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2021 | OriginalPaper | Chapter

3. The Banking Industry in the Aftermath of the Financial Crisis

Author : Giuseppe Montalbano

Published in: Competing Interest Groups and Lobbying in the Construction of the European Banking Union

Publisher: Springer International Publishing

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Abstract

This chapter defines the structural, organizational, and issue salience dimensions of our analytical framework in the context of global financial turmoil and the ensuing Eurozone crisis. It provides the essential coordinates for analyzing the case studies, by elucidating the overall structural conditions, competitive patterns, lobbying resources, and public issue salience of banking regulation. The first section reconstructs the main competitive challenges faced by the European banks during and after the crisis. Then, this chapter maps the corporate and non-corporate interest groups in banking regulation, together with their organizational characters and resources. The last section shows the increase in public salience of issues related to banking regulation, as defining the politicized context in which the post-crisis reform process took place.

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previous chapter A Critical Transnationalist ApproachCritical transnationalist approach to the European Financial Governance
next chapter The Supranationalization of Banking Supervision in Europe
Footnotes
1
Losses are measured by looking at the comprehensive income.
 
2
Here is the list of EU G-SIBs considered in the sample: BNP Paribas, Groupe Crédit Agricole, Société Générale (France); Deutsche Bank (Germany); Barclays, HSBC, Royal Bank of Scotland, Standard Chartered (UK); UniCredit (Italy); Santander (Spain); Nordea Bank (Sweden); ING (Netherlands).
 
3
The HHI is calculated by squaring the market share of each firm competing in a market and then summing the squares obtained. In the standard measurement of it, regulators consider the 50 largest companies in a particular industry sector. When the HHI is lower than 1500 points, the marketplace is considered competitive and poorly concentrated. On the contrary, values higher than 2500 measures increasingly concentrated and less competitive markets.
 
4
Schoenmaker selects the top 30 banks on the basis of their capital amounts, as reported in The Banker database (Schoenmaker 2013: 56), available at: www.​thebanker.​com
 
5
According to Lamas and Mencia (2019), these are the banks based in Austria, Belgium, Estonia, Finland, France, Germany, Luxembourg, Malta, the Netherlands, and Slovakia.
 
6
Banks based in Cyprus, Greece, Ireland, Italy, Portugal, Slovenia, and Spain.
 
7
We selected the two most diffused daily newspapers in the major EU financial centers (the UK, Germany, France, and Italy), which are available in the Factiva database for the whole period considered (2007–2018). The classification is based on the data provided by the World Association of Newspapers and News Publishers (WAN-IFRA), taking as reference the year 2012. The selected newspapers are as follows: The Daily Telegraph, The Times (UK); Süddeutsche Zeitung, Die Welt (Germany); Il Corriere della Sera, La Repubblica (Italy); Le Figaro, Les Échos (France).
 
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Metadata
Title
The Banking Industry in the Aftermath of the Financial Crisis
Author
Giuseppe Montalbano
Copyright Year
2021
Book
Competing Interest Groups and Lobbying in the Construction of the European Banking Union

Print ISBN: 978-3-030-65424-5

Electronic ISBN: 978-3-030-65425-2

Copyright Year: 2021

DOI
https://doi.org/10.1007/978-3-030-65425-2_3