Between competition and centralization: the new infrastructures of European finance
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Between competition and centralization : the new infrastructures of European finance. / Krarup, Troels.
In: Economy and Society, Vol. 48, No. 1, 2019, p. 107-126.Research output: Contribution to journal › Journal article › Research › peer-review
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TY - JOUR
T1 - Between competition and centralization
T2 - the new infrastructures of European finance
AU - Krarup, Troels
PY - 2019
Y1 - 2019
N2 - Ongoing European financial market integration relies on the creation of harmonized and centralized market infrastructures: the little-known institutions and systems that settle financial transactions across borders. Since the constitutional conception of market integration within the EU entails creating ‘a level playing field’ for competition, a fundamental problem emerges of how to provide that centralization and harmonization without violating the core principles of an open market economy either through private monopolization or public privatization. The paper presents a socio-technological study of a recent major infrastructure initiative by the European Central Bank, called Target2 Securities (T2S). Embedding the analysis of the struggles and debates around the birth and development of T2S in an analysis of the structural problem of competition and centralization in European financial market integration, the paper suggests an alternative perspective to that of performativity currently dominating the research field.
AB - Ongoing European financial market integration relies on the creation of harmonized and centralized market infrastructures: the little-known institutions and systems that settle financial transactions across borders. Since the constitutional conception of market integration within the EU entails creating ‘a level playing field’ for competition, a fundamental problem emerges of how to provide that centralization and harmonization without violating the core principles of an open market economy either through private monopolization or public privatization. The paper presents a socio-technological study of a recent major infrastructure initiative by the European Central Bank, called Target2 Securities (T2S). Embedding the analysis of the struggles and debates around the birth and development of T2S in an analysis of the structural problem of competition and centralization in European financial market integration, the paper suggests an alternative perspective to that of performativity currently dominating the research field.
KW - Faculty of Social Sciences
KW - finance
KW - social studies of finance
KW - competition
KW - market infrastructures
KW - European Central Bank (ECB)
KW - Target2-Securities
KW - finance
KW - social studies of finance
KW - competition
KW - market infrastructures
KW - European Central Bank (ECB)
KW - Target2-Securities
U2 - 10.1080/03085147.2019.1578064
DO - 10.1080/03085147.2019.1578064
M3 - Journal article
VL - 48
SP - 107
EP - 126
JO - Economy and Society
JF - Economy and Society
SN - 0308-5147
IS - 1
ER -
ID: 215926614