The subordination of European finance


Grahl, J. 2011. The subordination of European finance. Competition and Change. 15 (1), pp. 31-47.
TitleThe subordination of European finance
AuthorsGrahl, J.

European political leaderships have responded to the emergence of global finance with a sustained drive to integrate Europe's own financial systems on the basis of a switch from classical bank credit to tradable securities. In itself, this was a rational response. However, financial integration was pursued at breakneck speed and in disregard of important public goods including economic stability and social justice. Reforms were undertaken in a climate of moral panic, in the false belief that the EU faced a serious problem of external competitiveness. In consequence, Europe's banks and institutional investors were badly exposed to the sub-prime crisis, the Eurozone has been radically disorganized and the EU has had little influence on the evolution of global financial structures and practices.

PublisherManey Publishing
JournalCompetition and Change
Publication dates
PrintFeb 2011
Publication process dates
Deposited14 Jun 2011
Output statusPublished
Copyright Statement

Pre-refereed version as permitted by publisher.

Digital Object Identifier (DOI)
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