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The Italian upper administrative court (“Consiglio di Stato”) ruled that the Autorità per le garanzie nelle comunicazioni (“AgCom” – the Italian Regulatory Authority for electronic communications) is not bound to provide a rigorous justification when issuing decisions not compliant with European Commission’s comments. This judgment is of general interest since, on the basis of a formalistic reasoning, it does not pay adequate attention to the role played by the European Commission in electronic communications’ regulatory proceedings at national level. Under the European regulatory framework (and the multilevel governance system established therein), comments from the European Commission are the main pillar of the horizontal coordination system between the European level and the national level, aimed at creating a competitive common market for electronic communications.

 

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The European Regulation of 16 September 2009 implements a new regulatory framework for credit rating agencies, in order to restore investor and consumer confidence, enable the supervision and transparency of credit ratings, and avoid conflicts of interest.

After two years of implementation of France, the 2004 Directive on markets in financial instruments is to be reviewed at the European level in 2010. The French report, elaborated by Pierre Fleuriot, examines whether or not the directive’s main objectives –the deregulation of markets and the lowering of trading costs- were achieved in an efficient way.

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The translated summaries are done by the Editors and not by the Authors.

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“Global Financial Integration, Thirty Years on. From reform to crisis” combines many academic contributions on international financial governance, that each offer original and in-depth analysis of the financial crisis’ causes. To safeguard the authors’ legal and economic reasoning, the bibliographical report has been divided in three parts and will be brought to The Journal of Regulation’s readers in three successive issues . The following report analyses the third part of the volume.

Other translations forthcoming.

After two years of implementation of France, the 2004 Directive on markets in financial instruments is to be reviewed at the European level in 2010. The French report, elaborated by Pierre Fleuriot, examines whether or not the directive’s main objectives –the deregulation of markets and the lowering of trading costs- were achieved in an efficient way.

On the one hand, economic structures, i.e., the centers of economic power, are relevant data for the functioning of the economy, since, especially in the countries in the Southern Hemisphere, they account for important characteristics in the underdevelopment process. On the other hand, as we have observed, these structures are the only ones from which any kind of presumption can be made about the probable behavior of economic agents. What has yet to be defined is the kind of instruments that can be used to define the orientation and behavior of these structures. Economic instruments are worth little as they do not supply concrete economic results that are susceptible to empirical verification. Standing in the way of the use of legal instruments, however, is the apparent difficulty in applying social policy to the economic sphere. For many years, decisions that have affected the economic order have been left primarily to economic theories to which the discussion of values is unfamiliar. It is time therefore, for a legal theory of economic behavior, based on legal procedural values and on the restriction of economic power structures.