Studies in European Economic Law and Regulation – serie

This book offers an in-depth analysis of the function of certification in general and of certification systems in a range of different sectors.The authors examine certification from both a theoretical and a practical standpoint and from the perspectives of different disciplines, including law, economics, management, and the social sciences. They also discuss instruments that help ensure the quality of certification, which can range from public law measures such as accreditation, to private law incentives, to deterrents, such as liability towards victims. Further, they assess the role of competition between certification bodies.Readers will learn the commonalities as well as the necessary distinctions between certification bodies in various fields, which may stem from the different functions they serve. These similarities and differences may also be the result of different types of damage that the certified producer or service provider could potentially causeto individuals or to the public at large.Often, companies use certification bodies as an argument to assure the general public, e.g. regarding the safety of medical products. Closer inspection reveals, however, that sometimes certification bodies themselves lack credibility. The book offers essential information on the benefits and pitfalls associated with certification.

This book addresses some of the most debated topics preceding the UK referendum on membership of the EU, namely welfare services and free movement of citizens. The work improves understanding of the implications of the European Economic Area (EEA) Agreement, which is the most integrated form of association agreement with the EU for non-member states. The author considers the impact of EEA law on both European Free Trade Association (EFTA) states and on EU Member States, and looks at case law. A broad range of welfare services are analysed, including public healthcare and educational services, various social services, and public utilities such as transport and public broadcasting. Free movement of students, of patients and public financing of welfare services are among the issues explored. The focus here is particularly on legal aspects and the demonstrated development of the EEA Agreement into the welfare sphere. This work enables a sophisticated analysis about thenature of the principles of homogeneity and dynamism. The book is essential reading for scholars who seek to understand the EU’s legal framework, the EEA Agreement and its implications. The topics covered are also relevant to UK/EU discussions on future relations, both for intermediate and long-term arrangements.

This volume collects papers that explore institutionalisation in contemporary transatlantic relations. Policymakers, lawyers, and political scientists reflect on contemporary understandings of the process as an integration of regimes and orders from an EU perspective. The papers assess whether contemporary transatlantic relations call for a different approach to global governance with a heightened emphasis on institutionalisation. The book explores a diverse range of case studies of interest to a broad readership. In particular, it focuses upon two cutting-edge issues: transatlantic data privacy rules that are emerging after the post-Edward Snowdon / NSA / PRISM revelations; and trade aspects, especially the Transatlantic Trade and Investment Partnership (TTIP) Agreement. The contributors consider these case studies from a variety of perspectives, honing in on the dynamism, method, and high politics of transatlantic relations as they have recently evolved. They critically explore the commonly held assumption that transatlantic relations have historically been considered quasi-institutionalised at best or, at worst, lacking in terms of laws and institutions. Is institutionalisation a useful meeting point for all disciplines? Does it explain regional integration meaningfully across subjects? Can institutionalisation serve to promote accountability and good governance?  Contributors across disciplines and subjects address these increasingly challenging and salient questions.

This edited volume focuses on specific, crucially important structural measures that foster corporate change, namely cross-border mergers. Such cross-border transactions play a key role in business reality, economic theory and corporate, financial and capital markets law. Since the adoption of the Cross-border Mergers Directive, these mergers have been regulated by specific legal provisions in EU member states. This book analyzes various aspects of the directive, closely examining this harmonized area of EU company law and critically evaluating cross-border mergers as a method of corporate restructuring in order to gain insights into their fundamental mechanisms. It comprehensively discusses the practicalities of EU harmonization of cross-border mergers, linking it to corporate restructuring in general, while also taking the transposition of the directive into account. Exploring specific angles of the Cross-border Mergers Directive in the light of European and national company law, thebook is divided into three sections: the first section focuses on EU and comparative aspects of the Cross-border Mergers Directive, while the second examines the interaction of the directive with other areas of law (capital markets law, competition law, employment law, tax law, civil procedure). Lastly, the third section describes the various member states’ experiences of implementing the Cross-border Mergers Directive.

