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2020 | OriginalPaper | Chapter

3. Finance-Led Capitalism and Neoliberal Financial Market Integration in Europe

Author : Dieter Pesendorfer

Published in: Financial Markets (Dis)Integration in a Post-Brexit EU

Publisher: Springer International Publishing

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Abstract

The chapter starts with an introduction to the history of European financial integration and disintegration. It continues with an overview of financialization in Europe before discussing the rise of finance-driven capitalism in Europe, linking the relative success in financial integration with the critique of neoliberal globalization and finance capitalism in Europe. The chapter then explores the European experience with financial fragmentation and disintegration and discusses the ongoing reforms of the Economic and Monetary Union. The chapter concludes with a discussion of the challenges for deeper integration and a more resilient and sustainable finance.

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Footnotes
1
The ESM was established on 27 September 2012 as a special purpose vehicle under Luxemburg private law with a maximum lending capacity of 500 billion euros. It replaced the European Financial Stability Facility (EFSF) and the European Financial Stabilisation Mechanism (EFSM) that had provided temporarily funding for the bailout loans to Ireland, Portugal, and Greece.
 
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Metadata
Title
Finance-Led Capitalism and Neoliberal Financial Market Integration in Europe
Author
Dieter Pesendorfer
Copyright Year
2020
Book
Financial Markets (Dis)Integration in a Post-Brexit EU

Print ISBN: 978-3-030-36051-1

Electronic ISBN: 978-3-030-36052-8

Copyright Year: 2020

DOI
https://doi.org/10.1007/978-3-030-36052-8_3