This book paves the way for, and initiates, the second-generation of research in European private law subsequent to the Draft Common Frame of Reference (DCFR) needed for the 21st century.The book gives a voice to the growing dissatisfaction in academic discourse that the DCFR, as it stands in 2009, does not actually represent the condensed available knowledge on the possible future of European private law. The contributions in this book focus on the legitimacy of law making through academics both now and in the future, and on the possible conceptual choices which will affect the future of European private law. Drawing on experience gained from the DCFR the authors advocate the competition of ideas and concepts.This fascinating book will be a must-read for European lawyers, private lawyers in the Member States and academics dealing with conceptual issues of the future of the national and the European private law. Advanced students in both law and international business will also find this book invaluable, as will US scholars interested in the US?EU comparison of different legal orders.

This insightful book presents a legal and economic analysis of inter-firm cooperation through networks as an alternative to vertical integration. It examines comparatively various forms of collaboration, ranging from consortia to multiparty joint ventures and from franchising to dealerships.Collaboration among firms of different sizes helps to overcome numerous weaknesses of the modern western industrial systems. It permits the governing of vertical disintegration without increasing fragmentation and transaction costs and allows firms to benefit from resource complementarities, favoring division of labour. The contributing authors, primarily focusing on Europe and the US, address important ways in which legal systems provide a framework for inter-firm coordination. It is clear from the analysis that significant obstacles to collaboration still remain, and the authors call for legal reforms at European and Member States level. This book will prove to be invaluable to academics and law-makers from both economics and law disciplines who are interested in organizational innovation and competitiveness to increase efficiency and redistribute power along the supply chain. Contributors include: C. Aubert de Vincelles, F. Cafaggi, S. Clavel, F. Gomez, S. Grundmann, D. Scalera, S. Whittaker, A. Zazzaro

Notwithstanding increases in the scope for interaction between European and national courts, little research has been undertaken into the potential impact of institutional cooperation and dialogue in European private law making. This coherent collection of original chapters provides unique insights into these developments - with a particular focus on consumer law, and changes in national civil procedure via substantive law enforcement - from a broad range of stakeholders, including academics and judges from the EU and the US. Dialogue of both a vertical (between national and European courts) and horizontal (between national courts) nature is visible in the growing number of preliminary references to the CJEU in European private law. Combined with activism on the part of national courts and the growing importance of regulators, this dialogue brings about new forms of development of European private law. This book offers a case-based analysis of these processes, highlighting the need to focus on the instruments of dialogue and cooperation, and pressing beyond the prevailing focus on constitutional dialogue to reveal a new perspective on the private law sphere. Judicial Cooperation in European Private Law will appeal to scholars, students, practising lawyers and judges interested in the creation and development of European private law at both national and EU levels. Contributors include: F. Cafaggi, A.C. Ciacchi, F. Gomez Pomar, M. Jozon, S. Law, K. Lyczkowska, M. Safjan, A.J. Scirica, C. Timmermans

This book introduces and develops the paradigm of the organisational contract in European contract law. Suggesting that a more radical distinction should be made between contracts which regulate single or spot exchanges and contracts that organize complex economic activities without creating a new legal entity, the book argues that this distinction goes beyond that between spot and relational contracts because it focuses on the organizational dimension of contracting and its governance features. Divided into six parts, the volume brings together a group of internationally renowned experts to examine the structure of long-term contractual cooperation; networks of contracts; knowledge exchange in long-term contractual cooperation; remedies and specific governance rules in long-term relationships; and the move towards legislation. The book will be of value to academics and researchers in the areas of private law, economic theory and sociology of law, and organizational theory. It will also be a useful resource for practitioners working in international contract law and international business transaction law.

