Regulating innovation: the policy making process behind PSD2: how did the PSD2 navigate and overcome regulatory capture by the traditional banking sector and what factors contributed to its adoption despite strong industry resistance?
Pejic, Luka (A.A. 2023/2024) Regulating innovation: the policy making process behind PSD2: how did the PSD2 navigate and overcome regulatory capture by the traditional banking sector and what factors contributed to its adoption despite strong industry resistance? Tesi di Laurea in Comparative public policy in Europe, Luiss Guido Carli, relatore Mark Thatcher, pp. 92. [Master's Degree Thesis]
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Abstract/Index
Methodology. Theories considered. Regulatory captivity in the banking sector of the European Union. Understanding regulatory capture in the EU context. Key capture mechanisms and banking lobbying tools. Expert groups and informal bodies. The revolving door phenomenon. Consequences of captivity. The role of the Banking Union in preserving concentration. PSD2 as a rare victory of reform efforts. Uncertainty of further implementation. PSD2 as a threat for the incumbents. Structural challenges for incumbents. Erosion of income and change in client relations. Technological and security challenges. Perceived implications of PSD2. Qualitative analysis through the perspective of process tracing. Quantitative analysis of lobbying data. Estimated lobbying costs (in millions of euros) during key years. Traditional financial institutions compared to other players. Number of meetings over the years by each company. Analysis of the approach of high-ranking officials. Total lobbying expenditure by company over time. The dynamics of expenditure during key legislative moments. Discussion. Regulatory capture: historical context and theoretical foundations. From PSD1 to PSD2: Why did banks have to give up? Attempts by banks to "trap" PSD2: Main tactics and countermeasures. Why did the "capturing" partially fail? Factors that help mitigate regulatory capture and how to apply them in the future. Post-legislative capture. PSD2: ensuring long-term reform. Blueprint for preventing regulatory capture. Exploiting a favorable political moment. Transparency of the process and inclusiveness. Establishing structural measures. Creating an incentive framework for incumbents. Monitoring and auditing of implementation.
References
Bibliografia: pp. 90-92.
| Thesis Type: | Master's Degree Thesis |
|---|---|
| Institution: | Luiss Guido Carli |
| Degree Program: | Master's Degree Programs > Master's Degree Program in Policies and Governance in Europe, English language (LM-62) |
| Chair: | Comparative public policy in Europe |
| Thesis Supervisor: | Thatcher, Mark |
| Thesis Co-Supervisor: | Manzella, Gian Paolo |
| Academic Year: | 2023/2024 |
| Session: | Extraordinary |
| Deposited by: | Alessandro Perfetti |
| Date Deposited: | 10 Jul 2025 13:09 |
| Last Modified: | 10 Jul 2025 13:09 |
| URI: | https://tesi.luiss.it/id/eprint/42883 |
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