Promising options, dead ends and the reform of Australian contract law

Legal Studies ◽  
2014 ◽  
Vol 34 (1) ◽  
pp. 24-46
Author(s):  
Martin Doris
Keyword(s):  
Law And Economics ◽  
Contract Law ◽  
Reform Process ◽  
Australian Government ◽  
Discussion Paper ◽  
High Profile ◽  
European Institutions ◽  
European Experience ◽  
Potential Risks ◽  
The Eu

The Australian government has launched a consultation on the possible reform of domestic contract law. The Attorney-General's Department is currently seeking stakeholder views on the need to reduce inconsistencies and/or remove outdated rules, and on ways to improve legal certainty generally both for businesses and consumers alike. Its current discussion paper, though open-ended as regards next steps, appears to be talking the language of simplification and coherence that has resonated particularly in the EU for well over a decade. Yet, the ongoing, high-profile project aimed at delivering a more coherent and uniform contract law for Europe's internal market has to date proved controversial, and recent concrete initiatives have generated much adverse commentary, particularly from law-and-economics scholars. The European experience therefore offers a series of signposts but equally a number of hazard markers for the Attorney-General's Department. Indeed, many of the broad assumptions underlying developments in the EU rest on weak foundations. The European institutions have further followed a number of dead ends in the pursuit of ‘coherence’ that ought reasonably to be avoided. This paper explores potential risks underlying the current Australian reform process and offers a number of suggestions on a possible way forward.

14. Security and Terrorism

2020 ◽  
pp. 289-306
Author(s):  
Mai’a K. Davis Cross
Keyword(s):  
International Terrorism ◽  
National Politics ◽  
Counter Terrorism ◽  
High Profile ◽  
European Approach ◽  
Domestic Security ◽  
European Experience ◽  
The Impact ◽  
The Eu

The rise of international terrorism has made domestic security a high-profile issue in Europe. This chapter first provides an overview of the European experience of terrorism, and discusses how European governments have responded to terrorist threats. The focus then shifts to the EU level, as increasingly this is where the most significant developments are taking place in the field of security and counter-terrorism. The chapter delves into the development of the EU’s counter-terrorism policy, within the context of an increasingly stronger European approach to security more generally. Particular attention is paid to the impact of the ISIS-inspired attacks that took place between 2015 and 2017, including the effect they had on national politics.

Blockchain and virtual currency regulation in the EU

2018 ◽  
Vol 19 (3) ◽  
pp. 33-38 ◽  
Author(s):  
Jurgita Miseviciute
Keyword(s):  
Design Methodology ◽  
Virtual Currency ◽  
Content Type ◽  
Legal Tender ◽  
High Profile ◽  
Current State ◽  
Distributed Ledger ◽  
European Institutions ◽  
Current Stage ◽  
The Eu

Purpose This paper aims to explain the current stage of blockchain and virtual currency regulation in the EU. Design/methodology/approach The paper explains the current state of blockchain and virtual currency regulation in the EU, presenting the EU institutions’ main policy and regulatory initiatives on, and approaches to, blockchain and virtual currency. Findings Though the EU is looking seriously at the potential of blockchain and distributed ledger technologies, many European institutions are of the opinion that it is still too early to regulate in this field. As far as virtual currencies are concerned, Member States’ central banks do not consider them to be equivalent to money or legal tender. However, with the current high profile of and interest in virtual currencies, one can expect the European Commission to at least consider what regulation might be called for. Originality/value This study provides practical guidance on and introduction to the current regulatory and policy landscape of blockchain and virtual currency in the EU.

European experience in transition to circular economy

2020 ◽  
Vol 19 (4) ◽  
pp. 598-617 ◽  
Author(s):  
S.V. Ratner
Keyword(s):  
European Union ◽  
Circular Economy ◽  
Raw Materials ◽  
Action Plan ◽  
National Level ◽  
The European Union ◽  
Scientific Methods ◽  
European Experience ◽  
General Scientific ◽  
The Eu

Subject. The article considers the concept of circular economy, which has originated relatively recently in the academic literature, and is now increasingly recognized in many countries at the national level. In the European Union, the transition to circular economy is viewed as an opportunity to improve competitiveness of the European Union, protect businesses from resource shortages and fluctuating prices for raw materials and supplies, and a way to increase employment and innovation. Objectives. The aim of the study is to analyze the incentives developed by the European Commission for moving to circular economy, and to assess their effectiveness on the basis of statistical analysis. Methods. I employ general scientific methods of research. Results. The analysis of the EU Action Plan for the Circular Economy enabled to conclude that the results of the recent research in circular economy barriers, eco-innovation, technology and infrastructure were successfully integrated into the framework of this document. Understanding the root causes holding back the circular economy development and the balanced combination of economic and administrative incentives strengthened the Action Plan, and it contributed to the circular economy development in the EU. Conclusions. The measures to stimulate the development of the circular economy proposed in the European Action Plan can be viewed as a prototype for designing similar strategies in other countries, including Russia. Meanwhile, a more detailed analysis of barriers to the circular economy at the level of individual countries and regions is needed.