This edited volume focuses on specific, crucially important structural measures that foster corporate change, namely cross-border mergers. Such cross-border transactions play a key role in business reality, economic theory and corporate, financial and capital markets law. Since the adoption of the Cross-border Mergers Directive, these mergers have been regulated by specific legal provisions in EU member states. This book analyzes various aspects of the directive, closely examining this harmonized area of EU company law and critically evaluating cross-border mergers as a method of corporate restructuring in order to gain insights into their fundamental mechanisms. It comprehensively discusses the practicalities of EU harmonization of cross-border mergers, linking it to corporate restructuring in general, while also taking the transposition of the directive into account. Exploring specific angles of the Cross-border Mergers Directive in the light of European and national company law, thebook is divided into three sections: the first section focuses on EU and comparative aspects of the Cross-border Mergers Directive, while the second examines the interaction of the directive with other areas of law (capital markets law, competition law, employment law, tax law, civil procedure). Lastly, the third section describes the various member states’ experiences of implementing the Cross-border Mergers Directive.

This book analyses the ongoing reform of the European economic union in the light of the new objective of ‘stability of the euro area as a whole’ in Article 136(3) TFEU. On the basis of the relevant legal sources, it qualifies this objective as the obligation to preserve the existence of the monetary union, the establishment of which was an EU goal laid down in Article 3(4) TEU. While to date the objective has been achieved through fiscal and macroeconomic consolidation in the member states and the activation of stabilisation mechanisms in cases of emergency, the book argues that full stability requires a better system of economic governance, either through a process of partial fiscal centralisation or the return to a more efficient and sustainable market discipline of public finances. It also analyses the concrete legal challenges these raise, including compliance with the conferral principle, the longstanding democratic deficit of the governance and the balance between financial solidarity and fiscal responsibility.

This book analyses the ongoing reform of the European economic union in the light of the new objective of ‘stability of the euro area as a whole’ in Article 136(3) TFEU. On the basis of the relevant legal sources, it qualifies this objective as the obligation to preserve the existence of the monetary union, the establishment of which was an EU goal laid down in Article 3(4) TEU. While to date the objective has been achieved through fiscal and macroeconomic consolidation in the member states and the activation of stabilisation mechanisms in cases of emergency, the book argues that full stability requires a better system of economic governance, either through a process of partial fiscal centralisation or the return to a more efficient and sustainable market discipline of public finances. It also analyses the concrete legal challenges these raise, including compliance with the conferral principle, the longstanding democratic deficit of the governance and the balance between financial solidarity and fiscal responsibility.

Trade liberalization has shaped international economic relations since the conclusion of the GATT 1947. The last few decades have seen a significant shift in the focus of this process: multilateralism seems to have reached its limits, giving way to regionalism, and the focus of trade liberalization has shifted to non-tariff barriers. While these developments have attracted considerable attention, exploring them from comparative perspectives has been largely neglected. Trading systems – the WTO, regional economic integrations and federal systems – are all based on the same dichotomy of free trade and local public interest: they generally prohibit the constituent parties (states) from restricting trade, but exempt them from this limitation if the restriction is warranted by a legitimate local end. The purpose of this volume is to contribute to filling the above-mentioned research gap by exploring central issues in regional economic integrations from a comparativeperspective. It provides a general economic analysis of the costs and benefits of trade liberalization and the role and function of normative values in commercial policy. This is followed by a comparative analysis of the approaches used in various regional economic integrations (in North America, Europe and Latin America) and federal markets (the United States, Australia and India) regarding the balance between free trade and local public interest. Key issues in investment law, one of the most contentious elements of next-generation free trade agreements, are also addressed.

Trade liberalization has shaped international economic relations since the conclusion of the GATT 1947. The last few decades have seen a significant shift in the focus of this process: multilateralism seems to have reached its limits, giving way to regionalism, and the focus of trade liberalization has shifted to non-tariff barriers. While these developments have attracted considerable attention, exploring them from comparative perspectives has been largely neglected. Trading systems – the WTO, regional economic integrations and federal systems – are all based on the same dichotomy of free trade and local public interest: they generally prohibit the constituent parties (states) from restricting trade, but exempt them from this limitation if the restriction is warranted by a legitimate local end. The purpose of this volume is to contribute to filling the above-mentioned research gap by exploring central issues in regional economic integrations from a comparativeperspective. It provides a general economic analysis of the costs and benefits of trade liberalization and the role and function of normative values in commercial policy. This is followed by a comparative analysis of the approaches used in various regional economic integrations (in North America, Europe and Latin America) and federal markets (the United States, Australia and India) regarding the balance between free trade and local public interest. Key issues in investment law, one of the most contentious elements of next-generation free trade agreements, are also addressed.

