According to most of the literature available so far, international and European cross-border banks and investments firms are considered the primary beneficiaries of the CMU and related revitalization of securitization. Nevertheless, an in-depth analysis of the transnational financial industry lobbying and influence, in the light of the final agreement on the securitization reform package, is still missing. This paper intends to fill this gap in the story by assessing if, and to what extent, the alleged industry beneficiaries played an active role in shaping the regulatory agenda within the CMU project and its related outcomes. An in-depth analysis of corporate lobbying in the securitization reform is thus provided, by looking at the interactions between structural and political contextual factors in shaping private/public coalitions along the different stages of the EU policy-making process. As it is argued here, the policy entrepreneurship of the European securitization industry has been the key factor to explain the emergence of the EU regulatory approach and its legislative outcomes.

中文翻译：

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政策创业与跨国金融业对欧盟证券化改革的影响

根据迄今为止可获得的大多数文献，国际和欧洲的跨境银行和投资公司被认为是 CMU 和相关的证券化振兴的主要受益者。然而，根据证券化改革方案的最终协议，对跨国金融业的游说和影响力进行深入分析仍然缺失。本文旨在通过评估所谓的行业受益者是否以及在多大程度上在塑造 CMU 项目的监管议程及其相关成果方面发挥了积极作用，从而填补了这个故事中的空白。因此，对证券化改革中的企业游说进行了深入分析，通过研究在欧盟决策过程的不同阶段塑造私人/公共联盟的结构和政治背景因素之间的相互作用。正如本文所述，欧洲证券化行业的政策企业家精神一直是解释欧盟监管方法及其立法成果出现的关键因素。