¹ Wilson, Harold, Report of the Committee to Review the Functioning of Financial Institutions (London: Her Majesty's Stationery Office, June 1980)Google Scholar; Chabbal, Robert, Le Système financier français face à I'investissement innovation: rapport à ministre des entreprises et du developpement economique chargé des PUE, du commerce et de Vartisanat (Paris: La Documentation francaise, 1995)Google Scholar; Dautresme, M. David, Le développement et la protection de I'épargne: rapport au ministre de I'Economie et des Finances et au ministre délégué, chargé du Budget de la Commission (Paris: La Documentation française, 1982)Google Scholar; Adel berger, Karen E., “Semi-Sovereign Leadership? The State's Role in German Biotechnology and Venture Capital Growth,” German Politics 9 (April 2000)Google Scholar.

² “London the Laboratory for Biotechnology Launches,” Financial Times, January 6,2005,18; “Aim High: London's Junior Stock Market Has Outlasted European Rivals,” Financial Times, October 6, 2004,16.

³ These calculations are based on publicly available statistics on the Web sites of the exchanges. See also Laura Bottazzi and Marco Da Rin, “Europe's ‘New’ Stock Markets,” Discussion Paper 3521 (London, CEPR, 2002).

⁴ Based on percentages of institutional versus household buyers, German households lost approximately sixty-five billion euros, as share prices on the Neuer Markt fell between April 2000 and May 2001, and French households lost approximately twenty billion euros on the Nouveau Marché during the same period.

⁵ “Germany Bristles at Capitalist ‘Locusts,’” International Herald Tribune, May 5, 2005, 1. Venture capital has thus far escaped the public attacks that have been directed toward other forms of private equity.

⁶ See Vitols, Sigurt, “Frankfurt's Neuer Markt and the IPO Explosion: Is Germany on the Road to Silicon Valley?” Economy and Society 30, no. 4 (2001)CrossRefGoogle Scholar.

⁷ Institutional convergence in this article is an outcome to be explained and refers to a narrowing of difference between domestic institutions across borders. See Berger, Suzanne, “Introduction,” in Berger, Suzanne and Dore, Ronald, eds., National Diversity and Global Capitalism (Ithaca, N.Y.: Cornell University Press, 1996)Google Scholar; Milner, Helen V., “Internationalization and Domestic Politics: An Introduction,” in Keohane, Robert O. and Milner, Helen V., eds., Internationalization and Domestic Politics (Cambridge: Cambridge University Press, 1996)Google Scholar.

⁸ Berger and Dore (fn. 7); Kahler, Miles and Lake, David A., eds., Governance in a Global Economy: Political Authority in Transition (Princeton: Princeton University Press, 2003)Google Scholar; Thelen, Kathleen, How Institutions Evolve: The Political Economy of Skills in Germany, Britain, the United States and Japan (Cambridge: Cambridge University Press, 2004)CrossRefGoogle Scholar.

⁹ By “copying the Nasdaq,” I mean that the exchanges borrowed an underlying bargain for determining which firms receive access to investment capital: untested companies may sell ownership shares through an established exchange in return for providing investors with high levels of information about internal finances.

¹⁰ The European Commission is the EU's main bureaucracy. It is organized both horizontally in fairly autonomous directorates-general that specialize in policy domains and vertically between the college of appointed commissioners and the main body of administrative officials and other staff.

¹¹ For materialist approaches, see Jeffry A. Frieden and Ronald Rogowski, “The Impact of the International Economy on National Policies: An Analytical Overview,” in Keohane and Milner (fn. 7). For sociological approaches, see Finnemore, Martha, National Interests in International Society (Ithaca, N.Y.: Cornell University Press, 1996)Google Scholar; McNamara, Kathleen R., “Rational Fictions: Central Bank Independence and the Social Logic of Delegation” West European Politics 25 (January 2001)Google Scholar; idem, “Where Do Rules Come From? The Creation of the European Central Bank” in Sweet, Alec Stone, Fligstein, Neil, and Sandholtz, Wayne, eds., The Institutionalization of Europe (Oxford: Oxford University Press, 2001)CrossRefGoogle Scholar.

¹² Berger (fn. 7); Robert Boyer, “The Convergence Hypothesis Revisited: Globalization but Still the Century of Nations?” in Berger and Dore (fn. 7); DiMaggio, Paul J. and Powell, Walter W., “The Iron Cage Revisited: Institutional Isomorphism and Collective Rationality in Organizational Fields,” in , DiMaggio and , Powell, eds., The New Institutionalism in Organizational Analysis (Chicago: University of Chicago Press, 1991)Google Scholar.

