European Economic and Business Law

Legal and Economic Analyses on Integration and Harmonization

Richard M. Buxbaum, Gérard Hertig, Alain Hirsch, Klaus J. Hopt, Richard M. Buxbaum, Gérard Hertig, Alain Hirsch, Klaus J. Hopt

• Publisher: De Gruyter
• Year: 2011
• Print ISBN: 9783110142426
• eBook ISBN: 9783110908893
• Edition: 1
• Topic: Law
• Subtopic: International Law
• Index: Law

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Table of contents

• List of Participants
• Abbreviations
• Introduction. Federalism and European Business Law
• Frank H. Easterbrook
• Chapter One. A Short Walk in the Realm of Subsidiarity
• Paul Demaret
• I. Introduction
• II. The Entry of Subsidiarity into the Community Framework
• III. The Scope of the Subsidiarity Principle Under the Maastricht Treaty
• IV. The Implementation of the Principle of Subsidiarity Under the Maastricht Treaty
• V. Conclusion
• Chapter Two. Ensuring Compliance and Implementation by Member States
• A. Report: Jean-Victor Louis
• I. Introduction: Insufficient Effectiveness of Community Law
• II. A Subject of Growing Concern
• III. Some Crucial or Controversial Aspects
• IV. Normative and Administrative Implementation
• V. Control of the Application
• VI. Sanction of Infringements of Community Law
• VII. Tentative Conclusion
• B. Discussion
• I. Introductory Remarks
• II. Right Level of Government
• III. Implementation and the Francovich Case
• IV. The Role of the Court of Justice
• Chapter Three. A Common Currency: How to Get There And is it Worth it?
• A. Report: Niels Thygesen
• I. Introduction
• II. Benefits and Costs of a Common Currency – is it Worth it?
• III. Would the Common Currency Ensure Stable and Low Inflation?
• IV. How Do We Get There?
• V. Tentative Conclusions
• B. Discussion
• I. Introductory Remarks
• II. Political Union as a Prerequisite for Monetary Union
• III. Time Targets and EMI
• IV. Benefits and Costs
• Chapter Four. The EMU and Fiscal Policy in the New European Community: An Issue for Economic Federalism
• A. Report: Robert P. Inman and Daniel L. Rubinfeld
• I. Introduction
• II. A European Monetary Union?
• III. Private Control of Country-Specific Economic Shocks
• IV. The Political Management of Centralized Fiscal Policies in the European Union
• V. Implications for European Federalism
• B. Discussion
• I. Introduction
• II. The Politics of Centralization
• III. Undoing Centralization
• IV. Unemployment Compensation Systems
• Chapter Five. Eastern Europe
• A. Report N° 1: Richard M. Buxbaum. Modernization, Codification, and Harmonization: The Influence of the Economic Law of the European Union on Law Reform in the Former Socialist Bloc
• I. Introduction
• II. The First Steps
• III. Europe Agreement: Problems and Procedures
• IV. Agreement on Inter-Parliamentary Cooperation: Problems and Procedures
• V. Conclusion
• Report N° 2: Stanislaw Soltysinski. Polish Law On National Investment Funds And Their Privatization (1993): An Overview
• I. Introduction
• II. The Purposes and the Procedure of Establishment of NIFs
• III. Governing Bodies of the Funds. Management Firms
• IV. Antitrust Provisions
• V. Share Certificates
• VI. Exchange of Share Certificates for Shares of the Funds
• VII. Conclusion
• B. Discussion
• I. Introduction: History
• II. Transition Strategies
• III. NIFs
• Chapter Six. Accounting Standards In Practice
• A. Report: Wienand Schruff
• I. Introduction
• II. The Current Status of Harmonized Accounting Standards in the European Union
• III. Barriers to Further Harmonization in the EU
• IV. Proposal
• V. Conclusion
• B. Discussion
• I. Do Differences in Accounting Methods Matter?
• II. The Link Between Accounting and Culture or Management Methods
• III. The Cost of Complying with Several Accounting Methods
• IV. Self-regulating Accounting Principles
• V. Modernizing the Seventh Directive
• Chapter Seven. Financial Services
• A. Report N° 1: Ruben Lee. Supervising EU Capital Markets: Do We Need A European SEC?
• I. Introduction
• II. The Current Environment
• III. Problems of Substance
• IV. Structural Faults
• V. Responses
• VI. Conclusion
• Commentary 1 on Report N° 1: Hideki Kanda
• I. Introduction
• II. Why Harmonization?
• III. Paradoxes of Regulation
• Commentary 2 on Report N° 1: Robert Austin
• I. Introduction
• II. The Functions of a Securities Regulator
• III. The Role of Competition Policy in Securities Regulation
• IV. Legislation v. Regulation
• V. The Theory of Harmonization
• Report N° 2: Gérard Hertig. Imperfect Mutual Recognition for EU Financial Services
• I. Introduction
• II. The Move toward Imperfect Mutual Recognition
• III. Imperfect Mutual Recognition as a Second Best Solution
• IV. Conclusion
• B. Discussion
• I. Introduction
• II. Cooperation Among Regulators and the Role of Courts
• III. Multiplying Regulatory Authorities
• Chapter Eight. Corporate Law and Politics
• A. Report N° 1: Mark J. Roe. German “Populism” and the Large Public Corporation
• I. Introduction
• II. Berle-Means and Atomization
• III. The German Structure
• IV. Political Influence in Germany
• V. Conclusion
• Report N° 2: Klaus J. Hopt. Labor Representation on Corporate Boards: Impacts and Problems for Corporate Governance and Economic Integration in Europe
• I. Introduction
• II. Legal and Economic Experiences With the German and Dutch Worker Co-determination Model
• III. Worker Co-determination in the EU: Legal, Economic and Socio-political Problems of Integration
• IV. Some Prospects and Theses
• B. Discussion
• I. Introduction
• II. A Contractarian View
• III. Co-determination Outside of Germany
• IV. Fragmentation of Financial Intermediation
• Chapter Nine. The Regulation of Takeover Bids in a Comparative Perspective
• Eddy Wymeersch
• I. Introduction
• II. Facts
• III. Takeovers and Other Comparable Transactions
• IV. Takeovers and the Corporate Control Market
• V. The Use of Protective and Defensive Measures
• VI. The Role of the Takeover Bid
• VII. Concluding Remarks
• Chapter Ten. Investors and Enterprise Structure
• A. Report: Eddy Wymeersch
• I. Introduction
• II. Distribution of Shares Among Investors
• III. The Role of the Business Enterprise
• IV. Conclusion
• B. Discussion
• I. Introduction
• II. Corporate Control
• III. Rescue Situations
• Chapter Eleven. The Structural Approach to Decentralizing Law: A Theory of Games and Norms
• A. Report: Robert D. Cooter
• I. Introduction
• II. Games and Norms
• III. Lawmaking
• IV. Conclusion
• B. Discussion
• I. Introduction
• II. Costs and Benefits of Decentralization
• III. Structure and Behavior
• IV. International Norms and Domestic Norms