The Reinvention of Development Banking in the European Union
MERTENS Daniel , THIEMANN Matthias , VOLBERDING Peter
Product details
- Categories: April 2021, Banking and Financial Law, Economic and Monetary Affairs
- Publisher: OUP - Oxford University Press
- ISBN: 9780198859703
- Publication Date: 09/02/2021
- Binding: Paperback
- Number of pages: 352
- Language: English
Summary
National development banks (NDBs) have transformed from outdated relics of national industrial policy to central pillars of the European Union's economic project. This trend, which accelerated after the Financial Crisis of 2007, has led to a proliferation of NDBs with an expanded size and scope. However, it is surprising that the EU — which has championed market-oriented governance and strict competition policy — has actually advocated for an expansion of NDBs. This book therefore asks, Why has the EU supported an increased role for NDBs, and how can we understand the dynamics between NDBs and European incentives and constraints?
To answer these questions, the contributing authors analyze the formation and evolution of a field of development banking within the EU, identifying a new field around an innovative conceptualization of state-backed financing for the purposes of policy implementation. Yet rather than focusing solely on national development banks, the authors instead broaden the focus to the entire ecosystem of the field of development banking, which includes political institutions (both in Brussels and in the member states), financing vehicles (such as the Juncker Plan), regulatory bodies (Directorate-General for Competition, Directorate-General for Economic and Financial Affairs), and commercial actors. Seven in-depth case studies on European NDBs, along with three chapters on European-level actors, detail this field of development banking, and answer the questions of when, where, and how development banking occurs within the EU.
To answer these questions, the contributing authors analyze the formation and evolution of a field of development banking within the EU, identifying a new field around an innovative conceptualization of state-backed financing for the purposes of policy implementation. Yet rather than focusing solely on national development banks, the authors instead broaden the focus to the entire ecosystem of the field of development banking, which includes political institutions (both in Brussels and in the member states), financing vehicles (such as the Juncker Plan), regulatory bodies (Directorate-General for Competition, Directorate-General for Economic and Financial Affairs), and commercial actors. Seven in-depth case studies on European NDBs, along with three chapters on European-level actors, detail this field of development banking, and answer the questions of when, where, and how development banking occurs within the EU.
Table of contents
1:Introduction: The Making of a European Field of Development Banking, Daniel Mertens, Matthias Thiemann, and Peter Volberding
Section I: Development Banking and European Governance
2:United in Diversity? Interests, Preferences, and Patterns of Engagement of Public Development Banks in the Implementation of the EU Budget, Eulalia Rubio and Matthias Thiemann
3:State Aid and National Development Banks in the EU, Peter Volberding
4:Leveraging Policy Steer? Industrial Policy, Risk-sharing, and the European Investment Bank, Stephany Griffith-Jones and Natalya Naqvi
Section II: The Many Faces of Development Banking in the EU
5:A German Model? KfW, Field Dynamics and the Europeanization of 'Promotional' Banking, Daniel Mertens
6:Privatization, Crisis, and the Transformation of Cassa Depositi e Prestiti, Fabio Bulfone and Donato Di Carlo
7:The Rise of Bpifrance: The Rebirth of a Dirigiste State?, Matthias Thiemann and Peter Volberding
8:Is a European "Hidden Investment State" Emerging in Spain? The Role of Instituto de Crédito Oficial, Judith Clifton, Daniel Díaz Fuentes, Clara García, and Ana Lara Gómez
9:Managing the Contradictions of Development Finance in the EU's Eastern Periphery: Development Banks in Hungary and Poland, Dóra Piroska and Katalin Mérő
10:Development Finance in the Baltic States and the process of Europeanisation, Olga Mikheeva and Egert Juuse
11:The Rise, Fall, and Return of Promotional Banking in Greece, Jens Bastian
12:Conclusion: Development Banking and the Future of European Capitalism, Daniel Mertens, Matthias Thiemann, and Peter Volberding
Section I: Development Banking and European Governance
2:United in Diversity? Interests, Preferences, and Patterns of Engagement of Public Development Banks in the Implementation of the EU Budget, Eulalia Rubio and Matthias Thiemann
3:State Aid and National Development Banks in the EU, Peter Volberding
4:Leveraging Policy Steer? Industrial Policy, Risk-sharing, and the European Investment Bank, Stephany Griffith-Jones and Natalya Naqvi
Section II: The Many Faces of Development Banking in the EU
5:A German Model? KfW, Field Dynamics and the Europeanization of 'Promotional' Banking, Daniel Mertens
6:Privatization, Crisis, and the Transformation of Cassa Depositi e Prestiti, Fabio Bulfone and Donato Di Carlo
7:The Rise of Bpifrance: The Rebirth of a Dirigiste State?, Matthias Thiemann and Peter Volberding
8:Is a European "Hidden Investment State" Emerging in Spain? The Role of Instituto de Crédito Oficial, Judith Clifton, Daniel Díaz Fuentes, Clara García, and Ana Lara Gómez
9:Managing the Contradictions of Development Finance in the EU's Eastern Periphery: Development Banks in Hungary and Poland, Dóra Piroska and Katalin Mérő
10:Development Finance in the Baltic States and the process of Europeanisation, Olga Mikheeva and Egert Juuse
11:The Rise, Fall, and Return of Promotional Banking in Greece, Jens Bastian
12:Conclusion: Development Banking and the Future of European Capitalism, Daniel Mertens, Matthias Thiemann, and Peter Volberding