The external energy policy of the European Union
In: Gouvernance européenne et géopolitique de l'énergie 3
In: Les études IFRI
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In: Gouvernance européenne et géopolitique de l'énergie 3
In: Les études IFRI
In: Schriftenreihe der Europäischen Rechtsakademie Trier 31
In: MaxPo discussion paper no. 20/1
States require money to function and therefore every government has to continuously raise new funds. On the financial markets, governments cannot be sure that auctions of their debt will be sufficiently attractive to financial investors, which is why governments usually enter into cooperative agreements with selected banks. The best known and most widespread form of cooperation is the primary dealer system. Primary dealers are banks that agree to participate regularly in government debt auctions and to act as formalized market makers on government debt markets. The article analyzes European primary dealer systems and asks why banks are willing to participate in these systems. I will show that both domestic and foreign banks use their status as primary dealers to build long-term relationships with one or more European governments and to gain an advantage on the global stage. In Bourdieu's terms, primary dealer banks use their financial capital to accumulate social and symbolic capital.
World Affairs Online
In: Collection de la Faculté de Droit de l'Université Libre de Bruxelles
World Affairs Online
In: Revue européenne de droit public 19.2007,1 = 63
In: Working papers / European Parliament, Directorate General for Research. Social affairs series W-11
In: College of Europe studies 14
World Affairs Online