EURECON is a 5-year project financed by €1.5 million Starting Grant from the European Research Council (ERC). The goal of the EURECON project is to explore European policymakers’ views about how to make the organisation of the European Economic Community (EEC) fit for the creation of a single currency, from 1957 to 1992. The project will examine the origins of the issues that are currently bedevilling the European Union (EU) by investigating the period between the creation of the EEC in 1957 and the decision to create a European single currency in 1992.
This is not the first time that the United States has antagonised Europe. And Europe can provide an effective response to such external challenges when it stands united.
The bulk of UK Leave voters come from disadvantaged areas, and perceive immigration as a threat. But significant exceptions to this trend in England and most importantly in Scotland make it hard to draw a simple causal link between wealth, immigration, and voting patterns.
The UK enjoys opt-outs from many EU policies, without its influence in the EU being diminished. But the UK’s privileged position in the EU has been neglected in the referendum debate, which has been caught up in statistics about the material costs and benefits of the EU.
This chapter establishes the rationale for regulation of banking and financial activity and then traces the evolution of national banking regulation and supervision in a range of countries. Particular attention is paid to the contrasting models in Europe, the USA and the People’s Republic of China; as well as the particular challenges in the globalised financial markets since the 1990s.
This chapter argues that summits tried to foster trust both “internally” and “externally”: summitry aimed at developing not only trust among the leaders, but also crucially trust with regard to the Western (economic) system. These two ambitions represented a vital transformation of the international system in the 1970s and 1980s.