucia Quaglia & Robert Eastwood & Peter Holmes, 2009. "The Financial Turmoil and EU Policy Co‐operation in 2008," Journal of Common Market Studies, Wiley Blackwell, vol. 47(s1), pages 63-87, September.
    10. Louis W. Pauly, 2008. "Financial Crisis Management in Europe and Beyond," Contributions to Political Economy, Oxford University Press, vol. 27(1), pages 73-89.
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    Cited by:

    1. Emiliano Grossman & Cornelia Woll, 2014. "Saving the Banks: The Political Economy of Bailouts," SciencePo Working papers Main hal-02186491, HAL.

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