ABSTRACT
The overarching question that informed this research was where the power lies in the governance of banking, securities and post-trading activities in the EU – basically, as Dahl (1961) put it, ‘who governs’ financial services in the EU. This question is all the more topical following the intense regulatory activity that has taken place in the EU over the last decade and the global financial turmoil that hit the Single Market in financial services in 2007-9. The answer is that power is dispersed across various national, European and international policy locations. Within these locations, the large member states and the most internationalised and competitive parts of the financial industry are very influential.
