TY - JOUR
T1 - Between competition and centralization
T2 - the new infrastructures of European finance
AU - Krarup, Troels
N1 - Publisher Copyright:
© 2019, © 2019 Informa UK Limited, trading as Taylor & Francis Group.
PY - 2019/1/2
Y1 - 2019/1/2
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 - competition
KW - European Central Bank (ECB)
KW - finance
KW - market infrastructures
KW - social studies of finance
KW - Target2 Securities (T2S)
UR - http://www.scopus.com/inward/record.url?scp=85063589665&partnerID=8YFLogxK
U2 - 10.1080/03085147.2019.1578064
DO - 10.1080/03085147.2019.1578064
M3 - Journal article
AN - SCOPUS:85063589665
SN - 0308-5147
VL - 48
SP - 107
EP - 126
JO - Economy and Society
JF - Economy and Society
IS - 1
ER -