Beyond Financial regulation, European Industrial Policies in the wake of the Global Financial Crisis

Introduction

FEPS in collaboration with the International Institute for Social Studies (the Netherlands) has set up a research project with the objective to explore progressive monetary, fiscal, financial and industrial policies for Europe.

The project will bring together researchers from various European countries and will have the primary aim to address the following questions:

What was the role of finance and the financial sector in the restructuring of European industries 1970 – 2010? To what extent current and proposed reforms of the financial sector will stabilise banking systems and support industrial policies that would create a sounder economic environment in which banks could operate?

The project will result in an edited volume published by Oxford University by the end of 2014.

In addition, together with Foundation Rafael Campalans (Spain), the project hosted a seminar in Barcelona on 22nd and 23 of November 2013. The seminar was an opportunity to discuss progressive, evidence based idea on how sustainable economic recovery can be achieved in the European and Spanish economics and will also serve as a platform to workshop first drafts of chapters for the forthcoming volume.


Principal investigators and co-editors:

Dr Giovanni Cozzi, Senior Lecturer, University of Greenwich

Dr Susan Newman, Senior Lecturer, International Institute of Social Studies (the Netherlands)

Prof Jan Toporowski, School of Oriental and African Studies, University of London (United Kingdom)


Publications

Book: Finance and Industrial Policy. Beyond Financial Regulation in Europe. Edited by Susan Newman, Giovanni Cozzi, and Jan Toporowsk and published by Oxford University Press.

Cover

The 2008 global financial crisis, together with the experience of de-industrialization across Western Europe over the last three decades, has focussed attention on financial regulation and industrial policy. 

Industry and finance policies have largely been discussed separately, and this book argues that the two should be considered together, in both analysis and policy formulation that deals with critical questions of how finance has intervened in industrial restructuring and how it might better serve the real economy. Moreover, policy debates have paid relatively little attention to the heterogeneous economic structures and growth trajectories of European economies, and the interconnectedness and interdependencies of growth paths that present specific challenges to policy and highlight the need for cooperation across the region.

This book brings together leading scholars and policy makers to contribute to policy debates in three ways. First, it includes current discussions of banking policy, regulation, and reform to reassert the need for financial institutions that will back up and finance an industrial policy to revive the European economy. Second, it reviews the role of industrial and investment policy in supporting innovation, creating jobs, and generating sustainable economic growth. Third, it advances alternative policy proposals aimed at generating sustainable economic growth and employment in Europe. Part I analyses the nature of growth, industrial, and economic restructuring in relation to finance in the lead up to the crisis, at regional, national, and sector levels. Part II presents alternative and progressive policy proposals for growth and employment in Europe in light of the analysis presented in Part I.

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