¹³ Fligstein, Neil, The Architecture of Markets: An Economic Sociology of Twenty-first Century Capitalist Societies (Princeton: Princeton University Press, 2001)Google Scholar; idem, “Social Skill and Institutional Theory” American Behavioral Scientist 40 (February 1997), 397–405CrossRefGoogle Scholar.

¹⁴ Barnett, Michael and Finnemore, Martha, Rules for the World: International Organizations in Global Politics (Ithaca, N.Y.: Cornell University Press, 2004)Google Scholar.

¹⁵ Carpenter, Daniel, Forging bureaucratic Autonomy: Networks, Reputations and Policy Innovation in Executive Agencies, 1862–1928 (Princeton: Princeton University Press, 2001)Google Scholar.

¹⁶ Thelen(fn.8).

¹⁷ Bauer, Michael W., “Limitations to Agency Control in European Policy-Making: The Commission and the Poverty Programmes” Journal of Common Market Studies 40 (September 2002)Google Scholar; Haas, Ernst B., The Uniting of Europe: Political, Social and Economic Forces, 1950–1957 (Stanford, Calif: Stan ford University Press, 1958)Google Scholar; Adrienne Heritier, “Overt and Covert Institutionalization in Europe,” in Stone Sweet, Fligstein, and Sandholtz (fn. 11); Jabko, Nicolas, “In the Name of the Market” Journal of European Public Policy 6 (September 1999)Google Scholar; Sonia Mazey and Jeremy Richardson, “Institutionalizing Promiscuity: Commission-Interest Group Relations in the EU,” in Stone Sweet, Fligstein, and Sand-holtz (fn. 11); Sandholtz, Wayne and Zysman, John, “1992: Recasting the European Bargain” World Politics 42 (October 1989)CrossRefGoogle Scholar.

¹⁸ For an example of the rational institutionalist approach, see Pollack, Mark A., Engines of European Integration: Delegation, Agency, and Agenda Setting in the EU (Oxford: Oxford University Press, 2003)CrossRefGoogle Scholar.

¹⁹ Story, Jonathan and Walter, Ingo, Political Economy of Financial Integration in Europe: The Battle of the Systems (Cambridge: MIT Press, 1997)Google Scholar.

²⁰ The governance approaches, which tend to accept the EU's supranational actors as givens, are reviewed in Jachtenfuchs, Markus, “The Governance Approach to European Integration” Journal of Common Market Studies 39 (June 2001)CrossRefGoogle Scholar.

²¹ Exceptions include Heritier (fn. 17).

²² Letters between chancellor of the exchequer and CISCO leader, available in CISCO historical files (London, March 1993).

²³ The proposed Nasdaq copy was called the Enterprise Market (see Table 1). Speeches delivered by Cisco CEO Katie Morris during 1995 and 1996, available in CISCO historical files, London.

²⁴ The Paris stock exchange was the Société des Bourse FrançAises (SBF-Paris Bourse), then the Parisbourse, and now, after its merger with the Amsterdam, Lisbon, and Brussels exchanges, Euronext.

²⁵ The proposed Nasdaq copy was called Marché européen des Société Entrepreneuriales de Crois-sance, or MESEC. See Table 1. Chabbal (fn. 1); COB, “Le Second Marché” (Paris, 1992); COB and SBK, “Le Second Marché” (Paris, 1993).

²⁶ Author interviews with Easdaq official, Leuven, April 26, 2000, and with EASD board member, Schwalback, May 12, 1999.

²⁷ Zysman, John, Governments, Markets, and Growth: Financial Systems and the Politics of Industrial Change (Ithaca, N.Y.: Cornell University Press, 1983)Google Scholar.

²⁸ Wilson, Harold, Evidence on the Financing of Industry and Trade, Report of the Committee to Review the Functioning of Financial Institutions (London: Her Majesty's Stationery Office, 1977), 110–43Google Scholar; Dautresme (fn. 1), 2:180–205.

²⁹ “Playing by the Rules: How Neuer Markt Gets Respect,” Wall Street Journal, August 21, 2000, 1; Vitols (fn. 6); The main markets have now caught up. Since 2005 all publicly listed EU companies must report consolidated accounts in accordance with IAS/IFRS (Regulation [EC] 1601/2002, July 2002).

