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This paper explores how the member states of the European Union have grappled with the discrepancy between the global reach of financial markets and the national limits of regulation. The authors provide an overview of how the overarching aim of constructing an internal market has affected the location of political authority. A first part examines how this discussion has developed generally, while a second part looks specifically at financial services, and more particularly at securities markets.

Publisher: Centre for European Policy Studies

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