This book examines the relationship between the EU investor protection regulations enshrined in MiFID and MiFID II and national contract and torts law. It describes how the effect of the conduct of business rules as implemented in national financial supervision legislation in private law extends to the issue of enforcement, and critically assesses this interaction from the perspective of EU law. In particular, the conclusions identified in the book will deepen readers’ understanding of the interplay between the conduct of business rules and private law norms governing a firm’s liability to pay damages, such as duty of care, attributability of damage, causation, contributory negligence and limitation. In turn, the book identifies the subordination and the complementarity model to conceptualise the interaction between the conduct of business rules and private law norms.Moreover, the book challenges the view that civil courts are – or should be – forced to give privatelaw effects to violation of the MiFID and MiFID II conduct of business rules in line with the subordination model. Instead, the complementarity model is advanced as the preferred approach to this interaction in view of what MiFID and MiFID II require from Member States in terms of their implementation, as well as the desirability of each model. This model presupposes that courts should consider the conduct of business rules when adjudicating individual disputes, while preserving the autonomy of private law norms governing liability of investment firms towards clients.Based on analysis of case law of courts in Germany, the Netherlands and England & Wales, as well as scholarly literature, the book also compares the available causes of action, the conditions of liability and the obstacles investors face when claiming damages, as well as how and the extent to which investors can benefit from the conduct of business rules in clearing these obstacles. In so doing, under the approachadopted by national courts to the interplay between the conduct of business rules of EU origin and private law, the book shows how investors can benefit from the influence of these rules on private law norms. In closing, it demonstrates a hybridisation of private law remedies resulting from the accommodation of the conduct of business rules into the private law discourse according to the complementarity model, illustrating how judicial enforcement through private law means may contribute to investor protection.

This book examines the relationship between the EU investor protection regulations enshrined in MiFID and MiFID II and national contract and torts law. It describes how the effect of the conduct of business rules as implemented in national financial supervision legislation in private law extends to the issue of enforcement, and critically assesses this interaction from the perspective of EU law. In particular, the conclusions identified in the book will deepen readers’ understanding of the interplay between the conduct of business rules and private law norms governing a firm’s liability to pay damages, such as duty of care, attributability of damage, causation, contributory negligence and limitation. In turn, the book identifies the subordination and the complementarity model to conceptualise the interaction between the conduct of business rules and private law norms.Moreover, the book challenges the view that civil courts are – or should be – forced to give privatelaw effects to violation of the MiFID and MiFID II conduct of business rules in line with the subordination model. Instead, the complementarity model is advanced as the preferred approach to this interaction in view of what MiFID and MiFID II require from Member States in terms of their implementation, as well as the desirability of each model. This model presupposes that courts should consider the conduct of business rules when adjudicating individual disputes, while preserving the autonomy of private law norms governing liability of investment firms towards clients.Based on analysis of case law of courts in Germany, the Netherlands and England & Wales, as well as scholarly literature, the book also compares the available causes of action, the conditions of liability and the obstacles investors face when claiming damages, as well as how and the extent to which investors can benefit from the conduct of business rules in clearing these obstacles. In so doing, under the approachadopted by national courts to the interplay between the conduct of business rules of EU origin and private law, the book shows how investors can benefit from the influence of these rules on private law norms. In closing, it demonstrates a hybridisation of private law remedies resulting from the accommodation of the conduct of business rules into the private law discourse according to the complementarity model, illustrating how judicial enforcement through private law means may contribute to investor protection.

Retail is ‘going digital,’ and grocery shopping is no exception. While some businesses are relaying on their corporate website to make the sale, both traditional brick-and-mortar and new disruptive business models are increasingly using online marketplaces to offer their products online. European Union law has been gradually updated to reflect this new reality, with Intellectual Property Rights legislation and Consumer Law leading the way toward a suitable regulatory framework in the Platform Economy. However, the EU has not devised a comprehensive strategy for tackling the challenges posed by the online sale of physical consumer goods, such as effective public enforcement in online environments. In fact, sector-specific legislation, including Food Law, largely ignores online transactions. In this context, the book evaluates the impact that online marketplaces are having on European Union sector-specific legislation and its e-nforcement. The goal is to assess whetherthe existing regulatory and policy framework are sufficient for promoting compliance and bridging the enforcement gap in the digital single market. Focusing on the e-food market, the book presents a state-of-the-art overview of how online marketplaces are altering EU law and its enforcement by public authorities.