³⁰ FIBV, Workshop: Financing Small and Medium-Sized Businesses for Future Growth. Proceedings (Milan, July 6–7,1995); Story and Walter (fn. 19). Author interviews with Easdaq official, London, May 3,1999; with Paris exchange executive, Paris, May 18,2000; and with European Commission official, DG2, Luxembourg, June 7,1999. Author telephone interview and written communications with FESE official, October 2004.

³¹ Laurence, Henry, Money Rules: The Politics of Finance in Britain and Japan (Ithaca, N.Y.: Cornell University Press, 2001)Google Scholar; Steil, Benn, ed., The European Equity Markets: The State of the Union and an Agenda for the Millennium (London: RHA, 1996)Google Scholar.

³² Simmons, Beth A. and Elkins, Zachary, “The Globalization of Liberalization: Policy Diffusion in the International Political Economy” American Political Science Review 98 (February 2004)CrossRefGoogle Scholar.

³³ For alternative ways by which supranational officials respond to company preferences, see Moravcsik, Andrew, “A New Statecraft? Supranational Entrepreneurs and International Cooperation” International Organization 53 (April 1999)CrossRefGoogle Scholar; Sweet, Alec Stone and Sandholtz, Wayne, “Integration, Supranational Governance, and the Institutionalization of the European Polity,” in Sandholtz, Wayne and Sweet, Alec Stone, eds., European Integration and Supranational Governance (Oxford: Oxford University Press, 1998)Google Scholar.

³⁴ Boli, John and Thomas, George M., eds., Constructing World Culture: International Nongovernmental Organizations since 1875 (Stanford, Calif.: Stanford University Press, 1999)Google Scholar; Cox, Robert W., “Gramsci, Hegemony and International Relations: An Essay in Method,” in Gill, Stephen, ed., Historical Materialism and International Relations (Cambridge: Cambridge University Press, 1993)Google Scholar; Finnemore, Martha, “Norms, Culture, and World Politics,” International Organization 50 (Spring 1996)Google Scholar; Gill, Stephen, “Global Structural Change and Multilateralism,” in Gill, Stephen, ed., Globalization, Democratization and Multilateralism (New York: St. Martin's Press, 1997)CrossRefGoogle Scholar; McNamara (fn. 11, 2001);: Weber, Steven, “Origins of the European Bank for Reconstruction and Development” International Organization 48 (Winter 1994)CrossRefGoogle Scholar.

³⁵ Keck, Margaret E. and Sikkink, Kathryn, Activists beyond Borders: Advocacy Networks in International Politics (Ithaca, N.Y.: Cornell University Press, 1998)Google Scholar.

³⁶ Finnemore (fn. 11).

³⁷ Simmons and Elkins (fn. 32).

³⁸ Berger (fn. 7); DiMaggio and Powell (fn. 12).

³⁹ Boyer (fn. 12).

⁴⁰ DiMaggio and Powell (fn. 12).

⁴¹ For examples from the politics of finance literature, see Deeg, Richard, Finance Capital Unveiled: Banks and the German Political Economy (Ann Arbor: University of Michigan Press, 1999)CrossRefGoogle Scholar; Vogel, Steven K., Freer Markets, More Rules: Regulatory Reform in Advanced Industrial Countries (Ithaca, N.Y.: Cornell University Press, 1996)Google Scholar. The sociology of markets literature makes parallel arguments. See Fligstein (fn. 13, 2001).

⁴² Pollack (fn. 18); Tallberg, Jonas, “The Anatomy of Autonomy: An Institutional Account of Variation in Supranational Influence” Journal of Common Market Studies 38 (December 2000)CrossRefGoogle Scholar.

⁴³ Mazey and Richardson (fn. 17).

⁴⁴ Barnett and Finnemore (fn. 14).

⁴⁵ For a recent discussion of European Commission motivations and why scholars tend to make similar assumptions about them, see Pollack (fn. 18), 35.

⁴⁶ Fligstein (fn. 13, 1997); Fligstein, Neil and Mara-Drita, Iona, “How to Make a Market: Reflections on the Attempt to Create a Single Market in the European Union” American Journal of Sociology 102 (July 1996)CrossRefGoogle Scholar; Alec Stone Sweet, Neil Fligstein, and Wayne Sandholtz, “The Institutionalization of European Space,” in Stone Sweet, Fligstein, and Sandholtz (fn. 11).

