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A technology of expertise: EU financial services agencies

Everson, Michelle (2012) A technology of expertise: EU financial services agencies. LSE 'Europe in Question' discussion paper series (49/2012). The London School of Economics and Political Science, London.

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Abstract

The collapse of Lehman Brothers in 2008 ushered in a financial crisis whose ramifications are still being felt. Within the EU, collapse not only led to a change in regulatory rhetoric, emphasising the need to secure the stability of EU money markets, but also to a significant widening and deepening of technocratic supervisory structures for European financial services. This paper accordingly investigates the newly established European System for Financial Supervision and, in particular, semi-autonomous EU agencies for banking, insurance and securities, for its ability to provide robust regulation and supervision within Europe. However, it analyses this increase in technocratic governance at supranational level in light of the worrying question of whether it has undermined capacity for political action within Europe. At a time when readily-apparent failings in established technocratic governance in Europe (monetary union) have led only to more technocratisation (proposed fiscal union), perhaps to the point of systemic collapse, the general European trend to expertled and evidence-based supervision must be doubted; not simply because it has failed on its own terms, but also because it has established a technology of expertise, or dominant rationality, which further encourages abdication of political responsibility for economic crisis.

Item Type: Monograph (Discussion Paper)
Official URL: http://www.lse.ac.uk/europeanInstitute/LEQS/LEQSHo...
Additional Information: © 2012 The Author
Divisions: European Institute
Subjects: H Social Sciences > HG Finance
J Political Science > JN Political institutions (Europe)
Sets: Departments > European Institute
Collections > LSE ‘Europe in Question’ Discussion Paper Series
Date Deposited: 27 Sep 2013 13:23
Last Modified: 21 Jun 2020 23:24
URI: http://eprints.lse.ac.uk/id/eprint/53203

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