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Explaining policy change in the EU: financial reform after the crisis

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JournalJournal of European Public Policy
Journal publication date27 Mar 2017
Number of pages20
Pages (from-to)1-19
Early online date27/03/17
Original languageEnglish

Abstract

The European Union (EU) has been hit by financial and economic crises since 2008. To shed light upon the impact of these crises this article reviews punctuated equilibrium theory (PET) to develop expectations that are tested against two cases of financial regulation and privatisation policy. In one, despite the demand for a new model from EU leaders, limited change occurred; in the other, despite legal limitations, significant change emerged. Analysis of the cases reveals a new form of policy venue, and the suggestion that the EU PET literature must consider more systematically and explicitly the role of veto players in shaping policy change.

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© 2017 Informa UK Limited, trading as Taylor & Francis Group. This is an author-produced version of the published paper. Uploaded in accordance with the publisher’s self-archiving policy. Further copying may not be permitted; contact the publisher for details.

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