2009a) ‘Making rules for global finance: transatlantic regulatory cooperation at the turn of the millennium’, International Organization 63(4): 665–99
Abstract This article explains a shift in the way transatlantic authorities man-aged conflicts over the cross-border regulation of securities markets: from coopera-tion skewed heavily toward the preferences of U+S+ officials and accepted grudgingly by European counterparts; to a Euro-American regula...
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| Language: | English |
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| Online Access: | http://citeseerx.ist.psu.edu/viewdoc/summary?doi=10.1.1.464.2585 http://politicalscience.case.edu/IO.pdf |
| Summary: | Abstract This article explains a shift in the way transatlantic authorities man-aged conflicts over the cross-border regulation of securities markets: from coopera-tion skewed heavily toward the preferences of U+S+ officials and accepted grudgingly by European counterparts; to a Euro-American regulatory condominium character-ized by close interactions among decision makers and mutual accommodation+ In the final decades of the twentieth century, the asymmetric influence wielded by U+S+ secu-rities market authorities had few parallels in other regulatory areas+ Why, then, did U+S+ officials become more accommodating and European authorities more influen-tial, and why did the turning point occur in 2002 and 2003, an unlikely moment for intensified transatlantic sovereignty sharing? My study shows that institutional change inside the EU recast the North Atlantic balance of regulatory leverage and thereby was the primary factor behind the reshaping of transatlantic cooperation+ Internal EU regulatory centralization changed the expectations of U+S+ and European firms and authorities and generated new incentives in Washington, D+C+, for accommodation and closer transatlantic coordination+My explanation differs from models that, accept- |
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