EU post-crisis economic and financial market regulation: embedding Member States’ interests within ‘more Europe’

In the wake of financial and economic crises, the European Union took unprecedented steps to build an institutional framework accompanying financial market governance. This chapter will outline the EU law techniques used to integrate Member States’ interests in the set-up and functioning of that framework. Following a brief overview and recapitulation of the ‘more Europe’ developments having taken shape in the wake of crisis, the chapter will proceed in summarising how Member States’ interests have been embedded directly within the post-crisis EU regulation framework. It will be submitted that two different and complementary kinds of ‘interest inclusion’ techniques can be distilled, more or less explicitly, within the newly created financial market supervision frameworks. The inclusion and presumed safeguarding of Member States’ interests by virtue of administrative law tools is not entirely unproblematic. The final section of the chapter highlights challenges associated with such interest-inclusion approach and questions whether the a modest way forward in an attempt better to legitimate the current interest inclusion techniques by the EU institutions.