European Financial Governance: FTT Reform, Controversies and Governments’ Responsiveness

Detalhes bibliográficos
Autor(a) principal: van Loon, Aukje
Data de Publicação: 2021
Tipo de documento: Artigo
Idioma: eng
Título da fonte: Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
Texto Completo: https://doi.org/10.17645/pag.v9i2.3935
Resumo: The Eurozone crisis exposed the incompleteness of the Economic and Monetary Union’s governance framework thereby prompting the promotion of a multitude of reform packages and proposals. This simultaneously induced conflict among EU governments on both design and content of such reforms. In case of the financial transaction tax (FTT) proposal, which failed to garner consensus among member governments, it illustrates Ireland’s disapproval clashing with favorable German and French stances. While these governments aligned on the necessity to reform, the process of harmonizing EU financial governance proved rather difficult. In analyzing governments’ variation of reform support or opposition, the societal approach to governmental preference formation is employed. This is considerably conducive in directing academic attention to the role of two explanatory variables, domestic material interests and value-based ideas, in shaping governments’ reform positions. This article encompasses a comprehensive comparative account of domestic preference formation and responsiveness of three EU governments (France, Germany and Ireland), in the case study of the FTT, and demonstrates that the two societal dynamics are prone to have played a role in shaping financial reform controversies. By building on and contributing to Eurozone crisis literature, this approach seems appropriate in analyzing financial governance reform due to the crisis’ domestic impact resulting in increased public salience, issue politicization and an advanced role of elected politicians.
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spelling European Financial Governance: FTT Reform, Controversies and Governments’ Responsivenessdomestic politics; financial regulation; financial transaction tax; France; Germany; government preferences; Ireland; political argumentationThe Eurozone crisis exposed the incompleteness of the Economic and Monetary Union’s governance framework thereby prompting the promotion of a multitude of reform packages and proposals. This simultaneously induced conflict among EU governments on both design and content of such reforms. In case of the financial transaction tax (FTT) proposal, which failed to garner consensus among member governments, it illustrates Ireland’s disapproval clashing with favorable German and French stances. While these governments aligned on the necessity to reform, the process of harmonizing EU financial governance proved rather difficult. In analyzing governments’ variation of reform support or opposition, the societal approach to governmental preference formation is employed. This is considerably conducive in directing academic attention to the role of two explanatory variables, domestic material interests and value-based ideas, in shaping governments’ reform positions. This article encompasses a comprehensive comparative account of domestic preference formation and responsiveness of three EU governments (France, Germany and Ireland), in the case study of the FTT, and demonstrates that the two societal dynamics are prone to have played a role in shaping financial reform controversies. By building on and contributing to Eurozone crisis literature, this approach seems appropriate in analyzing financial governance reform due to the crisis’ domestic impact resulting in increased public salience, issue politicization and an advanced role of elected politicians.Cogitatio2021-05-27info:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articleapplication/pdfhttps://doi.org/10.17645/pag.v9i2.3935oai:ojs.cogitatiopress.com:article/3935Politics and Governance; Vol 9, No 2 (2021): Reforming the Institutions of Eurozone Governance; 208-2182183-2463reponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãoinstacron:RCAAPenghttps://www.cogitatiopress.com/politicsandgovernance/article/view/3935https://doi.org/10.17645/pag.v9i2.3935https://www.cogitatiopress.com/politicsandgovernance/article/view/3935/3935Copyright (c) 2021 Aukje van Loonhttp://creativecommons.org/licenses/by/4.0info:eu-repo/semantics/openAccessvan Loon, Aukje2022-10-21T16:04:08Zoai:ojs.cogitatiopress.com:article/3935Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-19T16:13:51.730070Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãofalse
dc.title.none.fl_str_mv European Financial Governance: FTT Reform, Controversies and Governments’ Responsiveness
title European Financial Governance: FTT Reform, Controversies and Governments’ Responsiveness
spellingShingle European Financial Governance: FTT Reform, Controversies and Governments’ Responsiveness
van Loon, Aukje
domestic politics; financial regulation; financial transaction tax; France; Germany; government preferences; Ireland; political argumentation
title_short European Financial Governance: FTT Reform, Controversies and Governments’ Responsiveness
title_full European Financial Governance: FTT Reform, Controversies and Governments’ Responsiveness
title_fullStr European Financial Governance: FTT Reform, Controversies and Governments’ Responsiveness
title_full_unstemmed European Financial Governance: FTT Reform, Controversies and Governments’ Responsiveness
title_sort European Financial Governance: FTT Reform, Controversies and Governments’ Responsiveness
author van Loon, Aukje
author_facet van Loon, Aukje
author_role author
dc.contributor.author.fl_str_mv van Loon, Aukje
dc.subject.por.fl_str_mv domestic politics; financial regulation; financial transaction tax; France; Germany; government preferences; Ireland; political argumentation
topic domestic politics; financial regulation; financial transaction tax; France; Germany; government preferences; Ireland; political argumentation
description The Eurozone crisis exposed the incompleteness of the Economic and Monetary Union’s governance framework thereby prompting the promotion of a multitude of reform packages and proposals. This simultaneously induced conflict among EU governments on both design and content of such reforms. In case of the financial transaction tax (FTT) proposal, which failed to garner consensus among member governments, it illustrates Ireland’s disapproval clashing with favorable German and French stances. While these governments aligned on the necessity to reform, the process of harmonizing EU financial governance proved rather difficult. In analyzing governments’ variation of reform support or opposition, the societal approach to governmental preference formation is employed. This is considerably conducive in directing academic attention to the role of two explanatory variables, domestic material interests and value-based ideas, in shaping governments’ reform positions. This article encompasses a comprehensive comparative account of domestic preference formation and responsiveness of three EU governments (France, Germany and Ireland), in the case study of the FTT, and demonstrates that the two societal dynamics are prone to have played a role in shaping financial reform controversies. By building on and contributing to Eurozone crisis literature, this approach seems appropriate in analyzing financial governance reform due to the crisis’ domestic impact resulting in increased public salience, issue politicization and an advanced role of elected politicians.
publishDate 2021
dc.date.none.fl_str_mv 2021-05-27
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dc.type.driver.fl_str_mv info:eu-repo/semantics/article
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dc.identifier.uri.fl_str_mv https://doi.org/10.17645/pag.v9i2.3935
oai:ojs.cogitatiopress.com:article/3935
url https://doi.org/10.17645/pag.v9i2.3935
identifier_str_mv oai:ojs.cogitatiopress.com:article/3935
dc.language.iso.fl_str_mv eng
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dc.relation.none.fl_str_mv https://www.cogitatiopress.com/politicsandgovernance/article/view/3935
https://doi.org/10.17645/pag.v9i2.3935
https://www.cogitatiopress.com/politicsandgovernance/article/view/3935/3935
dc.rights.driver.fl_str_mv Copyright (c) 2021 Aukje van Loon
http://creativecommons.org/licenses/by/4.0
info:eu-repo/semantics/openAccess
rights_invalid_str_mv Copyright (c) 2021 Aukje van Loon
http://creativecommons.org/licenses/by/4.0
eu_rights_str_mv openAccess
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dc.publisher.none.fl_str_mv Cogitatio
publisher.none.fl_str_mv Cogitatio
dc.source.none.fl_str_mv Politics and Governance; Vol 9, No 2 (2021): Reforming the Institutions of Eurozone Governance; 208-218
2183-2463
reponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
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