Explaining the reform of banking supervision in Europe: an integrative approach

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National frameworks for banking and, more generally, financial supervision in various European countries have undergone significant changes in the last decade or so. What explains these supervisory reforms? This work addresses this question by examining the recent reforms in the United Kingdom, Germany, and Italy, engaging in a structured, focused comparison, mainly using process tracing and adopting an analytical framework articulated across three levels of analysis. It is argued that while international and EU factors acted as antecedent variables, establishing the background for the reforms, they were mediated by national factors—to be precise, by two independent variables—that account for distinctive modes and outcomes of reforms. In addition, the institutional strength of the central bank—the intervening variable—can make a difference to the process of reform by either inhibiting or catalyzing change.
Original languageEnglish
Pages (from-to)1468-1491
Number of pages25
JournalGovernance: An International Journal of Policy, Administration and Institutions
Issue number3
Publication statusPublished - Jul 2008

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