Search

Europeanization addresses the impacts of EU (European Union) membership on national politics and policies. Over time, new policy processes have been developed, such as the use of soft law and the open method of co-ordination. What, though, are the consequences of these new processes for Europeanization? This article contributes to this under-researched area by examining the extent to which EU soft law influences policy adoption at the national level. Our empirical application is corporate governance, an area of growing EU policy interest, with significant soft law elements. We analyse the extent to which the European Commission's 2003 plan to enhance corporate governance achieved its aim of 'co-ordinating corporate governance efforts of Member States'. Our quantitative analysis of 95 national codes issued over 1992-2010 suggests that the Action Plan did influence national policy-making, but that the degree of national policy alignment depends on when the corporate governance code was issued, where, and by whom. [ABSTRACT FROM AUTHOR]

Manuscript Type Empirical Research Question/Issue Existing research suggests that internal and external corporate governance mechanisms substitute for one another to mitigate agency problems in bidding firms. This paper tests whether the interaction between these mechanisms is more complementary. Research Findings/Insights While there is evidence for disciplinary responses to bids for unrelated targets involving strategic retrenchment and significant asset divestment, the influence of the information conveyed by this characteristic on the likelihood of post-abandonment discipline is not amplified when boards are less independent. Theoretical/Academic Implications The results suggest that certain characteristics are used to distinguish between abandoned bidders which require discipline and those that do not. However, our findings do not suggest that interaction between internal and external governance mechanisms is contingent on board independence. Instead, these interactions between shareholders and boards seem to be contingent on a range of company, industry, and situation-specific factors. Practitioner/Policy Implications While policy in the UK has focused on board independence as a means of effective corporate governance, our results suggest that this is not a panacea. Effective governance involves active owners, communicating their interests to boards, and boards responding accordingly. Further encouragement of such communication before, during, and after acquisitions will improve signals to managers that shareholders can target the necessary discipline of those whom they perceive to need it most. [ABSTRACT FROM AUTHOR]

Governments, increasingly, are encouraging the production and consumption of biofuels, as a partial substitute for fossil-fuel based transport fuels. One reason for this is to contribute to the fight against climate change. Sustainability criteria have been introduced recently by some countries to help ensure biofuels have lower greenhouse gas emissions than fossil fuels. Concerns have been expressed from various quarters that such criteria could represent World Trade Organisation (WTO)-incompatible barriers to trade. We, first, question recent contributions to the (mainly legal) academic literature which have sought to find ways of allowing biofuels to be treated differently in trade policy terms, based on whether or not they have been derived from feedstocks produced sustainably. We then draw on the Technical Barriers to Trade Agreement (TBTA) to offer guidance as to how to establish WTO-compatible sustainability criteria. There is little direct case law to draw on at the design stage, but we argue that if TBTA guidance is followed, a long-term absence of case law could be taken as an indication that the sustainability criteria established are indeed WTO-compatible. [ABSTRACT FROM AUTHOR]

This article traces the evolution of the international governance of agriculture as a sequential process, in which the negotiation of new trading and enforcement rules interacts with legal disputes over the interpretation of existing rules. The interaction between negotiation and litigation has produced a governance trajectory from vague to precise commitments and a strengthened dispute settlement process. We contest standard histories, which identify the Uruguay Round Agreement on Agriculture as the singular event that established agriculture for the first time under the auspices of the World Trade Organization and which claim this represents the legalization of the agricultural trade regime. The case of agriculture contains important lessons for broader debates on international governance by articulating: (1) dynamic feedback processes, challenging the view that bargaining and enforcement aspects of international agreements are concluded simultaneously, and (2) key mechanisms underlying the greater precision of institutional commitments that tend to emerge over time. [ABSTRACT FROM AUTHOR]

The Uruguay Round Agreement made significant changes to the governance of international trade. Trade rules and dispute settlement mechanisms were altered and a series of specific agreements provided for liberalisation across economic sectors. The Agreement on Agriculture, arguably the most difficult and contentious to negotiate, permitted the continued use of trade-distorting instruments, both domestically and at the border. Rule-enforcement in agriculture therefore relies crucially on the clarity of the rules. This paper provides an in-depth study of a unique and critical case for understanding the new rules: the EC sugar regime. This policy was challenged unsuccessfully under the pre-Uruguay Round rules, but successfully under the new rules. This case is particularly valuable in allowing us to isolate the effect of the Uruguay Round on agricultural trade disputes: the policy under challenge was essentially unchanged and the legal actions addressed the same concern – excessive export subsidisation. Drawing on primary and secondary materials and interviews with key policy actors, sugar is used to illustrate how those involved in the multilateral process learned from particular rule weaknesses revealed in earlier cases, revising those rules in the Uruguay Round in such a way that dispute panels can more readily and objectively determine rule breaches. [ABSTRACT FROM AUTHOR]

In 2008, the Common Agricultural Policy (CAP) reached its fiftieth birthday. It has been a constant factor in directing resources to the EU agricultural sector, but the means of channelling these resources have changed considerably over time. This article charts the evolution of the CAPs principal policy instruments and analyzes the welfare effects of its major reforms. It also analyzes these changes in terms of the institutional context of the principal reform pressures, namely international trade obligations and EU budget concerns. We will show that the link between these two pressures was never one of simple determinism: the CAP and its reform can only be understood in light of these pressures and of endogenous vested interests to the policy. En 2008, la Politique agricole commune (PAC) célèbre ses 50 ans. Cette politique a été un facteur constant de l'orientation des ressources vers le secteur agricole de l'UE, mais les moyens utilisés pour acheminer ces ressources ont changé considérablement au fil du temps. Le présent article retrace l'évolution des principaux instruments de la PAC et analyse les effets de ses grandes réformes sur le bien-être. Elle analyse aussi ces changements dans le contexte institutionnel des pressions de la réforme, à savoir les obligations commerciales internationales et les préoccupations quant au budget de l'UE. Nous montrons que le lien entre ces deux types de pression n'a jamais été d'un déterminisme simple: la PAC et sa réforme ne peuvent être comprises qu'en examinant ces pressions et les droits acquis endogènes qu'elles génèrent. [ABSTRACT FROM AUTHOR]

Copyright of EuroChoices is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Negotiations over EU enlargement have highlighted difficulties in extending the CAP — and in particular direct payments — to the applicant countries, given the spending limits agreed in Berlin in 1999. This note presents estimates of direct payment costs in the Eastern European applicants. It argues that the only way all member states in an enlarged EU can receive the same level of payments is if the payments currently prevailing in the EU15 are reduced. [ABSTRACT FROM AUTHOR]

We analyze possible reforms to the Bulgarian VAT system, evaluating revenue-neutral reallocations of goods to tax bands within the existing 2-rate structure. We investigate the sensitivity of the results to behavioural response and imperfect tax recovery. We find only a weak case for the use of non-uniform VAT rate structures for redistributional purposes. Selective VAT exemptions can produce approximate welfare gains equivalent to a general price fall of much less than 1 per cent for plausible specifications of social welfare. JEL classification: D31, J31, P24. [ABSTRACT FROM AUTHOR]

Focuses on a study that explained the nature of the second reform of the Common Agricultural Policy (CAP) agreed by the European Council in March 1999. Background of the 1999 reform; Possible directions for further reform of the CAP; Conclusions.

Copyright of EuroChoices is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

A letter to the editor is presented regarding the reformation of old Common Agricultural Policy (CAP) which was published in the previous issue.

A response by Robert Ackrill to a letter to the editor about his article regarding the 50 years of evolution of Common Agricultural Policy (CAP).