Post-Brexit Leadership in European Finance

Van Kerckhoven, Sven, (2021). Post-Brexit Leadership in European Finance. Politics and Governance, 9(10), 59-68

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  • Sub-type Journal article
    Author Van Kerckhoven, Sven
    Title Post-Brexit Leadership in European Finance
    Appearing in Politics and Governance
    Volume 9
    Issue No. 10
    Publication Date 2021-01-27
    Place of Publication Lisbon
    Publisher Cogitatio Press
    Start page 59
    End page 68
    Language eng
    Abstract Brexit has far-reaching consequences for Europe and the European single market for financial transactions. In particular in this field, the UK has had a strong influence in drafting European policies and legislation as the City of London has acted as the financial hub in Europe for several decades. As a result, the UK has spearheaded the call for more market friendly legislation with the support of some other EU member states. This went against the wishes of several other EU member states, where a stronger rule-based approach to financial markets was strongly preferred, in particular after the financial crisis clearly demonstrated weaknesses in the macroeconomic oversight of European financial markets. With the UK leaving, the call for more stringent legislation will gain momentum as the political leadership among the remaining 27 EU member states will shift and might be looking to curtail the long-standing dominant position of the UK in the field of financial industries. In this light, several leaders of EU27 member states have already voiced their support for their nations’ financial hub to become the next City of London. This would lead to a substantial change in leadership in European finance post-Brexit. This contribution assesses the impact of Brexit on the changes in political leadership on the governance of European financial markets, as they might ultimately be reflected in the institutional outcomes and policies.
    Keyword Brexit
    European Union
    Finance
    Frankfurt
    Paris
    political culture
    political leadership
    Copyright Holder The Author
    Copyright Year 2021
    Copyright type Creative commons
    ISSN 2183-2463
    DOI DOI: 10.17645/pag.9i1.3705
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    Created: Thu, 02 May 2024, 23:51:57 JST by Masovic, Ajsela on behalf of UNU CRIS