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The Increasing Geoeconomic Usage of the Single Market for Financial Services

Lucia Quaglia, Amy Verdun
CESifo, Munich, 2023

EconPol Forum 24 (5), 23-27
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  • The Single Market in financial services has increasingly been used for geoeconomic purposes, that range from incipient geoeconomic use to outward weaponization of the Single Market in finance
  • This geoeconomic usage can be illustrated in a few salient cases that involve the EU and other major
  • jurisdictions: (1) the post-2008 crisis transatlantic tug-of-war; (2) the Brexit negotiations; and (3) during the full-scale war in Ukraine
  • We adopt four metaphors to characterize the geoeconomic deployment of the Single Market and the EU’s geoeconomic actorness. These are shield and sword; testudo; phalanx and scattered comman-dos
  • A mix of external and internal factors accounts for this pattern, for instance, changes to the internati-onal economic and political system as well as the development of the EU’s ability to deploy its Single Market geoeconomically

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