The policy narratives of European capital markets union
本文从行为者中心建构主义视角，分析欧盟委员会如何通过两种政策叙事（提升资本市场竞争力、增加对实体经济的融资）来推动资本市场联盟建设并减少政治阻力。
This paper examines the ‘making’ of Capital Markets Union (CMU) through the theoretical lens of ‘actor-centred constructivism’, by considering the ‘policy narratives’ that bureaucratic actors have employed strategically to promote the project. It is argued that two main narratives were articulated by the European Commission in order to mobilize the political support necessary to push forward CMU and reduce potential opposition to it. The first narrative was to boost the size and internal and external competitiveness of European Union capital markets. The second narrative was the increased funding to the real economy, especially to small and medium-sized enterprises (SMEs) and infrastructural projects. The Commission used these narratives instrumentally in ‘framing’ CMU as a positive-sum game, rather than a zero-sum game with potential winners and losers.