From networks to hybrids: Strategic behaviour and crisis-driven change in the regulation and governance of the European financial and economic system,

From networks to hybrids: Strategic behaviour and crisis-driven change in the regulation and governance of the European financial and economic system,

Groenleer, M.L.P.
Mijs, A.
Ten Heuvelhof, E.F.
Meeuwen, B.
Van der Puil, J.

Technology, Policy and Management

Multi Actor Systems

2014-12-31

A key challenge that European decision-makers struggle with today is regulating and governing the European financial and economic system in a way that is both effective and legitimate. To help address this challenge, this paper asks why regulatory gaps occurred and European governance has been weak, and how these gaps and weaknesses allowed risky behaviour. It then scrutinizes the regulatory governance structures that have emerged in response, particularly at the EU level, to coordinate the financial and economic system. Two illustrative cases are examined: self- regulation by and national supervision of banks and ‘decentred’ fiscal policy coordination by eurozone countries. We point to strategic behaviour as a key driver of the crisis. We also argue that changes in regulatory governance to curb such behaviour have entailed introduction of some form of hierarchy at the supranational level, yet still combined with strong network characteristics, thus creating or strengthening hybridity in regulatory governance.

agencies
coordination and decision-making processes
financial and economic system
governance
hierarchies
hybrids
networks
(self-)regulation
strategic behaviour

http://resolver.tudelft.nl/uuid:3aebb1f4-93e7-43b3-8b33-58f7f6f8478d

The Hebrew University

2079-5882

Jerusalem Forum on Regulation & Governance, 1-24. (2014)

Institutional Repository

journal article

(c) 2014 Groenleer, M.L.P.
Mijs, A.
Ten Heuvelhof, E.F.
Meeuwen, B.
Van der Puil, J.