In the context of the current debate on the desirability and process of forming European private law (EPL), this book considers one fundamental question addressing its descriptive and normative dimension: does and should EPL pursue regulatory objectives beyond market integration? The editors argue that because national categories are of little help in grasping the characteristics of a multi-level regulatory system, it is necessary to link three perspectives: private law, regulation and conflict of laws. This book explores this interaction in four distinct fields: product liability, environmental protection, public utilities and e-commerce. The results show that EPL is highly regulatory and that the implications of this change have not been adequately considered by institutions and by scholars. The Regulatory Function of European Private Law will be of great interest to academics of law, as well as to private and public lawyers and European policymakers.

This thought-provoking book adds a new perspective to the analysis of how regulation should respond to the global financial crisis of 2008 2009. It focuses on the 'private' as opposed to 'public' aspect of regulation, and highlights the works of the public-private dialectic in regulation and enforcement.The expert authors examine what is perhaps the single most important sector in which public and private regulation and enforcement intersect: the arena of banking and global finance. The detailed analysis of these particular areas of finance thus provides a means for investigating aspects of the important topic of private regulation and enforcement in financial markets. A number of pertinent questions are addressed, including: How does private regulation and enforcement enhance or detract from the legitimacy of the process by which these market segments are managed and controlled? How does private regulation and enforcement manifest independence of action and judgment, as compared with public regulation? How does private regulation and enforcement measure up along dimensions of quality, relative to public regulation? and, finally, What forms of accountability characterize private as opposed to public regulation and enforcement? Illustrating the works of the public-private dialectic in regulation and enforcement, this challenging book will prove a fascinating read for academics, scholars and practitioners with an interest in regulation and governance issues, and in financial and banking law. Contents: Preface 1. Private Regulation of Internationally Active Financial Services Firms 2. Private Regulation in the Credit Default Swaps Market: The Role of ISDA in the New Regulatory Scenario of CDSs 3. Private Regulation and Enforcement in Microfinance: A Multilayered and Polycentric Puzzle 4. Governing Global Payments Markets: International Payments Forum - A New Actor on the Scene 5. The Legitimacy and Accountability of the IASB as an International Standard Setter 6. The Internal Ratings-based and Advanced Measurement Approaches for Regulatory Capital under the 'Basel Regime' ndex

This book addresses the lively interaction between the disciplines of law and economics. The traditional boundaries of these two disciplines have somehow inhibited a full understanding of the functioning of and the evolution of economic and legal systems. It has often been the case that these boundaries have had to be reshaped, and sometimes abolished, before either one of the two disciplines could successfully clarify the real life problems arising from the complex institutions of contemporary societies. The contributions to this volume encompass some of the core controversial issues in law and economics arising from interactions between legal orderings and economic institutions. They include: the nature of institutional and legislative change and the emergence of strong institutional complementarity in legal positions the relationship between private orderings and the role of the State in enforcing contracts and defining property rights the nature and dynamics of endogenous enforcement and the analysis of governance models and corporate ethics. Part of the renowned Siena Studies in Political Economy series, this book will be an essential read for postgraduates and researchers in the fields of law and economics, and the economics of institutions.

This book addresses the lively interaction between the disciplines of law and economics. The traditional boundaries of these two disciplines have somehow inhibited a full understanding of the functioning of and the evolution of economic and legal systems. It has often been the case that these boundaries have had to be reshaped, and sometimes abolished, before either one of the two disciplines could successfully clarify the real life problems arising from the complex institutions of contemporary societies.

The contributions to this volume encompass some of the core controversial issues in law and economics arising from interactions between legal orderings and economic institutions. They include:

• the nature of institutional and legislative change and the emergence of strong institutional complementarity in legal positions
• the relationship between private orderings and the role of the State in enforcing contracts and defining propertyrights
• the nature and dynamics of endogenous enforcement and
• the analysis of governance models and corporate ethics.

Part of the renowned Siena Studies in Political Economy series, this book will be an essential read for postgraduates and researchers in the fields of law and economics, and the economics of institutions.

