Answers are grounded in this paper and cite their sources.
The creation of a single European market in financial services is a small part of a bigger story: the financial services revolution in the leading financial centres of the advanced capitalist world. A revolution usually pictured in the language of deregulation is in reality something very different: a series of seismic changes in regulatory structures caused by the combined ambitions of corporate actors and national governments. Regulation is driven both by struggles for competitive advantage and by the pressures of democratic politics. The result is a regulatory system which is highly unstable.
No takes yet. Share an insight, caveat, or question.
Michael Moran (1994) studied this question.
Synapse has enriched 10 related papers. Consider them for comparative context: