The policy narratives of European capital markets union

被引:11
作者
Quaglia, Lucia [1 ]
Howarth, David [2 ]
机构
[1] Univ Bologna, Dept Polit Sci, Bologna, Italy
[2] Univ Luxembourg, Inst Polit Sci, Esch Sur Alzette, Luxembourg
关键词
Capital Markets Union (CMU); financial integration; financial markets; financial regulation; single market; DISCURSIVE INSTITUTIONALISM; IDEAS; POWER; EU;
D O I
10.1080/13501763.2018.1433707
中图分类号
D0 [政治学、政治理论];
学科分类号
0302 ; 030201 ;
摘要
This paper examines the making' of Capital Markets Union (CMU) through the theoretical lens of actor-centred constructivism', by considering the policy narratives' that bureaucratic actors have employed strategically to promote the project. It is argued that two main narratives were articulated by the European Commission in order to mobilize the political support necessary to push forward CMU and reduce potential opposition to it. The first narrative was to boost the size and internal and external competitiveness of European Union capital markets. The second narrative was the increased funding to the real economy, especially to small and medium-sized enterprises (SMEs) and infrastructural projects. The Commission used these narratives instrumentally in framing' CMU as a positive-sum game, rather than a zero-sum game with potential winners and losers.
引用
收藏
页码:990 / 1009
页数:20
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