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A technology of expertise: EU financial services agencies

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  • Everson, Michelle
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.

Suggested Citation

  • Everson, Michelle, 2012. "A technology of expertise: EU financial services agencies," LSE Research Online Documents on Economics 53203, London School of Economics and Political Science, LSE Library.
    • Handle: RePEc:ehl:lserod:53203
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    File URL: http://eprints.lse.ac.uk/53203/
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    References listed on IDEAS

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    1. Baldwin, Robert & Black, Julia, 2007. "Really responsive regulation," LSE Research Online Documents on Economics 23105, London School of Economics and Political Science, LSE Library.
    2. Black, Julia & Baldwin, Robert, 2010. "Really responsive risk-based regulation," LSE Research Online Documents on Economics 27632, London School of Economics and Political Science, LSE Library.
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    Cited by:

    1. Kevin Featherstone, 2012. "Le choc de la nouvelle? Maastricht, déjà vu and EMU reform," LEQS – LSE 'Europe in Question' Discussion Paper Series 52, European Institute, LSE.
    2. Kevin Featherstone, 2012. "Le choc de la nouvelle? Maastricht, déjà vu and EMU reform," Europe in Question Discussion Paper Series of the London School of Economics (LEQs) 2, London School of Economics / European Institute.
    3. Crescenzi, Riccardo & Pietrobelli, Carlo & Rabellotti, Roberta, 2012. "Innovation drivers, value chains and the geography of multinational firms in European regions," LSE Research Online Documents on Economics 53193, London School of Economics and Political Science, LSE Library.
    4. Anke Hassel & Susanne Lütz, 2012. "Balancing Competition and Cooperation: The State’s New Power in Crisis Management," Europe in Question Discussion Paper Series of the London School of Economics (LEQs) 1, London School of Economics / European Institute.
    5. Hassel, Anke & Lütz, Susanne, 2012. "Balancing competition and cooperation: the state’s new power in crisis management," LSE Research Online Documents on Economics 53201, London School of Economics and Political Science, LSE Library.
    6. Anke Hassel & Susanne Lütz, 2012. "Balancing Competition and Cooperation: The State’s New Power in Crisis Management," LEQS – LSE 'Europe in Question' Discussion Paper Series 51, European Institute, LSE.

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    More about this item

    JEL classification:

    • F3 - International Economics - - International Finance
    • G3 - Financial Economics - - Corporate Finance and Governance

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