Retail is ‘going digital,’ and grocery shopping is no exception. While some businesses are relaying on their corporate website to make the sale, both traditional brick-and-mortar and new disruptive business models are increasingly using online marketplaces to offer their products online. European Union law has been gradually updated to reflect this new reality, with Intellectual Property Rights legislation and Consumer Law leading the way toward a suitable regulatory framework in the Platform Economy. However, the EU has not devised a comprehensive strategy for tackling the challenges posed by the online sale of physical consumer goods, such as effective public enforcement in online environments. In fact, sector-specific legislation, including Food Law, largely ignores online transactions. In this context, the book evaluates the impact that online marketplaces are having on European Union sector-specific legislation and its e-nforcement. The goal is to assess whetherthe existing regulatory and policy framework are sufficient for promoting compliance and bridging the enforcement gap in the digital single market. Focusing on the e-food market, the book presents a state-of-the-art overview of how online marketplaces are altering EU law and its enforcement by public authorities.

This book describes and examines three EU legal frameworks (EU competition law, EU consumer law, and EU fundamental rights law) that may affect the extent to which consumers purchase more sustainably. In doing so, this book goes beyond a rationalist understanding of the interpretation and application of EU law. Rational approaches have severely impacted the interpretation and application of EU law. Practice shows, however, that the implications of using a noncritical application of rationalist approaches in the interpretation and application of EU competition law, EU consumer law, and EU fundamental rights law to sustainability labels may have an inhibiting effect on sustainable consumption. The book offers remedies to overcome this inhibitive effect by critically applying insights from cognitive science and behavioral economics in the legal interpretation and application of EU law.

This book describes and examines three EU legal frameworks (EU competition law, EU consumer law, and EU fundamental rights law) that may affect the extent to which consumers purchase more sustainably. In doing so, this book goes beyond a rationalist understanding of the interpretation and application of EU law. Rational approaches have severely impacted the interpretation and application of EU law. Practice shows, however, that the implications of using a noncritical application of rationalist approaches in the interpretation and application of EU competition law, EU consumer law, and EU fundamental rights law to sustainability labels may have an inhibiting effect on sustainable consumption. The book offers remedies to overcome this inhibitive effect by critically applying insights from cognitive science and behavioral economics in the legal interpretation and application of EU law.

Do Member States of the EU have a free hand in drafting Accession Treaties, or are there legal constraints on their primary law-making powers in this regard? That is the main question this book addresses. It argues that such constraints do exist, and seeks to identify them, thereby providing a number of insights into the nature of the EU’s legal order. The point of departure as well as the main focus of the study is the proposed permanent safeguard clause (PSC) on the free movement of persons in the Negotiating Framework for Turkey. Legal provisions, rules, principles and norms that might constrain Member States in this regard are identified with reference to the PSC.The book examines constraints on Member States stemming from three sources of EU law: Association Law, based on the existing legal framework built on the EEC-Turkey Association Agreement (Part I); EU Enlargement Law, comprised of past practice and existing EU rules on enlargement (Part II); and the foundationsof EU Constitutional Law (Part III), which constrain Member States whenever they act within the scope of Union law both as primary and secondary lawmakers. Part III reveals what the Court of Justice of the EU considers to be the essence or the ‘very foundations’ of the Union’s legal order, which it protects against encroachment. This is similar to what some constitutional courts do to protect the ‘inner unity’ or ‘basic structure’ of their constitutions.The findings of this book can be applied to the accession of any candidate state. It also sheds light on important implications for future treaty amendments, and for identifying possible limits to differentiated integration.