⁴⁷ Barnett and Finnemore (fn. 14); Carpenter (fn. 15).

⁴⁸ Heritier (fn. 17); Mazey and Richardson (fn. 17); Sandholtz and Zysman (fn. 17).

⁴⁹ Bauer (17); Fligstein and Mara-Drita (fn. 46); Jabko (fn. 17).

⁵⁰ Barnett and Finnemore (fn. 14); Stone Sweet, Fligstein, and Sandholtz (fn. 46).

⁵¹ I interviewed stock exchange executives, national government and European Commission officials, financiers and executives with the European Private Equity and Venture Capital Association (EVCA), International Federation of Stock Exchanges (which changed its name to the World Federation of Exchanges), the Federation of European Securities Exchanges, the City Group for Smaller Companies in London (renamed Quoted Companies Alliance), and the European Association of Securities Dealers in Brussels (which merged with the Association of Private Client Investment Managers and Stock Brokers).

⁵² EVCA retained its acronym but has since changed its name to European Private Equity and Venture Capital Association.

⁵³ Bull EC (European Commission Bulletin of the European Union/European Community) 12–1981, 2.1.18, 1981; Bull EC 11–1982, 2.1.24, 1982; Bull EC 6–1983, 2.1.46, 1983.

⁵⁴ Bygrave, William D., Hay, Michael, and Peeters, Jos B., eds., Realizing Investment Value (London: Financial Times/Pitman Publishing, 1994)Google Scholar; EVCA, Venture Capital Special Paper: Capital Marketsfor Entrepreneurial Companies (Zaventem: EVCA, 1994)Google Scholar.

⁵⁵ Other less desirable options include sales to larger companies in the same industry (trade sale) or to other financiers.

⁵⁶ Commission officials funded Easdaq through a nonprofit organization for this purpose discussed below. The European Commission (DG13) used resources from the second phase of the Strategic Programme for Innovation and Technology Transfer, 1989–93 (SPRINT), approved by the representatives of EU member state governments, which then extended the program for an additional year. See Council Decisions 89/286/EEC and 94/5/EC; Bull EC 1.2.144, 1993; Bull EC 2.1.69, 1989. DG23 gave funds from a multiannual program approved by the government representatives for small and medium-size enterprises, which ran from 1993 to 1996. See Council Decision 93/379/EEC.

⁵⁷ Roger, Bruno and Faurre, Pierre, Rapport du Groupe de Travail “Nouveau Marche” (Paris: SBF-Bourse de Paris, February 1995)Google Scholar. Author interview with Trésor official, Paris, June 6, 1999.

⁵⁸ David Mandell, “Alternative Investment Mood,” Cisco Voice (December 1997), 8–10.

⁵⁹ “Nouveau Marché Rule Change,” Financial Times, October 30, 1996, 28.

⁶⁰ Author interview with official from the former DG15, Brussels, June 2004. DG15's and the stock exchanges's opposition to the Easdaq initiative came out in the open during a FIBV conference. See especially the comments of Jose Fombellida, DG15 in FIBV (fn. 30).

⁶¹ Letters between Chancellor of the Exchequer and CISCO leader, March 1993, available in Cisco archives in London.

⁶² Author interviews with Trésor official, Paris, June 6, 1999; and DG13 official, Luxembourg, May 5, 2000.

⁶³ Author's written correspondence with DG Enterprise official, May 8, 2001. See Council Decisions 89/286/EEC, 93/379/EEC and 94/5/EC.

⁶⁴ European Commission, Towards a European Stock Exchange, XV/231/81 (Brussels: November, 1980).

⁶⁵ Story and Walter (fn. 19).

⁶⁶ They were Raniero Vanni d'Archirafi (Italy) and Christos Papoutsis (Greece).

⁶⁷ Heinrich von Moltke, “The Role of DG XXIII with Regard to EASDAQ” (Paper presented at the conference “EASDAQ;—The European Stock Market for Growing Companies,” Brussels, June 26, 1996).

⁶⁸ “Bourse Tightens Rules on Market,” Financial Times, July 23, 2001, 16.

⁶⁹ Prime Market continues to make stock market financing available to young companies but is not exclusively for them. Its creation followed the Euronext exchange's 2002 launching of the Next-Economy market.

⁷⁰ In creating the Alternext Market, the Euronext exchange borrowed the AIM model whereby local intermediaries back listed firms and thereby send signals to investors, keeping costs down. See Euronext, “Alternext: A Tailor-Made Market for Small and Mid Caps” (Paris, 2005).

