The subordination of European finance
Grahl, John (2011) The subordination of European finance. Competition and Change, 15 (1) . pp. 31-47. ISSN 1024-5294 [Article] (doi:10.1179/102452911X12905309381978)
|
PDF
Download (99kB) | Preview |
Abstract
European political leaderships have responded to the emergence of global finance with a sustained drive to integrate Europe's own financial systems on the basis of a switch from classical bank credit to tradable securities. In itself, this was a rational response. However, financial integration was pursued at breakneck speed and in disregard of important public goods including economic stability and social justice. Reforms were undertaken in a climate of moral panic, in the false belief that the EU faced a serious problem of external competitiveness. In consequence, Europe's banks and institutional investors were badly exposed to the sub-prime crisis, the Eurozone has been radically disorganized and the EU has had little influence on the evolution of global financial structures and practices.
Item Type: | Article |
---|---|
Research Areas: | A. > Business School > Economics |
Item ID: | 7943 |
Notes on copyright: | Pre-refereed version as permitted by publisher. |
Useful Links: | |
Depositing User: | Repository team |
Date Deposited: | 14 Jun 2011 15:18 |
Last Modified: | 10 Jun 2021 01:43 |
URI: | https://eprints.mdx.ac.uk/id/eprint/7943 |
Actions (login required)
![]() |
View Item |
Statistics
Additional statistics are available via IRStats2.