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17 J. Banking Reg. 1 (2016)

handle is hein.journals/jlbkrg17 and id is 1 raw text is: Guest Editorial Dilemmas in post-crisis bank regulation: Supranationalization versus retrenchment Rachel A. Epstein is a Professor of International Relations and European Politics at the Josef Korbel School of International Studies at the University of Denver. Her work has examined the politics of foreign versus domestic bank ownership, the role of international organizations in transition states, and financial sector and military-security apparatus reform in post-communist countries. She is the author of In Pursuit of Liberalism: International Institutions in Post-Communist Europe (Johns Hopkins) and editor of the special issue of the Review of International Political Economy, 'Assets or Liabilities? Banks and the Politics of Foreign Ownership versus National Control'. Huw Macartney is Lecturer in Political Economy at the University of Birmingham. He was previously Hallsworth Research Fellow in Political Economy at the University of Manchester. He is the author of European Democratic Legitimacy and the Debt Crisis (2013) and Variegated Neoliberalism: European Varieties of Capitalism and International Political Economy (2010). His research has also been published in Review of International Political Economy Review of International Studies, The Political Quarterly British Journal of Politics and International Relations, Competition and Change and Politics among others. Correspondence: Rachel A. Epstein, University of Denver, 2201 S. Gaylord St., Denver, CO 80218, USA; Huw Macartney, University of Birmingham, 545 Muirhead, Edgbaston, Birmingham B15 2TT, UK. ABSTRACT The US financial crisis that started in 2007 ultimately had global reach, but those countries most severely affected were the advanced industrialized states. In the United States and Europe, banks, many of which had regional or global profiles, were the source of nearly unprecedented economic instability. This special issue therefore examines the politics behind the re-regulation of banks after the crisis, focusing on the Transatlantic community. The volume finds competing impulses for enhanced international regulatory coordination on the one hand versus national retrenchment on the other. From these two dueling agendas flow three notable developments. First, despite evident functional pressures for a coordinated and global approach to bank regulation following the crisis, regional arrangements have dominated instead. Second, reduced international capital flows and bank activity were as much the result of national and regional reg- ulatory measures as they were a function of market conditions. Third and finally, where national retrench- ment has prevailed at the expense of international regulatory harmonization, we see risks for further international financial instability. Journal of Banking Regulation (2016) 17, 1-3. doi:10.1057/jbr.2015.12; published online 20 January 2016 Keywords: bank regulation; financial crisis; Transatlantic community; regulatory coordination One of the most important developments however, among the advanced industrialized in post-financial crisis governance concerns the economies, particularly in the United States and competing pressures for supranationalization Europe. In both regulatory jurisdictions, the versus national retrenchment in bank regula- structure and activities of the largest banks were tion. The near global reach of the US financial a primary cause of nearly unprecedented finan- crisis that started in 2007 is now widely recog- cial and socio-economic instability. Moreover, nized. Contagion and impact were most severe, the international character of the crisis, as well @ 2016 Macmillan Publishers Ltd. 1745-6452 Journal of Banking Regulation Vol. 17, 1/2, 1-3 www.palgrave-journals.com/jbr/

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