Flagship Programme

The Foundation's first programme of research commenced in the Autumn of 2012 and continued until 30 June 2019.
This programme, 'The Political Economy of Financial Markets', was based at the University of Oxford, in the European Studies Centre of St Antony's College, and is now affiliated with the Centre for International Studies in the Department of Politics and International Relations.

The programme aimed to foster research into the political-economic drivers of changes in financial markets, in light of the global and euro area financial crises. It focussed in particular on issues at the intersection of macroeconomics and financial studies, and was concerned with the institutional setting in which policy towards financial markets is formed at the national and European levels. It drew on expertise in the fields of politics, international relations, macroeconomics, law, business and global economic governance, with the support of UK and international experts in these fields.

A network of academic, official and private market experts was established and began work on initial projects in three areas:

  • Financial Integration in Europe;
  • the Role of Regulatory Capture in the Run-up to the Crisis; and
  • the Design of Macroeconomic Frameworks in a World of Imperfect Financial markets.
A summary of subsequent and substantial progress is contained in the Programme's Report of August 2016 to this Foundation.

The programme aimed to benefit the public by holding workshops, seminars and lectures; by publishing discussion papers, and journal articles and press material; and by drawing its findings to the attention of policy-makers, though without engaging in political activity.

The Political Economy of Financial Markets programme finally closed on June 30, 2019, having achieved the original purposes identified by Max Watson, and finally exhausting its original funding.

It is now the intention of St Antony's College to incorporate its various stand-alone programmes within its six regional centres, each under the broad oversight of a member of St Antony's Governing Council. The PEFM program is being integrated within the European Studies Centre, with broad oversight by Dr. Tim Vlandas.

The outgoing Director of PEFM, Dr. Charles Enoch, has a two year position in St Antony's as ESC Visiting Fellow, beginning 1 October 2019; the two other in-residence associates of PEFM, Adrienne Cheasty and Daniel Hardy, retain the Academic Visitorships which they had been granted by the college.

The future events programme is expected to consist two conferences a year as flagship events, but with the research programme continuing in the areas mapped out by the PEFM programme and those originally defined by the Financial Market Policies Foundation. This is now the European Political Economy Project.

The intention is that annual Max Watson Memorial lectures will continue.

The Trustees of the FMPF would like to record their thanks to all the participants in the PEFM programme, and in particular to Julie Adams, the programme's administrator.

See the latest news from the Programme website.

If you would like to support or donate to this programme please contact St Antony's College directly.