Do Member States of the EU have a free hand in drafting Accession Treaties, or are there legal constraints on their primary law-making powers in this regard? That is the main question this book addresses. It argues that such constraints do exist, and seeks to identify them, thereby providing a number of insights into the nature of the EU’s legal order. The point of departure as well as the main focus of the study is the proposed permanent safeguard clause (PSC) on the free movement of persons in the Negotiating Framework for Turkey. Legal provisions, rules, principles and norms that might constrain Member States in this regard are identified with reference to the PSC.The book examines constraints on Member States stemming from three sources of EU law: Association Law, based on the existing legal framework built on the EEC-Turkey Association Agreement (Part I); EU Enlargement Law, comprised of past practice and existing EU rules on enlargement (Part II); and the foundationsof EU Constitutional Law (Part III), which constrain Member States whenever they act within the scope of Union law both as primary and secondary lawmakers. Part III reveals what the Court of Justice of the EU considers to be the essence or the ‘very foundations’ of the Union’s legal order, which it protects against encroachment. This is similar to what some constitutional courts do to protect the ‘inner unity’ or ‘basic structure’ of their constitutions.The findings of this book can be applied to the accession of any candidate state. It also sheds light on important implications for future treaty amendments, and for identifying possible limits to differentiated integration.

This book provides a comprehensive analysis of how EU state aid law is shaping the future of EU investment policy in a global context. It examines in detail how EU state aid policy and practice interact with the EU investment regime on the internal market and affect the external trade relations of the Member States and the EU alike. The debate this book engages in concerns competence, i.e., which body delineates the scope of state aid law and policy (now and in the future) when and where it intersects and collides with another distinct legal field: investment protection. Pursuing a doctrinal approach to the topic in the light of EU law and international law, the book analyses the interaction of the EU’s trade, state aid and investment policy. This is done by posing the following research question: How is EU state aid law shaping the future of EU investment policy in a global context? Further, the book puts forward three corresponding arguments. First, this influence can be seen in the EU’s incorporation of clauses promoting fair competition and state aid policy in international trade agreements. Second, EU state aid law and policy contributed to recent internal developments which led the Member States to terminate their bilateral agreements with each other (intra-EU BITs) by the end of 2019. Third, the EU has been working to replace the BITs between its Member States and third countries (extra-EU BITs) with its own trade agreements, which are aligned with EU legislation. This combined analysis of EU law and international law yields a number of interesting conclusions.The book addresses a highly topical and rapidly evolving area of EU law and international investment law. It is also the first book to provide a comprehensive approach to the interplay of state aid rules and EU investment policy internally and externally, i.e., within the EU and on a global scale. As such, it closes an important gap in the extant literatureon international and EU law.

This book provides a comprehensive analysis of how EU state aid law is shaping the future of EU investment policy in a global context. It examines in detail how EU state aid policy and practice interact with the EU investment regime on the internal market and affect the external trade relations of the Member States and the EU alike. The debate this book engages in concerns competence, i.e., which body delineates the scope of state aid law and policy (now and in the future) when and where it intersects and collides with another distinct legal field: investment protection. Pursuing a doctrinal approach to the topic in the light of EU law and international law, the book analyses the interaction of the EU’s trade, state aid and investment policy. This is done by posing the following research question: How is EU state aid law shaping the future of EU investment policy in a global context? Further, the book puts forward three corresponding arguments. First, this influence can be seen in the EU’s incorporation of clauses promoting fair competition and state aid policy in international trade agreements. Second, EU state aid law and policy contributed to recent internal developments which led the Member States to terminate their bilateral agreements with each other (intra-EU BITs) by the end of 2019. Third, the EU has been working to replace the BITs between its Member States and third countries (extra-EU BITs) with its own trade agreements, which are aligned with EU legislation. This combined analysis of EU law and international law yields a number of interesting conclusions.The book addresses a highly topical and rapidly evolving area of EU law and international investment law. It is also the first book to provide a comprehensive approach to the interplay of state aid rules and EU investment policy internally and externally, i.e., within the EU and on a global scale. As such, it closes an important gap in the extant literatureon international and EU law.

