ABSTRACT
This chapter concludes this book by recapitulating the problem of ‘the market’ in European integration as conceptualised in the treaties and manifested as paradoxes of demarcation between market and non-market (especially government and infrastructure). To be sure, the analysis in this book has mainly concerned the TARGET2-Securities (T2S) settlement platform for financial transactions. Yet, the ways in which the paradoxes of the market emerging around that project relate to other domains (such as monetary policy and financial market regulation) suggest that those problems are more general. Indeed, rooted in the entirely negative concept of ‘the market’ in the treaties, the four paradoxes identified in the context of T2S – competition, infrastructures, money, and liquidity – are likely to surface in otherwise different domains of European market integration. In this way, this book has offered a novel insight into the structure and dynamics of European market integration.
