ABSTRACT
To this point, our discussion has focused largely on TFAs that are more global in focus or membership. Yet some of the most intriguing and active transnational associations are regional in nature. The breadth of these regional associations, both geographically and in the roles pursued, highlights their important implications for financial markets and governance. They do not simply parrot the processes, relationships and goals of their international or national counterparts; they serve as an important reminder that global finance relies on the assembled power and functions of various actors, rather than a unilateral process with a unified driver. In fact, if one wants to examine how global finance is constructed and governed, these associations cannot be ignored. This chapter will focus on associational activity in one region specifically:
Europe. There are two interrelated reasons that this region is particularly useful for an examination of the roles and power of associations. First, TFA development and activity is particularly well established in this region, with 18% (42) of all the associations identified in our initial study being European in nature, the vast majority focused on the EU specifically. Given this level of development, it is not surprising that European TFAs undertake the wide variety of functions that we have seen on the international level. Second, an examination of this region offers an opportunity to contrast
how associations adapt their activities and practices in relation to the different assemblages of which they are part, as well as to consider the potential for similar TFAs roles in other regions or at the global level. Overall, European TFAs still undertake the representation, market-contouring, and communitybuilding functions discussed in the previous three chapters. However, the way that these roles are pursued and combined also highlights interesting variations from these larger trends, particularly in how TFAs interact with their respective markets and regulators. To highlight these similarities and differences this chapter will examine how
the functional roles and power of different TFAs have interacted with different ideational, material and human actants to form distinct assemblages, which interact with but are also distinct from their national and international counterparts. Three key trends emerge, each providing insights into assemblages,
functionality and power. First, it is clear that a very important focus of most European TFAs is creating, maintaining and utilizing relationships with key EU bodies. In fact, of the EU region associations identified, only two did not directly engage in some form of lobbying or advocacy activity. The extensiveness of these roles and relationships is made more complex as the influence of European TFAs on the regulatory processes in the EU can range from traditional lobbying to official participation in the policy design or implementation phases. Second, despite the important role of advocacy, European TFAs are not simply lobbying organizations. They do impact the financial sector through market creating and contouring functions through private standards and market-shaping tools like indices, as well as community-building roles. Finally, European TFAs also highlight an interesting evolution in TFA cooperation and assemblages through the creation of European associations composed of other European TFAs and the implications of this for functionality. Given the extensiveness of EU-level governance in finance, discussing TFA
roles in Europe without examining the regulatory environment that has been emerging at the same time presents an incomplete picture of financial assemblages in Europe. Therefore, we will briefly overview the regulatory structures that have emerged in the EU before turning to look more closely at the broad association functions identified above. As the quantity and pace of regional governmental initiatives in the financial sector have increased dramatically in the last 15 years, so have the opportunities, and arguably the necessities, of having a regional presence. The increasing public consultation processes in European policymaking and the regulatory initiatives intent on creating a regional marketplace have created spaces for associations that other regions and the international level do not possess.
