Between competition and centralization: the new infrastructures of European finance

Publikation: Bidrag til tidsskriftTidsskriftartikelForskningfagfællebedømt

Ongoing European financial market integration relies on the creation of harmonized and centralized market infrastructures: the little-known institutions and systems that settle financial transactions across borders. Since the constitutional conception of market integration within the EU entails creating ‘a level playing field’ for competition, a fundamental problem emerges of how to provide that centralization and harmonization without violating the core principles of an open market economy either through private monopolization or public privatization. The paper presents a socio-technological study of a recent major infrastructure initiative by the European Central Bank, called Target2 Securities (T2S). Embedding the analysis of the struggles and debates around the birth and development of T2S in an analysis of the structural problem of competition and centralization in European financial market integration, the paper suggests an alternative perspective to that of performativity currently dominating the research field.
TidsskriftEconomy and Society
Udgave nummer1
Sider (fra-til)107-126
StatusUdgivet - 2019


  • Det Samfundsvidenskabelige Fakultet - finance, social studies of finance, competition, market infrastructures, European Central Bank (ECB), Target2-Securities

Antal downloads er baseret på statistik fra Google Scholar og

Ingen data tilgængelig

ID: 215926614