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Estonian banking regulation as a “world of ‘dead letters’” – the interplay of Europeanization process and national idiosyncrasies

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  • Egert Juuse

Abstract

Depolitization of public finances, majority foreign ownership of the banking industry and transition economy elements, accompanied by re-occurring banking crises in the 1990s have posed significant challenges for the regulatory framework in Estonia. Furthermore, the EU accession anchored the legislative development to external institutions and actors. Although banking regulation has been exemplary on paper, there have been significant weaknesses in implementation due to both internal incapacities and inadequacy of the formal EU law based regulatory principles for addressing the cross-border banking issues (accountability and responsibility for stability). Consequently, the established institutional setting in Estonia has not been able to address the division of two main functions of the banking sector between domestic and external actors: the functioning and safe payment systems by domestic actors and the financing of productive investments by external actors through foreign investments.

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  • Egert Juuse, 2015. "Estonian banking regulation as a “world of ‘dead letters’” – the interplay of Europeanization process and national idiosyncrasies," The Other Canon Foundation and Tallinn University of Technology Working Papers in Technology Governance and Economic Dynamics 60, TUT Ragnar Nurkse Department of Innovation and Governance.
  • Handle: RePEc:tth:wpaper:60
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    1. Erik S. Reinert & Kenneth Carpenter, 2014. "German Language Economic Bestsellers before 1850, with two chapters on a common reference point of Cameralism and Mercantilism," The Other Canon Foundation and Tallinn University of Technology Working Papers in Technology Governance and Economic Dynamics 58, TUT Ragnar Nurkse Department of Innovation and Governance.
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