⁷¹ The U.S. Nasdaq and large international banks became interested only once the new market competition was under way. The Deutsche Boerse did commission McKinsey to advise on how best to respond to Easdaq, AIM, and the Nouveau Marché. But McKinsey and other global consulting firms were not key actors. Author interviews with Merrill Lynch economist, Frankfurt, May 13, 1999; managing director of Morgan Stanley Dean Witter, London, April 1999; and Deutsche Boerse executive, Frankfurt, May 2000.

⁷² Fn. 28.

⁷³ The organization and labels for the European Commission's divisions, directorates-general, have since changed. The subdivisions that strongly promoted the Nasdaq form were Innovation, DG13, and Small-and-Medium-Sized Enterprises (sMEs), DG23.

⁷⁴ European Commission, “The Community and Industrial Innovation” (Brussels: Commission of the European Communities, 1978); European Commission, “European Venture Capital Pilot Scheme,” DG Information and Innovation, EUR 9082 EN-FR final, (Brussels, 1984); author interview with European Commission official, DG Enterprise, Innovation Policy, Luxembourg, May 5, 2000.

⁷⁵ European Commission (fn. 74, 1984).

⁷⁶ See Nugent, Neill, “At the Heart of the Union,” in Nugent, Neill, ed., At the Heart of the Union: Studies of the European Commission (New York: St. Martin's Press, 1997)CrossRefGoogle Scholar; Sandholtz and Zysman (fn. 17).

⁷⁷ Fn. 45.

⁷⁸ European Commission (fn. 74, 1978); European Commission, “Prospects for the Creation of a European-Level Capital Market for Entrepreneurial Companies” (Meeting with the press, in preparation for June 21, 1994, Brussels); European Commission, “Reporting on the Feasibility of the Creation of a European Capital Market for Smaller Entrepreneurially Managed Growing Companies,” COM(95)498 (Brussels, 1995). See also European Commission documents COM(83)277, 1983; EUR 9082, 1984; EUR 9756, 1985; EUR 1152, 1990 and COM(93)528, 1993. Author telephone interview with official from the former DG13, May 4, 2000. Author interviews with officials from the former DG2, Luxembourg, June 7, 1999; and with the former DG15, Brussels, June 8, 2004. Author's written correspondence with DG Enterprise official, May 8, 2001.

⁷⁹ Von Moltke (fn. 67), 4.

⁸⁰ European Commission (fn. 64); ELB Associates and Consultex, The Feasibility of Creating ECU-EASD: A European Association of Securities Dealers to Trade over the Counter in ECU-denominated (Geneva, 1985)Google Scholar. Author interviews with an official who opposed giving subsidies to Easdaq from the former DG15, Brussels, June 2004; with a former executive of the Amsterdam stock exchange, Brussels, June 8, 2004; and with an executive of the Paris stock exchange, Paris, May 18, 2000.

⁸¹ European Commission (fn. 64).

⁸² There were four previous proposals for pan-European Nasdaq copies: ECU-EASD (1985), European OTC Market (1989), European Securities Market (1989), and MESEC (1994).

⁸³ Council Directive 93/22/EEC.

⁸⁴ Article 15.5 is the main source of ambiguity concerning stock exchange competition. Steil, Benn, Regional Financial Market Integration: Learning from the European Experience (London: RJIA, 1998), 40–43Google Scholar; and Story and Walter (fn. 19), 21–22, 266–69.

⁸⁵ The 2004 Markets in Financial Instruments Directive or MiFID (Directive 2004/39/EC of the European Parliament and Council of the European Union) repealed the ISD.

⁸⁶ Stone Sweet, Fligstein, and Sandholtz (fn. 46).

⁸⁷ Weber, Steven and Posner, Elliot, “Creating a Pan-European Equity Market: The Origins of EAS-DAQ” Review of International Political Economy 7 (Winter 2000), 545CrossRefGoogle Scholar.

⁸⁸ European Commission (fn. 78, 1995), 7.

⁸⁹ In March 2001 the Nasdaq bought Easdaq, changed its name to Nasdaq Europe, and then closed it in November 2003. Jos Peeters purchased Nasdaq's controlling interest in Nasdaq Europe in December 2003 and has recently sought to revive the Easdaq idea. See www.Easdaq.be.

