While the consequences of becoming an EU member state for national policies are usually the core concern of pre-membership debates and of post-accession assessments, studies on the effects of European integration on the political systems of the now fifteen member states have so far been less...

This paper argues that Capital Markets Union - the EU's attempt to establish a more marketbased financial system - is a result less of financial policymaking than of macroeconomic governance in a politically fractured polity. The current governance structure of Economic and Monetary Union (EMU)...