European Financial Governance: FTT Reform, Controversies and Governments’ Responsiveness
Autor(a) principal: | |
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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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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 |
dc.type.status.fl_str_mv |
info:eu-repo/semantics/publishedVersion |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/article |
format |
article |
status_str |
publishedVersion |
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 |
language |
eng |
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 |
dc.format.none.fl_str_mv |
application/pdf |
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) instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação instacron:RCAAP |
instname_str |
Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação |
instacron_str |
RCAAP |
institution |
RCAAP |
reponame_str |
Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
collection |
Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
repository.name.fl_str_mv |
Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação |
repository.mail.fl_str_mv |
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1817553988077223936 |