Chapter 3: Regulatory Competition or Harmonisation: The Dilemma, the Alternatives and the Prospect of Reflexive Harmonisation
Stelios Andreadakis1 The ultimate goal of the European Community is the establishment of an internal market. A common market will be achieved when all obstacles for cross-border activities of business in Europe are eliminated and when the frontiers between the European countries are nothing more than signboards by the road.2 Assuming that a free internal market is becoming a reality, the next challenge is to ensure that this market is well-organized, stable and efficient. To that end, an important focus of the EU policy is to develop and implement mechanisms that enhance the efficiency and competitiveness of business across Europe. In order to do so, it will have to be able efficiently to restructure and move across borders, adapt its capital structures to changing needs and attract investors from many Member States and other countries.3 In the quest for the best path towards the achievement of economic and political integration and for the best mechanism for the creation of an efficient regulatory environment, a number of alternatives to conventional territoriallybased regulation are taken into consideration. These alternatives fall somewhere along a spectrum of models of international securities regulation, with the concept of regulatory competition at one end and harmonisation at the other.4 Thus, the main subject of this chapter is the interaction between regulatory competition and its main conflicting theory, harmonisation. Do any of these seem Senior Lecturer in Law, School of Law, Oxford Brookes University, UK. Davis G., (2003), European Union-Internal Market Law (2nd ed.), Cavendish Publishing at 2....
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