Experiments. Law. Economics. Those three words taken by themselves encompass vast parts of the human intellectual experience. Even when we link them together as Experimental Law and Economics, we see a large and diverse body of inquiry over the last half century. This 21st volume of Research in Experimental Economics focuses on experimental and empirical investigations into topics about both the economic effects of the law and how economic theories can explain the behavior of individuals within a legal system. The papers in this volume follow two long-standing traditions. Firstly, the tradition of experimental methodology that allows one to test the potential impacts of alternate institutional arrangements. Secondly, a subset of the papers in this volume, in addition to exploring institutional change, follow the tradition in experimental economics of replication and robustness studies. Illuminating three key areas, by summarizing mechanisms to facilitate the assembly of property rights, exploring legal procedure, and replicating classic market experiments using more recent experimental methods to understand how different market rules affect market outcomes, each of these papers contributes to one of the broader areas within experimental law and economics.

The contributions in this volume elucidate both 'synthetic securitization' (which involves the investors in exposure-based securities to particular risks in exchange for a fee) and conventional securitization (issuance of securities for the primary purpose of raising funds for the originator or owner of the assets being securitized). The various contributions illustrate how the structures employed in securitizations are readily capable of being applied to a wide range of income-generating assets, including such innovative asset classes as the following:
- commercial mortgages
- student rents
- intellectual property rights
- carbon emission allowances
- life insurance policies
- project and infrastructure loans
- microfinance loans
- sovereign aid grants
- non-performing loans
- loans to finance corporate takeovers
- tax receivables and other public sector assets
In addition, this volume covers the emergence of new markets for securitization in Asia, Latin America, Islamic countries, and South Africa, as well as major developments in the accounting treatment of securitizations and evolving judicial attitudes to the underlying sale and credit derivative components of securitizations.

The third volume of this yearbook provides articles, comments, and analyses of developments throughout 1998. A special focus section highlights the most significant legal issues raised by the formation of a single currency in the ongoing process of economic and monetary union in the European Union. Commentary is provided on subjects including international financial standards and the transition economies, legal and practical aspects of recovering debt from Russian financial institutions, New Zealand's alternative approach to banking supervision, and regulation of foreign bank access in China. Recent developments, as with previous editions, cover all major areas of the world. This year includes analysis of China's new securities law, the development of the Financial Supervisory Authority in the UK, regional integration and trade liberalization in southern Africa, and problems created by government intervention in the Hong Kong stock market. This volume should be useful to anyone with an interest in international financial and economic law throughout the world.

This book explores the allocation of risk and liability of dangerous goods between the seller and the buyer under CIF (Cost, Insurance and Freight) and FOB (Free on Board) contracts, providing an in-depth study of the issue of carriage of dangerous goods in the context of international trade law. In addition to offering specific solutions to issues arising in the context of the contract of sale, the book provides a non-contractual angle, putting forward suggestions under non-contractual mechanisms. Importantly, the book incorporates case law examples from the Commonwealth and the US. Dangerous goods that are carried by sea can cause potential risks of losses and damages to the vessel, other cargoes and lives on board. The allocation of liability arising out of the carriage of dangerous goods has recently attracted unwelcome attention because of mis-declared cargoes leading to fires on board ships. Thus the book fills a gap in the literature by addressing the issue in detail with examples from multiple jurisdictions, and proposing solutions. In particular, the book analyses whether and to what extent the law of international sale of goods can provide any assistance in the re-allocation of liability between the buyer and the seller. This book will be of great interest to all those involved in the research as well as legal practice of international trade law and the law of carriage of goods by sea.

The enforcement of patent rights raises complex, and, from a private international law perspective, unique difficulties. Since intellectual property practitioners started to seek the consolidation of cross-border patent disputes, the interplay of private international rules has led to drastic changes in patent litigation across Europe. This book analyses in detail both the European rules on jurisdiction (the Brussels Convention and its successors) and the choice of law rules as they apply to cross-border patent disputes, and will be essential reading for both intellectual property lawyers and international commercial litigation specialists.

