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  Fiscal Fault, Financial Fix? Capital Markets Union and the Quest for Macroeconomic Stabilization in the Euro Area

Braun, B., & Hübner, M. (2018). Fiscal Fault, Financial Fix? Capital Markets Union and the Quest for Macroeconomic Stabilization in the Euro Area. Competition & Change, 22(2), 117-138. doi:10.1177/1024529417753555.

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 Creators:
Braun, Benjamin1, Author              
Hübner, Marina2, Author              
Affiliations:
1Soziologie des Marktes, MPI for the Study of Societies, Max Planck Society, ou_1214556              
2International Max Planck Research School on the Social and Political Constitution of the Economy, MPI for the Study of Societies, Max Planck Society, ou_1214550              

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Free keywords: Regulation, securitization, euro area, fiscal policy, financial markets, European Commission, European Central Bank
 Abstract: This article seeks to situate and explain the European Union’s push for a Capital Markets Union – and thus for a more market-based financial system – in the broader context of macroeconomic governance in politically fractured polities. The current governance structure of the European Monetary Union severely limits the capacity of both national and supranational actors to provide a core public good: macroeconomic stabilization. While member states have institutionalized fiscal austerity and abandoned other macroeconomic levers, the European polity lacks the fiscal resources necessary to achieve stable macroeconomic conditions – smoothing the business cycle, ensuring growth and job creation and mitigating the impact of output shocks on consumption. Capital Markets Union, we argue, is the attempt of European policymakers to devise a financial fix to this structural capacity gap. Using its regulatory powers, the Commission, supported by the European Central Bank (ECB), seeks to harness private financial markets and instruments to provide the public policy good of macroeconomic stabilization. We trace how technocrats, think tanks, and financial-sector lobbyists, through the strategic use of knowledge and expertise, established securitization and market-based finance as solutions to the European Monetary Union’s governance problems.

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Language(s): eng - English
 Dates: 2018-02-142018
 Publication Status: Published in print
 Pages: -
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 Table of Contents: -
 Rev. Type: Peer
 Identifiers: DOI: 10.1177/1024529417753555
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Title: Competition & Change
Source Genre: Journal
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Pages: - Volume / Issue: 22 (2) Sequence Number: - Start / End Page: 117 - 138 Identifier: ISSN: 1024-5294
ISSN: 1477-2221

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Title: Governing through Financial Markets: Towards a Critical Political Economy of Capital Markets Union
Source Genre: Issue
 Creator(s):
Braun, Benjamin1, Editor            
Gabor, Daniela2, Editor
Hübner, Marina3, Editor            
Affiliations:
1 Soziologie des Marktes, MPI for the Study of Societies, Max Planck Society, ou_1214556            
2 University of the West of England, Bristol, UK, ou_persistent22            
3 International Max Planck Research School on the Social and Political Constitution of the Economy, MPI for the Study of Societies, Max Planck Society, ou_1214550            
Publ. Info: -
Pages: - Volume / Issue: - Sequence Number: - Start / End Page: - Identifier: -