The policy narratives of European capital markets union. Issue 7 (3rd July 2018)

• Record Type: Journal Article
• Authors: Quaglia, Lucia; Howarth, David
• Is Part Of: Journal of European public policy. Volume 25:Issue 7(2018)
• Page Start: 990
• Page End: 1009
• Publication Date: 2018-07-03
• Subjects: Capital Markets Union (CMU) -- financial integration -- financial markets -- financial regulation -- single market; European Union countries -- Politics and government -- Periodicals; Political planning -- European Union countries -- Periodicals; Politique publique -- Pays de l'Union européenne -- Périodiques; Pays de l'Union européenne -- Politique et gouvernement -- Périodiques; 361.61094
• DOI: 10.1080/13501763.2018.1433707
• Languages: English
• ISSNs: 1350-1763

Abstract

ABSTRACT: This paper examines the 'making' of Capital Markets Union (CMU) through the theoretical lens of 'actor-centred constructivism', by considering the 'policy narratives' that bureaucratic actors have employed strategically to promote the project. It is argued that two main narratives were articulated by the European Commission in order to mobilize the political support necessary to push forward CMU and reduce potential opposition to it. The first narrative was to boost the size and internal and external competitiveness of European Union capital markets. The second narrative was the increased funding to the real economy, especially to small and medium-sized enterprises (SMEs) and infrastructural projects. The Commission used these narratives instrumentally in 'framing' CMU as a positive-sum game, rather than a zero-sum game with potential winners and losers.