This book introduces and develops the paradigm of the organisational contract in European contract law. Suggesting that a more radical distinction should be made between contracts which regulate single or spot exchanges and contracts that organize complex economic activities without creating a new legal entity, the book argues that this distinction goes beyond that between spot and relational contracts because it focuses on the organizational dimension of contracting and its governance features. Divided into six parts, the volume brings together a group of internationally renowned experts to examine the structure of long-term contractual cooperation; networks of contracts; knowledge exchange in long-term contractual cooperation; remedies and specific governance rules in long-term relationships; and the move towards legislation. The book will be of value to academics and researchers in the areas of private law, economic theory and sociology of law, and organizational theory. It will also be a useful resource for practitioners working in international contract law and international business transaction law.

'As business spreads across the world, but jurisdictions remain essentially national, means must be found whereby business may effectively regulate itself and be regulated for public benefit. This important book addresses these issues, at theoretical and practical levels, explaining important sectoral examples and with deeper analysis. It is both timely and important, and provokes ideas for actions that should be taken at both transnational and national levels. The range of issues covered is rich and impressive.' - Christopher Hodges, Oxford University, UK and Erasmus University, Rotterdam, The Netherlands 'Globalization pushes the boundaries of markets. Alongside the greater ''goods'' of transnational economic activity come the ''bads'' of unregulated conduct. This important book looks to the new frontiers of legal intervention to make sure that global markets do not run riot over important public values. The signal contribution is not the search for ever higher levels of transnational authority - the superstates of a brave new world - but empowering numerous private actors to enforce legal norms in our fast-changing economic environment.' - Samuel Issacharoff, New York University, School of Law, US This book addresses the different mechanisms of enforcement deployed in transnational private regimes vis-a-vis those in the field of public transnational law. Enforcement represents a key dimension in measuring the effectiveness and legitimacy of transnational private regulation. This detailed book shifts the focus from rule-making to enforcement and compliance, and moves from a vertical analysis to a comparative sectoral analysis. Both public and private transnational regulation fall under the scrutiny of the authors, and the book considers the effectiveness of judicial models of enforcement - under international law and through national courts - and of non-judicial means. Comparisons are drawn across sectors including international commercial law, labor law, finance, Internet regulation and advertising. Enforcement of Transnational Regulation will appeal to scholars of both private and public law, regulation and comparative law. It will also prove a stimulating and challenging read for policy makers and law makers. Contributors: E. Benvenisti, F. Cafaggi, F. Casarosa, S. Cassese, E. D'Alterio, K.E. Davis, M. De Bellis, G.W. Downs, C. Estlund, F. Francioni, G.P. Miller, E.-U. Petersmann, C. Scott, R. Stewart, P. Verbruggen

The debate concerning the desirability and modes of harmonisation of European Private Law (EPL) has, until now, been mainly concerned with substantive rules. The link between rules and institutions suggests that governance of both the process of harmonisation and its outcome is necessary. This book covers various perspectives on the challenge of designing governance for EPL: the implications of a multi-level system in terms of competences, the interplay between market integration and regulation, the legitimacy of private law making, the importance of self-regulation, the usefulness of conflict of law rules, the role of intergovernmental institutions, and the aftermath of enlargement. In addressing these, the book's achievements are to successfully link two areas of scholarship that have so far remained separate, EPL and new modes of governance, and to address institutional reforms. The contributions offer different proposals to improve governance: the creation of a European Law institute, the improvement of judicial cooperation among national courts, the use of committees for implementation of EPL. Suggesting practical institutional reforms that can improve the process of Europeanisation of private law, this book will be of great interest to scholars of law, politics, political science, sociology and economics. It will also appeal to policymakers, and members of both European institutions and national institutions dealing with European matters.

