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 Research Projects at the MPIfG

The Political Economy of European Capital Markets Union in the Shadow of the Twin Growth and Euro Crises

Marina Hübner (doctoral project)

Though a broad literature exists on the politics of European financial integration, the EU’s increasing stake in financial regulation has largely been described as "power without purpose." Yet the purposeful use of financial instruments as public governing tools remains poorly understood. The dissertation project addresses this gap by studying the politics behind the Capital Markets Union (CMU). The CMU has two overarching goals: 1) financial integration and 2) the financial transformation of Europe’s largely bank-based financial structure towards market-based finance. The CMU is an important pillar of EU plans to tackle economic stagnation and euro area instability. Building on insights from European integration scholarship and critical political economy, this research identifies the process through which finance has emerged as the solution to a set of political and economic challenges at the heart of the EMU/the EU. The qualitative process-tracing analysis is based on expert interviews and documentary analysis. The findings are related to the broader debate on the future institutional design and viability of the EMU and the pivotal role of markets in European integration. Project duration: October 2014 to March 2018.
Braun, B. and M. Hübner. Forthcoming 2018. "Fiscal Fault, Financial Fix? Capital Markets Union and the Quest for Macroeconomic Stabilization in the EMU." MPIfG Discussion Paper. Max Planck Institute for the Study of Societies, Cologne.
Hübner, Marina. 2016. "Securitization to the Rescue! The European Capital Markets Union Project, the Euro, Crisis and the ECB as 'Macroeconomic Stabilizer of Last Resort.'" Foundation for European Progressive Studies: FEPS Studies, September 2016. [PDF]
Hübner, M. und M. Thiemann: "Schattenbanken und die Transformation des Finanzsystems". Makroskop, published online June 16, 2017.
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