The subordination of European finance

Article


Grahl, J. 2011. The subordination of European finance. Competition and Change. 15 (1), pp. 31-47. https://doi.org/10.1179/102452911X12905309381978
TypeArticle
TitleThe subordination of European finance
AuthorsGrahl, J.
Abstract

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
ISSN1024-5294
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)https://doi.org/10.1179/102452911X12905309381978
LanguageEnglish
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