'As business spreads across the world, but jurisdictions remain essentially national, means must be found whereby business may effectively regulate itself and be regulated for public benefit. This important book addresses these issues, at theoretical and practical levels, explaining important sectoral examples and with deeper analysis. It is both timely and important, and provokes ideas for actions that should be taken at both transnational and national levels. The range of issues covered is rich and impressive.' - Christopher Hodges, Oxford University, UK and Erasmus University, Rotterdam, The Netherlands 'Globalization pushes the boundaries of markets. Alongside the greater ''goods'' of transnational economic activity come the ''bads'' of unregulated conduct. This important book looks to the new frontiers of legal intervention to make sure that global markets do not run riot over important public values. The signal contribution is not the search for ever higher levels of transnational authority - the superstates of a brave new world - but empowering numerous private actors to enforce legal norms in our fast-changing economic environment.' - Samuel Issacharoff, New York University, School of Law, US This book addresses the different mechanisms of enforcement deployed in transnational private regimes vis-a-vis those in the field of public transnational law. Enforcement represents a key dimension in measuring the effectiveness and legitimacy of transnational private regulation. This detailed book shifts the focus from rule-making to enforcement and compliance, and moves from a vertical analysis to a comparative sectoral analysis. Both public and private transnational regulation fall under the scrutiny of the authors, and the book considers the effectiveness of judicial models of enforcement - under international law and through national courts - and of non-judicial means. Comparisons are drawn across sectors including international commercial law, labor law, finance, Internet regulation and advertising. Enforcement of Transnational Regulation will appeal to scholars of both private and public law, regulation and comparative law. It will also prove a stimulating and challenging read for policy makers and law makers. Contributors: E. Benvenisti, F. Cafaggi, F. Casarosa, S. Cassese, E. D'Alterio, K.E. Davis, M. De Bellis, G.W. Downs, C. Estlund, F. Francioni, G.P. Miller, E.-U. Petersmann, C. Scott, R. Stewart, P. Verbruggen

The debate concerning the desirability and modes of harmonisation of European Private Law (EPL) has, until now, been mainly concerned with substantive rules. The link between rules and institutions suggests that governance of both the process of harmonisation and its outcome is necessary. This book covers various perspectives on the challenge of designing governance for EPL: the implications of a multi-level system in terms of competences, the interplay between market integration and regulation, the legitimacy of private law making, the importance of self-regulation, the usefulness of conflict of law rules, the role of intergovernmental institutions, and the aftermath of enlargement. In addressing these, the book's achievements are to successfully link two areas of scholarship that have so far remained separate, EPL and new modes of governance, and to address institutional reforms. The contributions offer different proposals to improve governance: the creation of a European Law institute, the improvement of judicial cooperation among national courts, the use of committees for implementation of EPL. Suggesting practical institutional reforms that can improve the process of Europeanisation of private law, this book will be of great interest to scholars of law, politics, political science, sociology and economics. It will also appeal to policymakers, and members of both European institutions and national institutions dealing with European matters.

Increasingly, European companies in a variety of business sectors as well as professional groups are taking self-regulatory initiatives as a means of gaining competitive and protective leverage in a "meta-regulatory" environment. While these initiatives have obvious legal and economic advantages for the entities and principals who take them, the phenomenon of self-regulation raises profound issues for competition law and even for constitutional law. Although deeply grounded in legal theory, such issues have profound and growing significance for practitioners in many fields of law. In this thought-provoking book, thirteen outstanding authorities from various EU jurisdictions examine the legal basis of self-regulation and its function in the process of European legal integration, with particular reference to European private law. The authors offer in-depth analysis of self-regulation in the context of current economic and political conditions in Europe, and investigate the effects of self-regulation on such societal factors as the following: the European social dialogue, the professions, consumer protection, the media, and corporate social responsibility. This book is among the first to raise these vital issues, and the first to examine self-regulation in depth with reference to specific sectors. The essays identify trends set in motion by self-regulation among major actors, and the authors do not hesitate to offer insightful criticisms and recommendations. For these reasons, this book will be of great value to policymakers and business people, as well as to legal academics, for years to come, as self-regulation assumes ever more salience in our economic and social fabric.