This book deals with banking integrations, which are now becoming crucial not only because of the increased number of economic integrations, but also in view of the qualitative improvement of such banking integrations. It compares the European Union (EU), as the most successful union, which was able to move from a common financial market to the prime example of banking integration; the Banking Union; and the Eurasian Economic Union (EAEU) as a relatively young one but with several of the prerequisites for becoming an influential union, and which was established by five countries – the Russian Federation, Kazakhstan, Belarus, Armenia, and the Kyrgyz Republic – in 2015. The key research question is whether the single market in banking services or a banking union is an achievable goal or merely a utopia. In this regard, the book reveals the bottlenecks and obstacles that the EU and EAEU policymakers faced during the difficult process of establishing a single market andbanking union. However, along with the problems of banking integration, it identifies many peculiarities of the harmonization of banking legislation among the EU Member States. Recognizing and acknowledging these peculiarities can be very beneficial for young unions and help to guide their integration processes. In particular, the book concludes that evolutionary (not revolutionary) harmonization is required in order for the EAEU to become a full-fledged union.

This book deals with banking integrations, which are now becoming crucial not only because of the increased number of economic integrations, but also in view of the qualitative improvement of such banking integrations. It compares the European Union (EU), as the most successful union, which was able to move from a common financial market to the prime example of banking integration; the Banking Union; and the Eurasian Economic Union (EAEU) as a relatively young one but with several of the prerequisites for becoming an influential union, and which was established by five countries – the Russian Federation, Kazakhstan, Belarus, Armenia, and the Kyrgyz Republic – in 2015. The key research question is whether the single market in banking services or a banking union is an achievable goal or merely a utopia. In this regard, the book reveals the bottlenecks and obstacles that the EU and EAEU policymakers faced during the difficult process of establishing a single market andbanking union. However, along with the problems of banking integration, it identifies many peculiarities of the harmonization of banking legislation among the EU Member States. Recognizing and acknowledging these peculiarities can be very beneficial for young unions and help to guide their integration processes. In particular, the book concludes that evolutionary (not revolutionary) harmonization is required in order for the EAEU to become a full-fledged union.

This book offers an in-depth legal analysis concerning the notion of restrictions of competition, be it by object restrictions according to Article 101 TFEU or prima facie abusive practices treated according to the form-based approach under Article 102 TFEU. Although extensive research has been conducted on the notion of object infringements of competition, there is no systematic review of this topic covering both competition provisions, namely Articles 101 and 102 TFEU. This book fills that gap by providing an extensive analysis of the relevant case law, while also covering new phenomena stemming from the digital revolution and its impact on the functioning of traditional markets.In this regard, particular attention is paid to the concept of prima facie infringements and the analysis necessary for their successful establishment. Object restrictions and object abuses are not infringements per se in the sense that they can be established in the abstract and without consideration of the actual legal and economic context (context analysis) within which a measure is implemented. Hence, the indispensable context analysis is informed by the potential economic effects of a given measure.Examining the changes regarding the economic reality and how markets work in the digital economy, this book makes a valuable contribution to the current debate about whether our competition law toolkit is fit and proper to deal with the challenges posed by digitalization. The author argues that while there is a coherent framework covering both Treaty competition provisions as regards object restrictions of competition, the increased use of an actual effect analysis and thus the concept of a restriction of competition by effect represents an underestimated (and underused) weapon for combating measures that are ambivalent from a competition law perspective as regards their (anticompetitive or non-detrimental) nature in a digital economy.

This book offers an in-depth legal analysis concerning the notion of restrictions of competition, be it by object restrictions according to Article 101 TFEU or prima facie abusive practices treated according to the form-based approach under Article 102 TFEU. Although extensive research has been conducted on the notion of object infringements of competition, there is no systematic review of this topic covering both competition provisions, namely Articles 101 and 102 TFEU. This book fills that gap by providing an extensive analysis of the relevant case law, while also covering new phenomena stemming from the digital revolution and its impact on the functioning of traditional markets.In this regard, particular attention is paid to the concept of prima facie infringements and the analysis necessary for their successful establishment. Object restrictions and object abuses are not infringements per se in the sense that they can be established in the abstract and without consideration of the actual legal and economic context (context analysis) within which a measure is implemented. Hence, the indispensable context analysis is informed by the potential economic effects of a given measure.Examining the changes regarding the economic reality and how markets work in the digital economy, this book makes a valuable contribution to the current debate about whether our competition law toolkit is fit and proper to deal with the challenges posed by digitalization. The author argues that while there is a coherent framework covering both Treaty competition provisions as regards object restrictions of competition, the increased use of an actual effect analysis and thus the concept of a restriction of competition by effect represents an underestimated (and underused) weapon for combating measures that are ambivalent from a competition law perspective as regards their (anticompetitive or non-detrimental) nature in a digital economy.

