The European Union and Global Financial Regulation

This book explores the EU's role in global financial regulation, examining its regulatory capacity compared to the US and how this influences the uploading, downloading, and cross-loading of financial rules.

The European Union and Global Financial Regulation explores the significant role of the EU in shaping global financial regulations over time. The book systematically addresses key areas within the financial services sector, including banking, securities markets, insurance, and accounting standards. It delves into the evolution of EU financial regulation, raising critical questions about the EU's approach to international financial governance.

The author examines the dynamics of regulatory interactions, such as why the EU sometimes 'uploads' regulations to the international stage, 'downloads' them from global frameworks, or 'cross-loads' rules in various contexts. The analysis considers how these practices have evolved, particularly following the establishment of the Economic and Monetary Union and the global financial crisis. The book further investigates the conditions under which the EU is more likely to engage in these regulatory behaviors, as well as the mechanisms facilitating these processes.

A central theme of the book is the concept of 'regulatory capacity,' which is used to compare the EU's influence against that of the US. The author argues that the regulatory capacity of both entities plays a crucial role in determining their global impact. When the EU's regulatory capacity is weaker than that of the US, it tends to adopt international rules, while a stronger EU capacity allows it to set the agenda and influence third countries. Ultimately, the book provides a nuanced understanding of whether the EU acts as a leader or follower in global financial regulation.