This book explores the future of cyber technologies and cyber operations which will influence advances in social media, cyber security, cyber physical systems, ethics, law, media, economics, infrastructure, military operations and other elements of societal interaction in the upcoming decades. It provides a review of future disruptive technologies and innovations in cyber security. It also serves as a resource for wargame planning and provides a strategic vision of the future direction of cyber operations. It informs military strategist about the future of cyber warfare. Written by leading experts in the field, chapters explore how future technical innovations vastly increase the interconnectivity of our physical and social systems and the growing need for resiliency in this vast and dynamic cyber infrastructure. The future of social media, autonomy, stateless finance, quantum information systems, the internet of things, the dark web, space satellite operations, and global network connectivity is explored along with the transformation of the legal and ethical considerations which surround them. The international challenges of cyber alliances, capabilities, and interoperability is challenged with the growing need for new laws, international oversight, and regulation which informs cybersecurity studies. The authors have a multi-disciplinary scope arranged in a big-picture framework, allowing both deep exploration of important topics and high level understanding of the topic. Evolution of Cyber Technologies and Operations to 2035 is as an excellent reference for professionals and researchers working in the security field, or as government and military workers, economics, law and more. Students will also find this book useful as a reference guide or secondary text book.

This book discusses doing business and making profit on the right side of the law. It explores the role of aligning business and legal strategies, and using the law as a powerful tool in making businesses successful. In this unique book, the author draws on his experience teaching future business leaders at the IIM Ahmedabad for more than a decade. Numerous case studies from across the globe and involving top-notch companies are discussed from both the business leadership and legal perspective, with takeaways included at the end. Intended for senior managers who would prefer to have the law as their friend, philosopher and guide, the book offers analyses of judgments from various courts, but mainly from the Supreme Court of India and the US Supreme Court, and provides judicial finality on several issues commonly faced by business leaders. As such, it serves as a valuable reference guide for senior business managers aspiring to take on top leadership positions.

The European system of insurance supervision under Solvency II constitutes a parallel to supervision of credit institutions under Basel III. At the heart of this new European insurance supervisory regime are the Solvency II Directive, the attendant regulation, and the EIOPA Regulation. The present volume, "Treatises on Solvency II", includes articles on the bases of European insurance supervision and the associated three pillars of solvency, governance, and disclosure, all viewed predominantly from a legal standpoint.

Protection of intellectual property rights (IPRs) has become a global issue. The Trade-Related Aspects of Intellectual Property (TRIPS) Agreement outlines the minimum standards for IPR protection for WTO members and offers a global regime for IPR protection. However, the benefits of TRIPS are more questionable in poorer countries where national infrastructure for research and development (R&D) and social protection are inadequate, whereas the cost of innovation is high. Today, after more than a decade of intense debate over global IPR protection, the problems remain acute, although there is also evidence of progress and cooperation. This book examines various views of the role of IPRs as incentives for innovation against the backdrop of development and the transfer of technology between globalised, knowledge-based, high technology economies. The book retraces the origins, content and interpretations of the TRIPS Agreement, including its interpretations by WTO dispute settlement organs. It also analyses sources of controversy over IPRs, examining pharmaceutical industry strategies of emerging countries with different IPR policies. The continuing international debate over IPRs is examined in depth, as are TRIPS rules and the controversy about implementing the 'flexibilities' of the Agreement in the light of national policy objectives. The author concludes that for governments in developing countries, as well as for their business and scientific communities, a great deal depends on domestic policy objectives and their implementation. IPR protection should be supporting domestic policies for innovation and investment. This, in turn requires a re-casting of the debate about TRIPS, to place cooperation in global and efficient R&D at the heart of concerns over IPR protection.

One of the primary functions of law is to ensure that the legal structure governing all social relations is predictable, coherent, consistent and applicable. Taken together, these characteristics of law are referred to as legal certainty. In traditional approaches to legal certainty, law is regarded as a hierarchical system of rules characterized by stability, clarity, uniformity, calculable enforcement, publicity and predictability. However, the current reality is that national legal systems no longer operate in isolation, but within a multilevel legal order, wherein norms created at both the international and regional level are directly applicable to national legal systems. Also, norm creation is no longer the exclusive prerogative of public officials of the state: private actors have an increasing influence on norm creation as well. Social scientists have referred to this phenomenon of interacting and overlapping competences as multilevel governance. Only recently have legal scholars focused attention on the increasing interconnectedness (and therefore the concomitant loss of primacy of national legal orders) between the global, European and national regulatory spheres through the concept of multilevel regulation.

