The role of the European Union (EU) in the post-crisis international governance of securitization does not sit well with the literature that considers the EU as a ‘paladin’ of stringent regulation as well as a ‘rule-taker’ in finance. Whereas in the aftermath of the 2008 financial crisis, the United States (US) promoted more stringent rules on securitization, subsequently, the EU, but not the US, successfully sponsored less stringent rules. What accounts for this ‘deviant case’, that is to say, the EU as a pacesetter in trading down the regulation of securitization worldwide? After examining alternative explanations, this paper draws attention to a novel complementary explanation that can ‘travel’ to other cases, namely, the pivotal role of the United Kingdom (UK) and, specifically, whether the UK sides with the US or the EU in international standard-setting. It takes two to tango in regulating global finance, even more so after Brexit.

中文翻译：

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探戈需要两个人：欧盟和金融证券化的国际治理

欧盟 (EU) 在危机后证券化国际治理中的作用与将欧盟视为严格监管的“圣骑士”以及金融领域的“规则接受者”的文献并不相符。在 2008 年金融危机之后，美国 (US) 推动了更严格的证券化规则，随后，欧盟而不是美国成功地发起了不太严格的规则。是什么解释了这种“越轨案例”，即欧盟作为降低全球证券化监管的标兵？在检查了替代解释之后，本文提请注意一种新颖的补充解释，它可以“旅行”到其他案例，即英国（UK）的关键作用，特别是，英国在国际标准制定方面是站在美国还是欧盟一边。监管全球金融需要两个人的努力，在英国退欧后更是如此。