Macroprudential policy (MPP) has been one of the major initiatives in the post-2008 crisis restructuring of financial regulation. Under the macroprudential mandate, the regulator monitors and judiciously controls systemic risk in the financial system, in an attempt to minimise the probability and severity of a future financial crisis. The book reveals why MPP authorities are rightfully at the centre of a highly sensitive policy debate, as MPP necessitates the allocation of significant regulatory power to technocrats, while the highly technical nature of MPP makes policy evaluation challenging. Specific issues examined include: the importance of financial stability as a public policy goal; the political economy issues stemming from the delegation of MPP to an independent authority; and the definition of accountability in the context of MPP. Focusing on a case study on the Financial Policy Committee of the Bank of England, the macroprudential authority in the UK, the book develops the normative grounds to justify the need for accountability in the conduct of MPP, while also formulating the necessary institutional framework to ensure the accountability of MPP authorities.

Macroprudential policy (MPP) has been one of the major initiatives in the post-2008 crisis restructuring of financial regulation. Under the macroprudential mandate, the regulator monitors and judiciously controls systemic risk in the financial system, in an attempt to minimise the probability and severity of a future financial crisis. The book reveals why MPP authorities are rightfully at the centre of a highly sensitive policy debate, as MPP necessitates the allocation of significant regulatory power to technocrats, while the highly technical nature of MPP makes policy evaluation challenging. Specific issues examined include: the importance of financial stability as a public policy goal; the political economy issues stemming from the delegation of MPP to an independent authority; and the definition of accountability in the context of MPP. Focusing on a case study on the Financial Policy Committee of the Bank of England, the macroprudential authority in the UK, the book develops the normative grounds to justify the need for accountability in the conduct of MPP, while also formulating the necessary institutional framework to ensure the accountability of MPP authorities.

A significant increase in investor-State arbitration cases has been observed since the 2000s. The trust placed by investors and States in this method of dispute resolution stems from several strengths. In addition to its neutrality, one of the primary reasons for its widespread use is its adaptability, enabling it to address specific challenges that have emerged in recent decades. The following elements highlight this adaptability: the arbitration procedure can be customised to meet the specific needs of the disputing parties and stakeholders involved. It effectively responds to evolving cultural norms and ethical considerations, such as diversity, gender representation, corporate social responsibility, environmental issues, and human rights. Moreover, it can adapt to global health crises by facilitating online hearings. Finally, during times of international armed conflict, economic exchanges, trade, investment, and investor-State dispute settlement foster economic integration and interdependence, contributing to maintaining commercial peace and supporting international peace and security.However, investor-State arbitration has sparked vigorous debates, with many advocating for reform in three crucial aspects: transparency, legitimacy, and consistency. Multilateral negotiations are currently underway on various fronts, including the negotiation of more sustainable investment treaties, amendments to institutional arbitral rules, the design of a multilateral investment court, and the development of enhanced policy frameworks.This book delves into the history of investor-State dispute resolution to provide readers with an understanding of how its main features have evolved over time. It examines the most intensely debated procedural issues, analyses their multifaceted characteristics, reviews the complex relationship between investor-State arbitration and the European Union, and explores potential options for addressing stakeholder concerns.

A significant increase in investor-State arbitration cases has been observed since the 2000s. The trust placed by investors and States in this method of dispute resolution stems from several strengths. In addition to its neutrality, one of the primary reasons for its widespread use is its adaptability, enabling it to address specific challenges that have emerged in recent decades. The following elements highlight this adaptability: the arbitration procedure can be customised to meet the specific needs of the disputing parties and stakeholders involved. It effectively responds to evolving cultural norms and ethical considerations, such as diversity, gender representation, corporate social responsibility, environmental issues, and human rights. Moreover, it can adapt to global health crises by facilitating online hearings. Finally, during times of international armed conflict, economic exchanges, trade, investment, and investor-State dispute settlement foster economic integration and interdependence, contributing to maintaining commercial peace and supporting international peace and security.However, investor-State arbitration has sparked vigorous debates, with many advocating for reform in three crucial aspects: transparency, legitimacy, and consistency. Multilateral negotiations are currently underway on various fronts, including the negotiation of more sustainable investment treaties, amendments to institutional arbitral rules, the design of a multilateral investment court, and the development of enhanced policy frameworks.This book delves into the history of investor-State dispute resolution to provide readers with an understanding of how its main features have evolved over time. It examines the most intensely debated procedural issues, analyses their multifaceted characteristics, reviews the complex relationship between investor-State arbitration and the European Union, and explores potential options for addressing stakeholder concerns.

