The European Union in the Transnational Financial Regulatory Arena: The Case of the Basel Committee on Banking Supervision

In: Journal of international economic law, Band 22, Heft 2, S. 205-228

Abstract

ABSTRACT
Starting from the observation of an increased politicisation of the financial regulatory debate, the article analyses how this might impact the relationship between the European Union (EU) and the Basel Committee on Banking Supervision. The article first describes transnational financial networks after the global crisis and the shift from trust in technocratic autonomy to distrust and politicisation. It then turns to examine the legal bases for the participation of EU institutions in the Basel standard-setting process, discussing the challenges posed under EU law. The last part of the research focusses on the European Parliament's attempts to become an active player in the transnational financial regulatory arena and on the role it might play to enhance the democratic legitimacy of the Basel process.