In this project the author uses multilevel regulation as a term to characterize a regulatory space in which the process of rule making, rule enforcement and rule adjudication (the regulatory lifecycle) is dispersed across more than one administrative or territorial level and amongst several different actors, both public and private. The author draws on the concept of a regulatory space, using it as a framing device to differentiate between specific aspects of policy fields. The relationship between actors in such a space is non-hierarchical and they may be independent of each other. The lack of central ordering of the regulatory lifecycle within this regulatory space is the most important feature of such a space. The implications of multilevel regulation for the notion of legal certainty have attracted limited attention from scholars and the demand for legal certainty in regulatory practice is still a puzzle. The book explores the idea of legal certainty in terms of the perceptions and expectations of regulatees in the context of medical products - specifically, pharmaceuticals and medical devices, which can be differentiated as two regulatory spaces and therefore form two case studies. As an exploratory project, the book necessarily explores new territory in terms of investigating legal certainty first in terms of regulatee perceptions and expectations and second, because it studies it in the context of multilevel regulation.

Under globalization, the resolution of commercial disputes across national borders is assuming ever greater importance. This study explores a range of possible approaches, both within the established legal infrastructure, and through alternatives, not only arbitration, but also non-confrontational means such as negotiation and mediation/conciliation. The Japanese experience in dispute processing is taken as a means of exploring the ways in which international harmonization efforts such as the UNCITRAL Model Law impact on individual nations. As an Asian nation which has adopted and adapted a variety of Western practices under modernization and democratization, Japan is in a unique position to offer a balanced global example - a model for a more comprehensive approach to disputes as an integrated multi-layered system. The book should be of interest to the scholar and practitioner of trans-national/cultural commercial dispute processing as well as those who are involved in the law reform technical co-operation.

International Organizations as Law-makers addresses how international organizations with a global reach, such as the UN and the WTO, have changed the mechanisms and reasoning behind the making, implementation, and enforcement of international law. Alvarez argues that existing descriptions of international law and international organizations do not do justice to the complex changes resulting from the increased importance of these institutions after World War II, and especially from changes after the end of the Cold War. In particular, this book examines the impact of the institutions on international law through the day to day application and interpretation of institutional law, the making of multilateral treaties, and the decisions of a proliferating number of institutionalized dispute settlers. The introductory chapters synthesize and challenge the existing descriptions and theoretical frameworks for addressing international organizations. Part I re-examines the law resulting from the activity of political organs, such as the UN General Assembly and Security Council, technocratic entities within UN specialized agencies, and international financial institutions such as the IMF, and considers their impact on the once sacrosanct 'domestic jurisdiction' of states, as well as on traditional conceptions of the basic sources of international law. Part II assesses the impact of the move towards institutions on treaty-making. It addresses the interplay between negotiating venues and procedures and interstate cooperation and asks whether the involvement of international organizations has made modern treaties 'better'. Part III examines the proliferation of institutionalized dispute settlers, from the UN Secretary General to the WTO's dispute settlement body, and re-examines their role as both settlers of disputes and law-makers. The final chapter considers the promise and the perils of the turn to formal institutions for the making of the new kinds of 'soft' and 'hard' global law, including the potential for forms of hegemonic international law.

Economic activity, Professor Qureshi insists, is a visible manifestation of the human condition. Therefore, the laws that regulate it and develop its norms must be deeply human. International economic law must be ever-vigilant in its efforts to represent the economic needs of all strata of humanity - it must not allow the cultural imperatives of any one group to predominate. To investigate the validity of this deeply-held conviction, in May 2001 Professor Qureshi and the University of Manchester School of Law brought together a conference of major IEL scholars to elicit as broad a diversity of perspectives as possible. This book, grew out of that conference, with contributors and other scholars focusing and augmenting their standpoints in essays that crystallize the critical perspectives from which IEL may be viewed. Issues and topics that arise in the course of the investigation include the following: globalization and its institutions; the survival of the nation-state; the role of the International Court of Justice; sustainable development; developing countries and dispute settlement; developing countries and trade negotiations; regional integration; human rights and the "untouchability" of IEL; and the gender bias of basic IEL institutions and rules. There are also clear presentations of specifically Marxist and Islamic perspectives, and an analysis along lines of "fairness" as developed by Thomas Franck and John Rawls.

