Multilevel structures are becoming increasingly characteristic of the world in which we live. This book is a unique study of policy making in a multilevel political system extending from the national to the international level. Taking as its subject the process of financial market reforms that took place following the recent financial crisis, it brings together an international group of renowned social scientists to explore the interplay between international organizations, European authorities, and regulators in the United States, the United Kingdom, and Germany in global financial decision making. Contributors thoroughly explore a small set of reform issues—including bank structure, bank capital, resolution, and over-the-counter trading of derivatives—to provide a detailed view of the vertical and horizontal interactions between these actors as related to a set of key questions: Are those states affected by the crisis adopting internationally negotiated regulations? Or are they instead determining the European and international reform agenda? Are the agreed upon policies contributing to greater harmonization of financial regulation in a multilevel political system? Or is the process being dominated by differing national interests?

Renate Mayntz is professor and emeritus director at the Max Planck Institute for the Study of Societies in Cologne. Her main research interests lie in the fields of policy development and implementation. She is the author, coauthor, or editor of many books, including Crisis and Control: Institutional Change in Financial Market Regulation, also published by Campus Verlag.