Financial Markets (Dis)Integration in a Post-Brexit EU (Towards a More Resilient Financial System in Europe) ||

The European Union is creating a Financial Union with a European Banking Union and a Capital Markets Union in reaction to lessons learned from incomplete financial markets integration, the Global Financial Crisis and European Sovereign Debt Crisis. This book critically analyses these projects for a more integrated, resilient and sustainable financial system at a time when the United Kingdom as the member state with the most developed capital markets and the leading global and European financial center, the City of London, is leaving the Union. Neoliberal financial globalization and markets integration policies have led to finance-led capitalism that caused the crises. By building on pre-crises integration ideas, the Union revives and expands the reach of capital markets-based financing and shadow banking. The book discusses the consequences of deeper integration and the future of European financial centers advocating an alternative financial markets integration based on theories explaining finacialization and finance-led capitalism. Dieter Pesendorfer is Senior Lecturer in Regulation in the School of Law, Queen's University Belfast, UK. His research focus is on financial regulation Contents Chapter 1: Introduction 1.1 The Advantages of Financial Markets Integration and Financial Globalization 1.2 Financial Markets Integration, Finance-Led Capitalism, and Instability 1.3 Aims and Contents of this Book References Chapter 2: Financial (De)Globalization and Financial Market (Dis)Integration 2.1 From the Gold Standard to Bretton Woods to Finance-Led Capitalism 2.2 Transformations of Capitalist Money and Market Economies 2.3 The Rise of Finance-Led Capitalism: How Neoliberal Financial Market Integration Has Increased Financial Instability 2.4 Regulating Finance after the Global Financial Crisis 2.5 From Finance-Led Capitalism to Inclusive Capitalism with Resilient and Sustainable Finance References Chapter 3: Finance-Led Capitalism and Neoliberal Financial Market Integration in Europe 3.1 History of European Financial Integration and the Challenges Ahead 3.2 European Integration and the Rise of Finance-Led Capitalism 3.3 Europe’s Financial Markets Fragmentation and (Dis)Integration 3.4 Reforming the Economic and Monetary Union Towards More Resilience and Sustainability References Chapter 4: Brexit and Financial (Dis)Integration: Between Cakeism, Project Fear, and Reality 4.1 Financial Centers in Europe and the City of London 4.2 British Finance and the GFC 4.3 The Brexiteers’ Plan for Finance: Opportunities and Challenges 4.4 The UK Government’s Struggle to Negotiate a Brexit Deal 4.5 The Brexit Threat of Disintegration to the City 4.6 Equivalence and Mutual Recognition: Securing ‘Deep Market Access’ Via a ‘Bespoke’ UK-EU Deal 4.7 Euro denominated Clearing and Passporting Rights 4.8 What Could London Lose? The Costs of Brexit and Relocations 4.9 Brexit and the Future of European Financial Centers References Chapter 5: Finishing Capital Markets Union 5.1 Background and Evolution of Europe’s Capital Market Integration 5.2 The Flawed Rationale for a CMU 5.3 CMU—Progress and Obstacles 5.4 The Limits of Sound Securitization in Finance-Driven Capitalism 5.5 Short-Termism and CMU 5.6 Capital Markets Union and Brexit: Are There Only Lose-Lose Solutions and What Is at Stake for the EU’s Financial System? 5.7 What Would Be a Resilient and Sustainable CMU? References Chapter 6: Finishing the Banking Union 6.1 The Need for a Banking Union and Orderly Resolution of Failing Banks 6.2 The Design of the European Banking Union 6.3 The Banking Union at Work: Progress and Obstacles 6.4 Banking Union and Finance-Led Capitalism References Chapter 7: Conclusion: The Future of Financial Markets (Dis)Integration References Index