To explain when and how finance wins, political economists have studied the financial sector’s instrumental power to lobby policymakers and the structural power that results from its central position in the economy. Focusing on the rise and resilience of market-based banking in the euro area, this paper develops the concept of infrastructural power as a third, complementary variant.
Theoretically, the argument is based on the observation that state actors, in addition to acting on markets, also act in markets. Central banking is the clearest manifestation of such market-based state agency. To the extent that the central bank depends on financial markets to implement and transmit its monetary policy, financial market actors enjoy infrastructural power.
The paper analyses the origins and manifestations of this infrastructural power by tracing the alliances the European Central Bank has formed with the two key pillars of market-based banking, the repo and the securitisation markets. This infrastructural entanglement between market-based banking and market-based central banking has been both an enabling condition and a key driver for the Capital Markets Union project.
Rapid grocery worker conditions are worsening, states report
by The Grocer 30/05/2023
The findings of our FEPS study on the quick-commerce sector and the conditions of rider workers were picked up by the UK-website 'The Grocer’.
Sluta tro att SD-männen bara skojar om politiken
by AFTONBLADET 30/05/2023
'Stop thinking that the SD men are just joking about politics. When changes happen, they happen at lightning speed' Ania Skrzypek interviewed in this Swedish article about the Polish case
A szmogtól és a mikroműanyagoktól rettegő magyarok akkor vehetők rá a zöldítésre, ha egyénileg jól járnak
by Qubit 22/05/2023
'Hungarians who fear smog and microplastics can be persuaded to go green if they are doing well individually' article about FEPS policy study 'Talking green in Hungary'Hungary', in collaboration with Friedrich-Ebert-Stiftung and Policy Solutions
Magyarországon már kínos lett a “rezsicsökkentés”
by Népszava 22/05/2023
'"Utility reduction" has already become embarrassing in Hungary' Népszava article about FEPS policy study 'Talking green in Hungary', in collaboration with Friedrich-Ebert-Stiftung and Policy Solutions
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