Chapter 12: Systemic Risks and the Reformation of the European Union Law Concerning Network Industries
JOBNAME: Alermanno PAGE: 1 SESS: 11 OUTPUT: Tue Sep 6 13:22:57 2011 12. Systemic risks and the reformation of European Union law concerning network industries Francisco B. López-Jurado* 12.1 INTRODUCTION The volcanic ash crisis and the structural measures proposed by the European Commission when the calm came after the storm stress an important characteristic of air transport: its vulnerability to systemic risks. That feature is common to other network industries providing services of general economic interest such as electricity and gas. European Union law concerning network industries has focused on facilitating competition while achieving effectiveness and high levels of performance. Those provisions are changing the structure of the industries and as a side-effect their exposure to systemic risks. This chapter explores some common characteristics shared by network industries, and how the recent regulatory restructure of those industries affects their exposure to systemic risks. The need for an increase in the robustness and resilience of those industries recommend the approval and implementation of adequate regulatory provisions aimed to ﬁll the gap between the new structures and the old security of supply approach, specially in the ﬁeld of ‘emergency risk regulation’ as deﬁned by Alemanno in the Introduction to this book. The volcanic ash crisis operated as a wake-up call stressing the need to review, under a systemic risks-prevention and management perspective, EU law related to network industries. 12.2 AIR TRAFFIC, ELECTRICITY AND NATURAL GAS AS NETWORK INDUSTRIES: COMMON FEATURES 12.2.1 Network-based Industries The concept of network industry...
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