Financial Elites and European Banking

The ambiguities of the globalized economy—epitomized by growing levels of inequality exacerbated by the 2007–8 financial debacle—have generated a feeling of disbelief towards experts and hostility towards elites. Financial elites, in particular, have become one of public opinion’s favourite targets because of their responsibilities in triggering the financial crisis, the very high compensations enjoyed before and after the 2008 Lehman collapse, and the relatively obscure nature of their activity. What has been the role played by financial elites (and financial experts) in different European societies and markets over time? What have been their links with other national/international elites? What has been their contribution to the recent financial collapse, and how does this compare to previous crises? How have financial elites adjusted to, or influenced, the process of evolution of the financial system’s regulatory framework over time? This book—a collection of chapters dedicated to the European financial elites—answers these questions through historical comparisons and country and cross-country case studies. The volume provides a timely contribution to the current debate on the role of financial elites/financial experts within society and the markets. The focus on European bankers complements the post-crisis literature mainly focused on American (or Anglo-Saxon) bankers and allows for a fruitful comparison between the two sides of the Atlantic Ocean.