scholarly journals A Law and Economics Perspective on the EU Directive on Representative Actions

2021 ◽  
Author(s):  
L. Visscher ◽  
M. Faure
Keyword(s):  
Law And Economics ◽  
Class Action ◽  
Third Party ◽  
Collective Actions ◽  
Member States ◽  
Eu Directive ◽  
Opt Out ◽  
Contingency Fees ◽  
Party Funding ◽  
The Eu

AbstractThis article provides an analysis of the Directive on representative actions for the protection of the collective interests of consumers of 25 November 2020. The Directive enables qualified entities to bring representative actions on behalf of the consumer. The article uses a Law and Economics approach to stress the advantages of collective actions as a tool to remedy rational apathy and free-rider behaviour. The article therefore in principle welcomes the fact that this Directive will lead to all Member States having some form of collective redress. However, it is rather difficult to fit this Directive into the economic criteria for centralization as there is no obvious danger of cross-border externalities or a race-to-the-bottom. The article is critical of the fact that the Directive only provides for a representative action and does not mention the alternative of a group action (sometimes referred to as a class action). This is especially problematic if there are very few qualified entities that could bring the representative action. Furthermore, the fact that Member States may choose an opt-in procedure instead of an opt-out procedure is critically evaluated. The most problematic aspect of the Directive is the funding of the representative action. Punitive damages and contingency fees are rejected, and the possibility of third-party funding is restricted. It is therefore to be feared that this Directive, notwithstanding the good intentions, may not lead to much application in practice, since the question of how the representative action is to be financed is not resolved in any satisfactory manner.

Principles and Structures of European Risk Governance, or: How (not) to Play a Trust Game

2013 ◽  
Vol 4 (2) ◽  
pp. 159-174
Author(s):  
Anne van Aaken
Keyword(s):  
International Organizations ◽  
Service Provision ◽  
Mutual Recognition ◽  
Trust Game ◽  
Risk Governance ◽  
Private Institutions ◽  
Cross Border ◽  
Potential Risks ◽  
Regulatory Functions ◽  
The Eu

Ever more risky service activities are carried out across borders, creating spillovers and externalities. At the same time, if freedom to provide services is legally enabled, states can cooperate in multiple ways to mitigate the potential risks accruing from crossborder activities. Global Administrative Law Scholarship distinguishes five types of administrative regulation: “administration by formal international organizations; administrations based on collective action by transnational networks of governmental officials; distributed administration conducted by national regulators under treaty regimes, mutual recognition arrangements or cooperative standards; administration by hybrid intergovernmental–private arrangements; and administration by private institutions with regulatory functions. In practice many of these layers overlap or combine […]”. In the area of risky cross–border service provision, the EU has moved from a more decentralised version of networks and mutual recognition characterised by coordination and minimum harmonization of rules and standards to a more centralized commandand–control system with European authorities and supervision.

Instrument of Mobilization or a Bridge towards Understanding? Religion and Values in the Reform Process of the European Union

2009 ◽  
Vol 2 (3) ◽  
pp. 257-284 ◽  
Author(s):  
Christof Mandry
Keyword(s):  
European Union ◽  
Political Identity ◽  
Fundamental Question ◽  
Fundamental Rights ◽  
The Self ◽  
Reform Process ◽  
The European Union ◽  
Charter Of Fundamental Rights ◽  
The Relationship ◽  
The Eu

AbstractThe self-understanding of the Europeans has been profoundly put into question since 1989, and during the EU reform process, 'Europe' was confronted by the task of describing itself anew. In this context, the debate about the significance of the religious patrimony took on a key position in the discourse. The broad public discussions of the preambles to the European Charter of Fundamental Rights and the Treaty establishing a Constitution for the European Union (ECT) indicate that the relationship between religion and political remains a controversial issue. The article argues that the 'preamble disputes' are part and parcel of the European Union's quest for a political identity and that the outcome of the identity debate—the self-description as a 'community of values'—deals in a specific way with this fundamental question.