This volume traces the evolution of the field of law and economics from its European roots to its neoclassical "Chicagoan" period to its current identity as a more fluid, transatlantic discipline. Paying special attention to the work of German economist Juergen Backhaus, who was instrumental in the reintroduction of the European perspective to the field, this book analyzes this gradual shift in the law and economics debate and provides a state-of-the-art of the literature currently being produced by the field's most active scholars. Beginning with a discussion of the history of the field and Backhaus' role in its development, the volume provides a survey of issues central to the current debate such as legal processes in both Europe and the U.S., constitutional political economy, regulatory law, and the ongoing evolution of the European Union. The importance of this volume is two-fold, as it firmly grounds the discipline in history while establishing a future research agenda. This book will be of use to researchers studying law and economics as well as those interested in institutional analysis.

This book offers the analysis of the relationship between the Cape Town Convention and national laws on secured transactions. The first part of the book considers why national implementation is so important in the case of the Cape Town Convention and identifies how innovative the Convention is as a uniform law instrument. The second part includes chapters on those states that are Parties to the Cape Town Convention, which analyse how the Convention is implemented under the domestic law. The third part includes chapters on those states that are not Parties to the Convention, which compare their national laws and the Convention to find unique features of the Cape Town Convention's rules. The fourth part discusses the meaning of Protocols on aircraft, railway rolling stock and space assets from the practitioner's point of view. As a whole, the book offers insights into the new stage of uniform private law and shows the need for further examination of the subject, which will be essential for international and national legislators, academics of comparative and international private law as well as practitioners who are the users of the uniform law regime.

This book is a systematic comparative study of WTO and EU law relevant for universal service provision, and a timely contribution to the ongoing scholarly and policy debates about the concept and scope of universal service. Universal service is one of the most significant regulatory issues worldwide and it is likely to remain so. The central question dealt with by the author is how the technologically intensive sector of telecommunications services can be regulated in a socially fair way in the light of liberalisation and the immense importance of ICTs in the Information Society. The author investigates whether the legal frameworks of WTO and EU can meet the challenges of the rapid and dramatic technological and social change and formulates relevant policy recommendations. The book is of interest to both scholars and practitioners in several disciplines, such as EU and WTO law, telecommunications law and regulation, political science regarding market regulation and governance as well as European integration and WTO. Olga Batura is affiliated to the Leuphana Law School, University of Luneburg, Germany, and to the European Humanities University in Vilnius, Lithania.

As far back as Ricardo's principle of comparative advantage - from which all trade liberalization theory ultimately derives - it has been customary to treat agriculture as the general exception to trade rules. Nations protect their agricultural trade in a variety of ways: through the limited quantitative restrictions and export quotas permitted under prevailing trade rules; through country-specific derogation in the form of waivers; or even through blatant violations of the General Agreement on Tariffs and Trade (GATT). In fact, despite the general dramatic decline in tariffs in recent decades, the level of effective protection against the flow of agricultural trade has been steadily rising, almost entirely at the behest of developed countries and to the detriment of developing countries. This book analyzes the realities and future prospects for global trade in agricultural products. It seeks to explain the real or apparent rationale behind the virtual exemption of agricultural trade from the operation of the law governing international trade in general, focusing on the GATT/WTO system but examining a variety of nation-source policy reasons that generate this crucial counter-current to the general sweep of trade liberalization. The issues and topics that arise in the course of the discussion include the following: the "tariffication" of non-tariff barriers under the Agriculture Agreement; export subsidies under the Agreement on Subsidies and Countervailing Measures; remedies available against prohibited subsidies; relevant WTO cases, especially FSC and Canada Dairy, as well as earlier GATT jurisprudence; "downstream flexibility" exceptions; the concept of "domestic support"; methods used to reduce Aggregate Measurement of Support (AMS); and, relevant non-trade concerns, for example, environment; poverty alleviation; food safety; and animal welfare. Professionals interested in the effective and equitable development of international trade, as well as officials involved in trade or agricultural regulation at any administrative level, should find both informed insight into present and future concerns and realistic assessment of a critical area of global policy in this book.

