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Out of Many, Many:Variation in East Central Europe Financial Governance Despite the EU's Single Market
Piroska, Dóra Epstein, Rachel A.
Piroska, Dóra
Epstein, Rachel A.
Title / Series / Name
Journal of Common Market Studies
Publication Volume
Publication Issue
Pages
Author
Editors
Keywords
dependency
development
East Central Europe
economic policy
international political economy/economics
single market/Economic and Monetary Union
Business and International Management
General Business,Management and Accounting
Economics and Econometrics
Political Science and International Relations
SDG 10 - Reduced Inequalities
development
East Central Europe
economic policy
international political economy/economics
single market/Economic and Monetary Union
Business and International Management
General Business,Management and Accounting
Economics and Econometrics
Political Science and International Relations
SDG 10 - Reduced Inequalities
Files
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Piroska-Dora1_2026.pdf
Adobe PDF, 491.62 KB
URI
https://hdl.handle.net/20.500.14018/28802
Abstract
Following the global financial crisis, European financial authorities introduced a host of new initiatives intended to advance market integration, improve the quality of bank oversight and enhance both economic stability and prospects for growth. Earlier research found that the Banking Union and Capital Markets Union's potential to channel funding for growth to East Central Europe (ECE) markets was limited. We show further that within the framework of the European Single Financial Market, ECE states have introduced diverse financial policies to try to increase funding to domestic firms and promote industrial and technological upgrading. Through a survey of the ECE region and then a closer examination of Hungary, Poland and Slovakia, we show a spectrum of activism, developmentalism and redistribution – but with limited effects on mitigating dependency and changing funding profiles. We find that domestically oriented financial governance in ECE challenges European financial integration whilst also reinforcing ECE openness to foreign direct investment (FDI). Thus, rather than ‘e pluribus unum’ (meaning ‘out of many, one’), European financial reform has spawned growing diversity in financial policies, with ECE contributing significantly to EU fragmentation.
Topic
Publisher
Place of Publication
Type
Journal article
Date
2026-01-08
Language
ISBN
Identifiers
10.1111/jcms.70080