European Union Law

2021 ◽  
Author(s):  
Margot Horspool ◽  
Matthew Humphreys ◽  
Michael Wells-Greco
Keyword(s):  
European Union ◽  
Environmental Law ◽  
Research Topics ◽  
European Union Law ◽  
European Institutions ◽  
The Subject ◽  
Free Movement Of Goods ◽  
The Uk ◽  
Substantive Law ◽  
The Eu

Titles in the Core Text series take the reader straight to the heart of the subject, providing focused, concise and reliable guides for students at all levels. The eleventh edition of European Union Law provides a systematic overview of the European institutions and offers thorough, wide-ranging coverage of the key substantive law topics, including separate chapters on competition, discrimination, environmental law and services. It also features a new chapter on the EU and its relationship with third countries, including the UK. Incisive analysis of the governing themes and principles of EU law is consistently delivered, while chapter summaries, critical questions, further reading suggestions and the new ‘Brexit checklist’ feature help to guide the reader through the subject and support further research. Topics covered also include supremacy and direct effect, the European Courts, general principles, free movement of goods and persons and citizenship.

Fighting disinformation. The impact of the Covid-19 on youth trust in European Institutions

2021 ◽  
pp. 71-89
Author(s):  
Lucia D’Ambrosi ◽  
Isabel Iniesta ◽  
Mariaeugenia Parito ◽  
Ricardo Pérez-Calle
Keyword(s):  
Multivariate Analysis ◽  
Young People ◽  
Quantitative Study ◽  
Sense Of Belonging ◽  
Analysis Method ◽  
Eu Integration ◽  
European Institutions ◽  
Communicative Actions ◽  
The Impact ◽  
The Eu

The pandemic crisis and the linked infodemic are extraordinary cases to test the EU capability to manage the disinformation disorder, especially towards young people. This paper aims to analyse the impact of the EU communicative actions regarding disinformation about Covid-19, on trust and sense of belonging in young Italian and Spanish university students. The research presents an exploratory and quantitative study that uses a second-generation multivariate analysis method. The results show that trust can be very well the resource on which EU communicative actions may positively impact. Nevertheless, our study reveals that the EU in-stitutions measures have not increased sense of belonging in EU integration.

scholarly journals The regulation of crypto-assets in the EU – investment and payment tokens under the radar

2020 ◽  
Vol 27 (3) ◽  
pp. 325-342
Author(s):  
Valeria Ferrari
Keyword(s):  
Eu Law ◽  
Electronic Money ◽  
Ongoing Debate ◽  
European Institutions ◽  
European Banking Authority ◽  
European Banking ◽  
Payment Services ◽  
Legal Frameworks ◽  
The Eu ◽  
Regulatory Intervention

Based on the guidelines issued by the European Securities and Market Authority and by the European Banking Authority, the article deals with the legal qualification of blockchain-based crypto-assets under EU law. Focusing on crypto-assets that function as a) investment instruments (that is, investment tokens) and as b) electronic money (that is, payment tokens), the work outlines shortages and drawbacks in the applicability and enforcement of existing EU legal frameworks regulating investment activities and payment services. With such analysis, the article seeks to inform the ongoing debate within European institutions on the need of regulatory intervention in this area, and it points out pressing questions to be tackled by further research.

scholarly journals Will the EU Taxonomy Regulation Foster Sustainable Corporate Governance?

2021 ◽  
Vol 13 (21) ◽  
pp. 12316
Author(s):  
Alessio M. Pacces
Keyword(s):  
Corporate Governance ◽  
Environmental Sustainability ◽  
Institutional Investors ◽  
Law And Economics ◽  
Securities Regulation ◽  
Environmentally Sustainable ◽  
Financial Products ◽  
Principal Agent Problem ◽  
Sustainability Disclosure ◽  
The Eu

EU securities regulation has established a taxonomy of environmentally sustainable activities. This article discusses, from a law and economics standpoint, the potential of this taxonomy to support sustainable corporate governance. Corporate governance can be an efficient way to channel investor preferences towards sustainability because the concentration of institutional shareholding has lowered the transaction costs of shareholder action. However, there is a principal-agent problem between institutional investors and their beneficiaries, which depends on greenwashing and undermines sustainable corporate governance. This article argues that introducing environmental sustainability into EU mandatory disclosure aligns the institutional investors’ incentives with the interest of their beneficiaries and may foster the efficient inclusion of sustainability in corporate governance. The argument is threefold. Firstly, the EU taxonomy may curb greenwashing by standardizing the disclosure of environmental sustainability. Secondly, this information may become salient for the beneficiaries as the same standards define the sustainability preferences to be considered in recommending and marketing financial products. Thirdly, sustainability disclosure prompts institutional investors to compete for sustainability-minded beneficiaries. Being unable to avoid unsustainable companies altogether, institutional investors are expected to cater to beneficiaries’ preferences for environmental sustainability using voice instead of an exit.

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