Now ratified by 73 countries from every geographical region, representing every stage of economic development and every major legal and economic system, the United Nations Convention on Contracts of the International Sales of Goods (CISG) has changed the way international sales contracts are drafted and resulting disputes settled. In the decade since the Third Edition of Professor John Honnold's classic commentary, there has been vast growth in the number of decisions from tribunals around the world which have applied the CISG, an explosion of new scholarly analyses of the Convention, and remarkable developments in the research infrastructure that permits access to those materials. These developments have raised many new issues, and have deepened our understanding of (or, in some instances, effectively resolved) old ones. The remarkable progress of this epoch-making uniform international law calls for an updated edition of Professor Honnold's treatise.

"This Fourth Edition" retains the original's incisive article-by-article commentary, as well as its insistence on how the parties' duties and the corresponding remedies need to work together ('like scissor-blades, ' to quote Professor Honnold's vivid simile) and the many concrete examples that illustrate and test the Convention's response to problems that arise in international trade. It deals definitively with the crucial aspects of sales contracts, including the following, taking fully into account the myriad variations among distinct legal systems: delivery of the goods and handing over of documents; conformity of the goods and third party claims; remedies for breach of contract by the seller; payment of the price; taking delivery; remedies for breach of contract by the buyer; anticipatory breach and instalment contracts; damages; interest; exemptions; effects of avoidance; and preservation of the goods conclusion ( formation) of contracts.

In explicit recognition of Professor Honnold's unique understanding of the Convention's development and the issues that occupied those who drafted and finalized the text, the substantial new textual material incorporated into this new edition is set in bold italics, allowing the reader to distinguish the work of the editor from text preserved from earlier editions, and thus identifying the material that carries Professor Honnold's special authority.

Over three decades Professor Honnold's almost intuitive grasp of the instrument has guided governments, tribunals, scholars and practitioners towards an enlightened international understanding of the treaty. This new edition provides tribunals, practitioners, and scholars with even more invaluable insights into the meaning of each article of the Convention. The hundreds of decisions cited, many of them dating from the last few years, will continue to influence the promotion of international sales contract uniformity, encourage the settlement of disputes, and help to reinforce consensus in the application of the Convention.

This book gives readers the theoretical and empirical methods to analyze applied economics. They are institutional economics, information economics, environmental economics, international economics, financial economics, industrial organization, public economics, law and economics, and spatial economics. Because the chapters of this book deal with current topics in these categories, they are relevant not only to researchers and graduate students but also to policy makers and entrepreneurs. As there is uncertainty about the global economy, it is necessary to consider optimal, efficient behavior to survive in the confused world. The book is organized in three parts. Part 1 deals with institutional economics, information economics, and related topics, approached through game theory. Part 2 focuses on environmental economics, international economics, and financial economics, through a microeconomic or econometric approach. Finally, Part 3 concentrates on public economics, social security, and related fields, through microeconomics or macroeconomics.

This book presents a critical analysis of the rules on the contents and effects of contracts included in the proposal for a Common European Sales Law (CESL). The European Commission published this proposal in October 2011 and then withdrew it in December 2014, notwithstanding the support the proposal had received from the European Parliament in February 2014. On 6 May 2015, in its Communication 'A Digital Single Market Strategy for Europe', the Commission expressed its intention to "make an amended legislative proposal (...) further harmonising the main rights and obligations of the parties to a sales contract". The critical comments and suggestions contained in this book, to be understood as lessons to learn from the CESL, intend to help not only the Commission but also other national and supranational actors, both public and private (including courts, lawyers, stakeholders, contract parties, academics and students) in dealing with present and future European and national instruments in the field of contract law. The book is structured into two parts. The first part contains five essays exploring the origin, the ambitions and the possible future role of the CESL and its rules on the contents and effects of contracts. The second part contains specific comments to each of the model rules on the contents and effects of contracts laid down in Chapter 7 CESL (Art. 66-78). Together, the essays and comments in this volume contribute to answering the question of whether and to what extent rules such as those laid down in Art. 66-78 CESL could improve or worsen the position of consumers and businesses in comparison to the correspondent provisions of national contract law. The volume adopts a comparative perspective focusing mainly, but not exclusively, on German and Dutch law.

