Prokhorenko I.L

Political Aspects of Financial Regulation in Spain

The article explores the reform of financial regulation and supervision in Spain in the context of convergence of financial markets regulation norms on macroregional (European) and global scales. The necessity of change in financial regulation is determined not only by extremely negative effects of the global financial economic crisis for the Spanish economy. The author concentrates attention essentially on political reasons and possible political consequences of the reform in the particular sphere for the country. These reasons and consequences affect the process of decentralization of the Spanish state on the way of federalization, desire of the political elites in Madrid for a more active participation of Spain in an emerging multilevel system of global governance.