European Economic Legal Order After Brexit: Legacy, Regulation, and Policy

Description

This book takes an innovative approach to provide a mirror perspective of the legal systems of the UK and the EU in contemporary institutional scenarios. At the beginning of the second decade of the 21st century, the legal systems of the EU and the UK are facing challenges of epic proportions. Never before have the two legal orders been confronted with the simultaneous impact of a series of events. First, the effect of the “divorce” between the two regulatory systems caused by the UK’s withdrawal from the EU. The Negotiating Documents and the Draft Texts being discussed and aimed at leading to a `New Partnership’ are examined in the book. Second, the book discusses the impact of the coronavirus shock in all European economies leading to a substantial change of political perspective in the EU legal order implying innovative debt instruments. Third, it explores the consequences of the judicial activism of the German Constitutional Court undermining the strategic role of the European Central Bank and the primacy of the European Union Court of Justice. The book questions the effects deriving from the legacy, i.e. the foundations of the two legal systems, on handling the issues of our time, the impact on market regulation of the striking contemporary events and the unsettled consequences on policy of the current convulsing political and financial landscape. The book will be essential reading for those working in the areas of European public regulatory law. Cover Half Title Title Page Copyright Page Table of Contents List of abbreviations Preface Acknowledgments Introduction. Identity From a “Moral Idea” to an “Economic” Issue The Quest for Identity A “Judicial secession”: the Case of the German Constitutional Court The Case for “reserved constitutional domains” The Quest for an Overarching Polity Sectorial Constitutionalism Towards Distinct Legal Orders The EU (Withdrawal Agreement) Act (EUWA 2020): the Applicable Law EUWA 2020: the Interpretation of the “acquis communautaire” EUWA 2020: the Applicable Jurisdiction EUWA 2020: the “retained” EU Law The Withdrawal Agreement: Private/Public Reading Separate Markets: the EU-UK Trade and Cooperation Agreement The Parliamentary Role: the Condition Precedent Perspectives on the New Partnership Part 1: Legacy Chapter 1: Origins Intellectual Legacy The age of “accession” The economic legal order “Archaeological Diggings” The constitutional terms From the Withdrawal Agreement and the Political Declaration to the current negotiations on the “new partnership” Chapter 2: Visions Shared Legacy and Ordre Économique The Economic Constitution L’Ordre Économique Plural visions “The best of both worlds” Values and Interests An “English invention”: Accountability Chapter 3: Foundations Internal Market Legacy and Level Playing Field Neutral Ownership and Golden Power The Contemporary Foundations of Public Reason Competition as a Dominant Value Centralized and Shared Administration An Institutional Network Perspectives on UK-EU Cross-border M&A Operations A Franco-German Manifesto Emergency “Temporary Framework” for “State Aid”: Measures in the Pandemic Crisis “Towards open competition”: the EU’s Position and the UK’s Approach The Relevant Competition Authority Regulatory Freedom: Competition Law and State Aid in the Trade and Cooperation Agreement Part 2: Regulation: An Overview of the Scenario from 2021 Chapter 4: Connecting A Joint Regulatory Framework Regulating Networks The Original Framework Disentangling Networks Market Governance Public Goods a) Liberalised Market: the Electronic Communication Framework b) Conformed Markets: the IEM (Internal Energy Market) and the Energy Trading under TCA rules c) The Civil Nuclear Sector and the Nuclear Cooperation Agreement d) Reserved Markets: the European Common Aviation Area Chapter 5: Contracting Procurement Market and Private Litigation Framework Public Procurement Policies and Procedures Contracting Authorities Effects of the Withdrawal The Procurement Regime in the Trade and Cooperation Agreement Private Contract Litigation Jurisdiction and Enforcement Chapter 6: Equivalence Building Leadership in Financial Market Regulation Building a Unified Financial Market EU Supervisory Institutions UK Supervisory Institutions The UK “Light touch” Regulatory Approach Interconnections in Financial Markets An Off-shore Perspective Potential Regulatory Divergences The Positions of the Parties Equivalence Decision-Making Process The Perspective: Selective Equivalence Policy Part 3: Policy: Competing in Global Economies Chapter 7: Sovereignty Monetary Policy and Plural Institutional Systems Currency and Sovereignty A Stateless Supranational Currency Precedents in History The Institutions of the Euro “Constitution économique” and “constitution monétaire” Leadership in the Monetary System The Currency Choice: the “Five tests” The Basic Eurozone Norm Dominant Eurosystem Institutions The Pandemic Emergency and Unconventional Monetary Policy The ECB under German Constitutional Court Scrutiny Currency Power and Institutional Architecture Chapter 8: Governance Fiscal Policy and Common Debt Instruments Solidarity and Asymmetries Economic Stabilisation Policy Budgetary Coordination Procedure The Fear of Debt The EU’s New Common Debt: the “Recovery (Next Generation) Fund” EU-UK Fiscal Capacity in the Pandemic Crisis The Escape Clause from the Stability and Growth Pact “L’Avenir: Franco-Allemande” EU-UK Governance: the Partnership Council Chapter 9: Global Competing in Trade Policy Customs Union and Trade Policy The EU as a “Global Regulatory Power” “Set in a silver sea” The Building of the EU-UK Trade and Cooperation Agreement Level Playing Field and Right to Regulate The Parties’ Negotiating Documents The WTO and GPA Regime Future Imbalance and Rebalancing References A): Literature B): Documents Index