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What explains regulators’ preferences concerning the Single Supervisory Mechanism (SSM)? The paper answers this question by providing an alternative account of the creation of the SSM using an institutionalist perspective. It is argued that the creation of the SSM does not simply reflect the material interests of governments and domestic financial firms, but that regulators’ positions were also significantly affected by the institutional environment in which they operated. Two characteristics of domestic supervisory governance are identified: the institutional responsibilities of banking regulators (microprudential and/or macroprudential) and the fragmentation of supervisory and monetary policies. The empirical analysis demonstrates the relevance of these factors for shaping regulators’ preferences both within and across countries. [ABSTRACT FROM PUBLISHER]

This paper discusses the relationships between the migratory policies of the EU countries with more experience of immigration and their national political cultures. It focuses on France, Germany and the United Kingdom. It then looks at Italy, a relatively new country of immigration, which, with 3,000,000 legal immigrants, has become the fourth country of immigration in Europe and the first in the Mediterranean basin. In its final part it highlights the incipient process of 'communitarisation' of the immigration policies of EU countries in the last decade. This process, which has already entailed a significant convergence of their migratory policies, is expected to continue after the recent enlargement of the European Union. [ABSTRACT FROM AUTHOR]