This volume presents a thorough analysis of the concept and role of Short Food Supply Chains (SFSCs) within the EU legal framework with a two-fold aim: first, it shows the pitfalls of the current legal scenario, which often limits alternatives rather than promoting them, and second, it provides a new conceptualisation for SFSCs under EU law by delineating and integrating all their distinctive features. Agricultural landscapes in the EU are now undergoing fundamental changes, revealing an increasing interest in SFSCs as a tool for promoting both local products and their food systems. Despite being the backbone of the EU agricultural system, SFSCs’ position in the current socioeconomic narrative has not been sufficiently fostered. In response, the book traces how SFSCs have historically been dealt with under the agricultural rules of the CAP, and to a much lesser extent, those relating to internal market food law, delving into the intricate relationship between agricultural and food law.The integration of these two disciplines into an agri-food law domain represented a pivotal shift in legal discourse, in particular in the context of SFSC regulation. The legal analysis extends its scope to encompass spatial and historical dimensions, enriching the contextual understanding of regulatory frameworks over time and across geographical boundaries.This new conceptualisation does not aim to establish a universal, ‘set-in-the-stone’ legal definition for SFSC applicable across disciplines. Rather, it seeks to identify common themes and key features among various SFSC initiatives. These themes serve as the foundation for determining a set of minimum legal requirements for the recognition and valorisation of SFSC initiatives at the EU level, which Member States can then tailor to their specific needs. The goal is to lay the groundwork for developing a concept that can be effectively operationalised across different sectors and geographical dimensions.The book makes a substantial contribution to the current academic debate, filling a significant gap in the existing CAP literature. On the one hand, it provides the first comprehensive and systematic analysis of all the measures that have addressed small farmers and SFSCs, from the CAP reforms up to the present day. On the other, by adopting a new multidisciplinary perspective encompassing legal, sociological, and agri-food studies, it raises new questions on the role of short supply chains in light of the Farm to Fork Strategy and beyond.

This volume presents a thorough analysis of the concept and role of Short Food Supply Chains (SFSCs) within the EU legal framework with a two-fold aim: first, it shows the pitfalls of the current legal scenario, which often limits alternatives rather than promoting them, and second, it provides a new conceptualisation for SFSCs under EU law by delineating and integrating all their distinctive features. Agricultural landscapes in the EU are now undergoing fundamental changes, revealing an increasing interest in SFSCs as a tool for promoting both local products and their food systems. Despite being the backbone of the EU agricultural system, SFSCs’ position in the current socioeconomic narrative has not been sufficiently fostered. In response, the book traces how SFSCs have historically been dealt with under the agricultural rules of the CAP, and to a much lesser extent, those relating to internal market food law, delving into the intricate relationship between agricultural and food law.The integration of these two disciplines into an agri-food law domain represented a pivotal shift in legal discourse, in particular in the context of SFSC regulation. The legal analysis extends its scope to encompass spatial and historical dimensions, enriching the contextual understanding of regulatory frameworks over time and across geographical boundaries.This new conceptualisation does not aim to establish a universal, ‘set-in-the-stone’ legal definition for SFSC applicable across disciplines. Rather, it seeks to identify common themes and key features among various SFSC initiatives. These themes serve as the foundation for determining a set of minimum legal requirements for the recognition and valorisation of SFSC initiatives at the EU level, which Member States can then tailor to their specific needs. The goal is to lay the groundwork for developing a concept that can be effectively operationalised across different sectors and geographical dimensions.The book makes a substantial contribution to the current academic debate, filling a significant gap in the existing CAP literature. On the one hand, it provides the first comprehensive and systematic analysis of all the measures that have addressed small farmers and SFSCs, from the CAP reforms up to the present day. On the other, by adopting a new multidisciplinary perspective encompassing legal, sociological, and agri-food studies, it raises new questions on the role of short supply chains in light of the Farm to Fork Strategy and beyond.