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How the European Commission Deepened Financial Market Integration: The Battle over the Liberalization of Public Banks in Germany

MPS-Authors
http://pubman.mpdl.mpg.de/cone/persons/resource/persons41296

Seikel,  Daniel
Europäische Liberalisierungspolitik, MPI for the Study of Societies, Max Planck Society;

Fulltext (public)

JEPP_21_2014_Seikel.pdf
(Publisher version), 388KB

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There is no public supplementary material available
Citation

Seikel, D. (2014). How the European Commission Deepened Financial Market Integration: The Battle over the Liberalization of Public Banks in Germany. Journal of European Public Policy, 21(2), 169-187. doi:10.1080/13501763.2013.835335.


Cite as: http://hdl.handle.net/11858/00-001M-0000-0014-CD13-4
Abstract
In this article, I argue that the European financial market integration cannot be understood without the European Commission's gradual enforcement of supranational competition law for financial services. The conflict over the liberalization of public banks in Germany demonstrates how the Directorate General for Competition (DG COMP) deepened financial market integration through legal proceedings without the participation of the Council of Ministers. How could DG COMP prevail over the fierce resistance of Germany even though member states never intended for European law to have enough leverage to alter core elements of national financial systems? The article focuses on DG COMP's capacities for strategic action. DG COMP was able to enforce European competition rules for financial services, skilfully combining its legal competences with political strategies. The case illustrates that the regulatory integration of financial services in the EU is much more driven by supranational institutions than assumed by the bulk of the literature.