Intended for both business people and legal practitioners, this book offers a practical conceptual framework for the analysis and implementation of cross-border technology transactions, as well as alerting potential parties to technology transfers to the salient issues they should systematically confront and resolve as they seek to structure and implement their transaction. Particular attention is devoted to the identification of traps in the path of successful international-technology transfer. The term "technology" is used in the book in its broadest possible sense, including what in some countries is referred to as "industrial property" and encompassing all legal categories of intellectual property, such as copyrights, trademarks, patents, know-how and trade secrets. The book applies an interdisciplinary approach to a complex and interdisciplinary subject and seeks to harmonize the frequently divergent perspectives that business people and lawyers bring to technology transactions. The topics covered include intellectual-property regimes and how to safeguard one's proprietary rights in technology; contractual provisions; tax structures and tax implications of technology-transfer transactions; and conflicts of law, choice of law and dispute resolution in the international technology-transfer context.

Banking Regulation and World Trade Law concerns the legal aspects of the interaction between banking regulation and international trade in financial services. The author studies the internal banking market of the European Union, the liberalisation of financial services trade in the World Trade Organization, the accords of the Basel Committee on Banking Supervision and the European Central Bank. The book focuses on the balancing between banking regulation and international trade law. It discusses discrimination and proportionality in national banking regulation, the allocation of prudential regulation and supervision between home and host country, and international financial law-making. The author questions decentralised/nation-based banking regulation and supervision as a foundation for a sustainable liberalisation of international trade in financial services. The book considers various reforms of the international financial architecture, such as the incorporation of the Basel processes and accords into the WTO system, and the setting up of new international institutions by building on the Basel Committees or the IMF structures. The role of central banking in designing the international financial architecture is also explored: the book reviews the ECB's competence over foreign exchange policy and its function as lender of last resort, and treats price stability, banking soundness and representation as critical concepts. The analysis also reveals that the concept of 'prudential', despite its extensive use in banking regulation, has not been defined with adequate precision. In seeking to delineate the interface between international economic law and banking regulation, Dr Panourgias builds on the rich European scholarship on institutional financial issues and the US interdisciplinary approach to world trade law. He also entertains the notion of international financial law as a distinct field. The book will be of particular interest to those concerned with financial law and international banking.

Trade policy has played a vital role in the decline of European electronics business. The events that resulted in the disappearance of the European television industry, of a European and Japanese video recorder format and of other European consumer electronics are directly related to market structures in exporting countries and business practices. In this book, factual business data shows and economic models explain how restrictive trade practices result in elimination of efficient competitors in export markets. It deals with the memorable case how a videocassette recorder format was established by dumping and how politics enabled it. An innovative tariff increase for CD players was invalidated by heavy dumping, causing closure of production in Europe. European CTV industry succumbed under permanent dumping and a series of biases - as the interest of a state-owned company - and serious errors making trade instruments void and rules irreconcilable with international agreements. Practical and theoretical examples and explanations, some in detail, of trade rules are provided. The book sketches events - carelessness, prejudice or special interests, arbitrary and false application of trade instruments and fraud - resulting in disappearance of various European electronics business segments.

The laws of the Member States of the European Union and the tax treaties concluded by them - being part of their national laws - must be consistent with European Community law. Apart from EC Directives and Regulations, the EC Treaty itself contains rules directly applicable to matters of international taxation. In this context the decisions of the European Court of Justice on the fundamental freedoms laid down in the EC treaty are of primary importance. If a provision of a tax treaty is in conflict with the EC Treaty, it is superseded by the Treaty provisions. The EC Treaty may therefore have the effect of changing the content of tax treaties, a matter of crucial importance to international tax planning techniques. This collection of essays examines the effects of primary European Community law, in particular the fundamental freedom provisions in the EC Treaty, on tax treaties concluded by the Member States. Using the method of examination employed by the European Court of Justice, the contributors to this volume present a systematic analysis of the effects of the interaction of national tax law, tax treaty law and the EC Treaty.

This book provides a comprehensive guide to the scope of European Merger Control Regulations. It follows a practical approach, which is aimed at fulfilling the need for a straightforward, user-friendly introduction to the workings of merger control at European level. It is designed to provide the reader with the framework provisions, as opposed to a case-by-case analysis, thereby enabling those involved with mergers to understand more comprehensively how the regulations and the decisions of the Merger Task Force affect specific mergers, organizations and business. The scope and functions of the Merger Regulations are set out fully and step-by-step guides to the various procedures are provided. Information sources include the full text of the Regulations as amended, relevant Commission Notices, and details of the national authorities dealing with mergers. As the EU moves further towards the accomplishment of the internal market and as mergers of ever-increasing value take place, the Merger Regulations and the work of the Merger Task Force has become of heightened importance.