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Regulation presupposes that we move from a political conception of Act (that is to say a collective Decision expressed by the State) or a civilist one (that is, a will expressed by one or several individuals in one Contract) to an economic vision of trading organizations whose action is the expression of the market. If one relies on the adjustment of supply and demand, that is to say, the meeting of desires and interests, there will be "self-regulation", which is the "Law of the Market ", referring to competition law. The act of the operators is only a reflection of this law, in action.

La Régulation est alors plus complexe car elle vise autre chose que cette rationalité mécanique, soit en raison d’une défaillance du marché (par exemple en cas de monopole naturel) soit parce qu’on veut obtenir plus que ce que le marché peut donner (par ex. l’accès de tous à des biens communs, comme la santé, même pour des demandeurs insolvables). Dans ce cas, sont élaborées des règlementations, interventions ex ante désignées en anglais par le terme regulation. La règlementation est adéquate si elle incite des agents économiques à adopter des comportements qui concrétisent le but recherché par l’auteur de la règlementation.

Regulation is then more complex because it aims at something other than this mechanical rationality, either because of a market failure (for example in the case of a natural monopoly) or because it wants to obtain more than the market can give ( Eg access to common goods by all, such as health, even for insolvent claimants). In this case, regulations are drawn up, ex ante intervention. The regulation is adequate if it encourages economic agents to adopt behaviors that concretize the aim sought by the author of the regulatory mechanisms.

This strategic use of law then requires the necessary detour through the economic analysis of law, that is to say the analysis of law in its economic effects.

This discipline created in the United States by Ronald Coase (Nobel Prize for Economics in 1991) can be merely descriptive and reveal what economic effects the law produced. This conception, which is that of Richard Posner, makes the economic analysis of law an instrument of expertise for the political decision-maker, who can take this into account if it is necessary to modify the rules. A more radical conception of the so-called "normative economic analysis of law" is to argue that the conclusions of the analysis would oblige the decision-maker to follow it.

The issue is decisive because in the first case the law and the jurists - in particular the Legislator and the judge - still have an autonomous existence, in the second case they no longer exist, they are no more than the binding and explicit form of the "Law of the market" whose nature is a-legal.

Even in its descriptive form, economic analysis of the law is generally rejected in France in that it disregards the role of the law in that it carries moral values. It is in reality to ignore its merely descriptive, instructive and useful function, and the fact that it opens instead the amplitude of the rational choice offered to political decision-makers. Moreover, regulation is not only a technical discipline, it is also a political and philosophical issue. Descriptive economic analysis is more appropriate to it than normative economic analysis of the law, which claims to vassalize or even destroy other disciplines, which are substantially unknown.

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Passenger transport markets in Europe have been, and continue to be, liberalised across jurisdictions and sectors.

Since July 2015, passenger coach operators in France have been allowed to operate without regulation on longer routes (over 100km). For shorter routes, ARAFER, the French regulator for rail and roads, will test whether the coach service is likely to threaten the viability of the public rail service offered by SNCF on the same route. What changes could this reform bring, and how might the economic test be applied?

We know the importance of the credit mortgage c in the United States and the place of its failure in the financial crisis of 2008 and those that erupted. The refinancing market of the real estate loans is held by three operators, including Fannie Mae and Freddie Mac. This market is regulated and overseen by the Federal Housing Agency (FHFA). This agency has the power to adjust as needed to lower the principal amount of mortgage debt if market value of purchased assets decline also. But he Federal Housing Finance Agency (FHFA) sought for this purpose by the same firms of refinancing acting at the request of the Government, refused to allow such an adjustment. On July 31, 2012, the Secretary of the Treasury of the United States is expressed "concern" of such refusal, which risk to distressed companies of refinancing of mortgages, including the rescue has already cost so much at the first time.

The Algerian population is heavily access the mobile phone. Operators had designed special offers, including the terminal itself and a "pre-paid" said contract, the subscriber having a consumption credit, thereby decreasing by the use. The Algerian Telecommunications regulator, by a decision of March, 7 2012, has purely and simply prohibits this type of offer, while she oversees other type of promotional offers. This prohibition is criticized in that it breaks the dynamics of the market, 95% of the customers do not have the opportunity to access to another service than prepaid subscription and being excluded from access to the mobile terminals. It is advocated by others, that only subscriptions giving rise to payment after the use correspond to a mature market, with creditworthy customers and more complex services. The regulator did not intend to speak on this issue.

On the paper the "Autorité de Régulation du Secteur de la Microfinance» - ARSM" (the Regulatory Authority of the Microfinance Sector), established by law in Niger, is both original and powerful. Indeed, it is rare that this financing mechanism be regulated by a body that is its own and the Decree of 27 March 2007 that created gives it the powers to deliver licenses, permits to exercise, to disseminate information, to monitor the " Systèmes Financiers Décentralisés"- SFD (Decentralised Financial Systems), to conduct inspections and sanction. But in reality, the economic culture of savings failed in Niger and political instability made goes away a few foreign cooperative banks which had supplemented the lack of conventional banks. The Authority also requests that the public authorities, managers of the structures of micro-credit clean up the sector, before injecting any new money.

On 7 June 2012, in Copenhague, at the Institute of International Finance (IIF) analysed the impact of the new regulatory regime on banks, credit and systemic risk and the new challenges facing Europe. He took act that Zero growth is expected, european unemployemt is at 10%, many firms have difficulties to finance new projects and spending for innovation is down. I said that European leaders need to do more, even if they have already done much. They are obtaining a new fiscal compact, which requires very strict rules on government deficits and agreed on a close coordination of our national economic policies, notably though the "European semester" including a collective right to review the annual budget of each Member State before it is finalised. But to restore the citizens’ trust, Regulation must be developped.

Translated Summaries

In The Journal of Regulation the summaries’ translation are done by the Editors and not by the authors

ENGLISH

On December 5, 2011, the United States Postal Service, an agency of the federal government, announced that it would close 252 of its mail processing centers by March 2012, thereby ending the expectation for next-day delivery of intra-zone first-class mail and increasing all delivery times by one day, as well as seek legislative approval for a plethora of other service cuts.

FRENCH

Le 5 décembre 2011, La Poste américaine, une agence fédérale, a annoncé qu’elle fermerait 252 de ses centres de courrier d’ici mars 2012 ainsi mettant fin à la livraison J+1 pour le courrier prioritaire intra-zone et rajoutant un jour à la livraison de tout autre pli, et qu’elle demanderait au Congrès l’autorisation d’effectuer des coupures de service plus significatives encore.

ITALIAN

Il 5 dicembre 2011 il servizio postale degli Stati Uniti, agenzia del governo federale, ha annunciato che chiuderà 252 centri di smistamento per la fine del mese di marzo 2012, mettendo fine alla consegna in 24 ore di posta di prima classe aumentando i tempi di consegna di un giorno. L’agenzia ha inoltre richiesto l’autorizzazione del legislatore per altri tagli di servizio.

 

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Other translations forthcoming.