⁹⁰ I use Quinn's widely used measure of openness in combination with the new Kastner and Rector measure. While Quinn's measure gives annual openness scores for each country, the Kastner and Rector measure, also based on IMF data, identifies by month and year any major changes in government policies. Quinn, Dennis and Inclán, Carla, “The Origins of Financial Openness: A Study of Current and Capital Account Liberalization” American Journal of Political Science 41 (July 1997)CrossRefGoogle Scholar; Kastner, Scott L. and Rector, Chad, “International Regimes, Domestic Veto Players, and Capital Controls Policy Stability”, International Studies Quarterly 47, no. 1 (2003)CrossRefGoogle Scholar.

⁹¹ Council Directive 88/361/EEC.

⁹² Author telephone interview with former secretary general of EVCA, April 27, 2000; EVCA (fn.54).

⁹³ Anslow, Maurice, “‘EPEE’, ‘PAREX’, ‘NASDAQ’ or ‘EASDAQ’?” European Venture Capital Journal 26 (February-March 1993), 1Google Scholar; Jos B. Peeters, “A European Market for Entrepreneurial Companies,” in Bygrave, Hay, and Peeters (fn. 54).

⁹⁴ Author telephone interview with former EVCA executive, April 27, 2000.

⁹⁵ Ibid.

⁹⁶ Author interview with Jos Peeters, Leuven, April 26, 2000.

⁹⁷ Fn. 80.

⁹⁸ Author telephone interview with official from the former DG13, May 4, 2000; author and Weber's interview with commission officials from the former DG23, Brussels, June 1997; Weber and Posner (fn. 87).

⁹⁹ European Commission (fn. 78, 1994 and 1995). See Commission-funded studies: Coopers & Lybrand, “Corporate Finance: EASDAQ;—a New Opportunity?” (London, 1995); “New Survey Shows Need for European Over-the-Counter Securities Market, Information Bulletin, December 23, 1985” (Brussels: EVCA, 1985).

¹⁰⁰ For the linkages between rationality and norm-based behavior, see Finnemore, Martha and Sikkink, Kathryn, “International Norm Dynamics and Political Change” International Organization 52 (Autumn 1998)CrossRefGoogle Scholar; Sell, Susan K. and Prakash, Aseem, “Using Ideas Strategically: The Contest between Business and NGO Networks in Intellectual Property Rights” International Studies Quarterly 48 (March 2004)CrossRefGoogle Scholar.

¹⁰¹ Correspondence between Eugene Schulman and Jacque Delors, January 14, 1985. Author interview with Eugene Schulman of ELBAssociates and Andrew Sundberg of Consultex, Geneva, May 8, 2000. ELBAssociates and Consultex (fn. 80); “OTC Market for Europe Gains Support,” Wall Street Journal, December 23, 1985,11.

¹⁰² See ELBASSOCIATES, Consultex, and Scottish Financial Enterprise, Creating the European Association of Securities Dealers and an Integrated European Securities Market: A Proposal to Manage a Programme for the European Commission (Geneva, September 1989)Google Scholar.

¹⁰³ Author interviews with former EVCA official, London, April 1999; and with official of the former DG2, Luxembourg, June 7, 1999. Written communication from DG Enterprise official, May 8, 2001.

¹⁰⁴ The official external regulator was the Belgian Banking and Finance Commission.

¹⁰⁵ Author telephone interview with former EVCA executive, April 27, 2000.

¹⁰⁶ Author interview with former EASD official, London, April 26, 1999.

¹⁰⁷ The European Commission's Secretariat General's office headed the group that included DG2 (Economic Affairs), DG13, DG15, DG16 (Regional Policy), DG28 (Credit and Investment), and DG23.

¹⁰⁸ Scottish Financial Enterprise notes from meeting between Andrew Sundberg, Eugene Schulman, SFE and the Commission's Inter-DG Working Group, Brussels, October 11, 1989; author interviews with Eugene Schulman of ELBAssociates and Andrew Sundberg of Consultex, Geneva, May 8, 2000.

¹⁰⁹ This is despite the London market's impressive record in attracting non-European companies. See “Why Aim Is Foreign Target of Choice,” Financial Times, September 3, 2005, 3.

¹¹⁰ Barnett, Michael and Duvall, Raymond, “Power in International Politics” International Organization 59 (Winter 2005)CrossRefGoogle Scholar.

¹¹¹ Thelen (fn. 8).

¹¹² For a comprehensive treatment of what he calls a political-cultural approach, see Fligstein (fn. 13, 2001).

¹¹³ Ibid., 67–98.