Naslov
Enhancing the EU mode of governance in finance - ESMA as a role model?

Autori
Bajakić, Ivana ; Božina Beroš, Marta

Vrsta, podvrsta i kategorija rada
Sažeci sa skupova, neobjavljeni rad, znanstveni

Skup
International Conference on Public Policy

Mjesto i datum
Milano, Italija, 02.07.2015. - 04.07.2015

Vrsta sudjelovanja
Predavanje

Vrsta recenzije
Nije recenziran

Ključne riječi
governance ; ESMA ; agencification ; policy capacity

Sažetak
The purpose of this paper is to examine the emergence and progress of “agencification” (Levi-Faur, 2010) in EU finance on the case study of the European Securities and Markets Authorities (ESMA) as a potential role model for enhancing the EU mode of governance in financial markets. Incorporated European financial markets represent an evolutionary process which begun in the 1960es and was greatly endorsed by political and economic integration. This process was complemented by a proliferation of various organizational entities that ensured coordination of governance between the EU and Member States. Building on this trend, during the (substantive) financial regulatory overhaul in the early 2000s, ESMA’s predecessor was diplomatically introduced in the form of a coordinating body, which ensured operational efficiency in financial supervision and greater harmonization in regulatory matters. The last financial crisis, however, opened a window of opportunity for centralizing regulatory powers on the EU level in the form of a re-vamped supervisory authority. Henceforth, ESMA as one of the actors within the network of European Supervisory Authorities embodies this culmination of agency rule-making and supervisory powers in EU financial markets. Against this background the paper firstly surveys ESMA’s substantive regulatory capacities, independence and accountability in the context of multiple interests involved. Secondly it explores ESMA’s “role-model potential” in respect of enhancing the overall mode of governance in the EU.

Izvorni jezik
Engleski

Znanstvena područja
Ekonomija

POVEZANOST RADA