The Commission’s internal conditions for social re-regulation: Market efficiency and wider social goals in setting the rules for financial services in Europe
The European Union is often considered as a prime example of a liberal regulatory state. We argue, however, that being limited to the regulatory policy does not prevent the European Commission from pursuing political aims going beyond market efficiency. We draw up two ideal-type perspectives of market regulation – being either efficiency or equality enhancing – that differ systematically in terms of rationale, degree of intervention, patterns of stakeholder access and conflict within the regulator. We trace these aspects in three financial services initiatives on the registration and supervision of reinsurers, equal treatment in financial services and the regulation of consumer credit. Our analyses suggest that there is scope for equality-enhancing re-regulation when proactive agents proceed decidedly on the basis of social-treaty concerns and frame regulatory beneficiaries as market participants as well as when they seek the redistribution of rights instead of resources.
Volume (Year): 2 (2013)
Issue (Month): 1 (June)
|Contact details of provider:|| |
References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Vogel, David, 2003. "The Hare and the Tortoise Revisited: The New Politics of Consumer and Environmental Regulation in Europe," British Journal of Political Science, Cambridge University Press, vol. 33(04), pages 557-580, October.
- George A. Akerlof, 1970. "The Market for "Lemons": Quality Uncertainty and the Market Mechanism," The Quarterly Journal of Economics, Oxford University Press, vol. 84(3), pages 488-500.
- George Tsebelis & Geoffrey Garrett, 2000. "Legislative Politics in the European Union," European Union Politics, SAGE Publishing, vol. 1(1), pages 9-36, February.
- Höpner, Martin & Schäfer, Armin, 2012. "Embeddedness and Regional Integration: Waiting for Polanyi in a Hayekian Setting," International Organization, Cambridge University Press, vol. 66(03), pages 429-455, July.
When requesting a correction, please mention this item's handle: RePEc:egr:ejge00:v:2:i:1:p:25-40. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Diego Varela)
If references are entirely missing, you can add them using this form.