How does the European Union (EU) perform in international financial
regulation? According to various scholars the global financial architecture
has been shaped by the USA and the EU. But whereas the USA is without doubt
the dominant actor or even described as hegemon in writing the rules for the
global political economy and global financial markets, the EU seems to be a
special kind of actor. The European Union is not only one of the biggest
single financial markets in the world but also has become one of the largest
financial jurisdictions in the last decade. Despite this huge market size the
EU’s representation in institutions of the global financial regulation is
quite low. Hence the direct EU impact on global financial regulation is often
seen as weak or the EU is perceived rather as a forum than an actor. Given the
debate on the external actorness of the EU global financial regulation is an
interesting case for evaluating the EU’s actorness in fields, where the EU has
competences like anti-money laundering and setting accounting standards. In
the paper I applied the managed globalization doctrine in order to analyze the
EU’s performance in those fields. The evidence illustrates that even in the
fields, where the EU have regulatory competencies, the European Union is not
able or willing to shape the global regulation.
IV; 25 S.
Manager of financial Globalization?
The European Union in global anti-money laundering and international
accounting standard setting
Politik- und Sozialwissenschaften
PIPE - papers on international political economy