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Seminar series

Muscle matters

An integrationist turn in transatlantic finance

Add to calendar 2024-03-11 17:00 2024-03-11 18:30 Europe/Rome Muscle matters Sala Triaria Villa Schifanoia YYYY-MM-DD
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Scheduled dates

Mar 11 2024

17:00 - 18:30 CET

Sala Triaria, Villa Schifanoia

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Join Lucia Quaglia (University of Bologna) as she presents her research, co-authored with Elliot Posner (Case Western Reserve University), in the Political Economy working group.
After the Great Financial Crisis of 2008, the United States (US) and the European Union (EU) issued new domestic rules across a variety of financial services. Different politics and policy-making processes generated regulatory incompatibilities, and conflicts emerged as each side insisted the other adapt to its approach. Yet, our original data covering eleven sub-sectors show that in a predominant cluster of cases, the two jurisdictions had by 2020 made adjustments and adopted more collaborative - that is, integrationist - approaches. The pattern has broad and surprising implications for the future of global finance in an era of rising economic nationalism and populist politics. Why, then, did Washington and Brussels move beyond the standoffs to regulatory approaches promoting cross-border interoperability? Our novel explanation, synthesizing market power theory and insights from Third-Wave IPE, features a 'mutual accommodation' causal mechanism driven by the development in both jurisdictions of  border-policing capacities. We substantiate our claims through a multi-method, medium-n study.

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