Abstract

The EU integrated single market vision, which has dominated the EU financial regulatory process, may be traced to the mid-60s. Of more recent time its rationale has centred upon economic growth, where the financial services industry is a prominent market vehicle. However, the global financial crisis and its ongoing aftermath, where Ireland suffered greatly, necessitated regulatory reform calls and actions.  Under the G20 global umbrella the EU Commission espoused reforms to both EU structures and mechanisms in addition to declaring enforcement an essential reform pillar.  Post-reform this paper charts a shift in the institutionalised paradigm core with consequent power and organisational structure corrections, continuing complexity and power limitations, and some new hybrids outside normal institutional ambit.  Marked political divergence around EU crisis response policy-making emerged, some sovereigns including Ireland became regulated entities, and EU enforcement reform is caught in time-lag, convergence quicksand, and dangers of static rules-based response.

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