The European Union as hardening agent: soft law and the diffusion of global financial regulation

Newman, Abraham L.; Bach, David

doi:10.1080/13501763.2014.882968

Cited by 33 publications

(12 citation statements)

References 51 publications

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“…Regulators derive practical benefits from networking activities, such as the possibility of pooling resources (Vestlund, ) or using peer connections to compensate for a lack of resources (Vantaggiato, ). Regulators use networks to achieve institutional goals, such as increased autonomy (Bach and Ruffing, ; Ruffing, ) or to further their domestic preferences at the supranational level (Newman and Bach, ).…”

Section: Literature Reviewmentioning

confidence: 99%

Networks as First Best? Network Entrepreneurship and Venue Shifting in the Establishment of the Network of Euro–Mediterranean Energy Regulators

Vantaggiato

2019

J of Common Market Studies

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Regulators often play a leading role in establishing their informal networks yet regulatory networks are usually considered a second-best instrument of policy integration. They have no decision-making powers and unclear policy impact. Why then do regulators initiate networks? The article shows that regulators form networks to shift the venue of policy discussion from a formal setting, dominated by policy-makers, to an informal one, where they share agenda-setting power with their peers only. Regulators forming networks are network entrepreneurs, for whom the establishment of the network is a policy goal in itself. Bolstered by previous positive networking experiences, network entrepreneurs consider networks the best instrument for influencing policy. The article analyses the empirical case of the network of energy regulators of the Euro-Mediterranean (MedReg, established in 2006) using elite interviews with 20 stakeholders. The findings hold implications for our understanding of informal regulatory collaboration in the EU and beyond.

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Section: Literature Reviewmentioning

confidence: 99%

Networks as First Best? Network Entrepreneurship and Venue Shifting in the Establishment of the Network of Euro–Mediterranean Energy Regulators

Vantaggiato

2019

J of Common Market Studies

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“…For instance, there was a diffusion of international nontreaty‐based “soft law” in the global financial governance framework in a time of hefty financial risk and uncertainty (Hennessy, ). Moreover, more soft laws in accounting standards and over‐the‐counter derivatives in Europe became formalized as part of the national legislation (Newman & Bach, ). At the macro level, the crisis prompted a series of new measures such as more stringent requirements to account for better safety in the international financial systems (Mügge, ; Young, ).…”

Section: Governance Beyond Liberalism: Two Different Trajectoriesmentioning

confidence: 99%

The Dynamic Role of State and Nonstate Actors: Governance after Global Financial Crisis

Or¹,

Aranda-Jan²

2017

Policy Studies Journal

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In this article, we review the dynamic role of state and nonstate actors in governance. We first discuss the main arguments for and against the state being the main actor in governance in recent literature. Then, we review some of the literature about the changing role of state and nonstate actors in response to the 2007–08 global financial crisis from 2011 to 2015. The two themes under examination are, first, more control over financial markets and second, austerity measures. They illustrate different trajectories of governance that go beyond the now well‐established New Public Management paradigm of public sector reforms. Our review shows that no single actor provides the best mode of governance for all circumstances. Instead, governance is hybrid and dynamic. The mode of governance is dependent on the circumstances under which an actor is more capable of interacting with other actors to provide public services.

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“…IFRS are required in 116 jurisdictions worldwide, including the EU, which transposes IFRS into EU hard law through an institutionalized endorsement process. The EU has a long history of acting as a 'hardening agent' for accounting standards (Newman and Bach 2014), even if they differ in practical national implementation (Thiemann 2013).…”

Section: Professional Competition On Corporate Financial Reportingmentioning

confidence: 99%

Powering ideas through expertise: professionals in global tax battles

Seabrooke¹,

Wigan²

2015

Journal of European Public Policy

122

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This contribution discusses how ideas are powered through expertise and moral authority. Professionals compete with each other to power ideas by linking claims to expertise, how things best work, to moral claims about how things should be. To show how, we draw on a case of battles over global tax policy. Corporate reporting for tax purposes is an area where the European Union, Organization for Economic Co-operation and Development, the United Nations, large global accountancy firms and non-governmental organizations have been active. The point of contention here is what form of financial reporting multinational corporations should provide to ensure they pay their fair share of tax. Ideas powered by expertise contain shared causal beliefs, as well as principled beliefs about value systems. We demonstrate that professionals can contest the established order when demonstrations of expertise can be fused with claims to moral authority. Such a constellation is more likely when political conditions are favourable.

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The European Union as hardening agent: soft law and the diffusion of global financial regulation

Cited by 33 publications

References 51 publications

Networks as First Best? Network Entrepreneurship and Venue Shifting in the Establishment of the Network of Euro–Mediterranean Energy Regulators

Networks as First Best? Network Entrepreneurship and Venue Shifting in the Establishment of the Network of Euro–Mediterranean Energy Regulators

The Dynamic Role of State and Nonstate Actors: Governance after Global Financial Crisis

Powering ideas through expertise: professionals in global tax battles

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