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Andreas Heinzmann and Valerio Scollo

For those of us who were born in the 1970s and the 1980s, a geographic Europe without a European Economic Area is inconceivable. Our generation has been studying the acquis communautaire together with the constitutional law of the Member State where they attended university. Those who were born in the 1990s, who are entering the legal profession now, have received their pocket money and their first pay cheque in euros. Yet, the Brexit referendum in 2016 has shaken our common beliefs. Is the European Union (EU) a project European citizens need? Is it possible to maintain political stability, peace and prosperity without it? Brexit seemed to represent, at the time, the potential follow-up to Grexit and the forerunner to Italexit. After three years of self-destructive actions by the British government, the firm and united reaction of the rest of Europe has shown the world that the EU is here to stay. Until Brexit, the UK and the English practitioners were at the forefront in interpreting and making the EU financial regulations familiar to market participants. They were the point of reference. Today we still read the EU policies and laws on financial services through the lenses of English law and practice. Yet Brexit has started a process that will likely change the status quo. Brexit pushed and will push more and more practitioners in a post-Brexit EU to challenge themselves, and to find new paradigms.

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Edited by Federico Fabbrini and Marco Ventoruzzo

This comprehensive Research Handbook analyses and explains the EU’s complex system of economic governance from a legal point of view and looks ahead to the challenges it faces and how these can be resolved. Bringing together contributions from leading academics and top lawyers from EU institutions, this Research Handbook is the first to cover all aspects of the Eurozone’s legal ecosystem, and offers an up-to-date and in depth assessment of the norms and procedures that underpin the EU’s economic, monetary, banking, and capital markets unions.
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Graeme A. Hodge and Carsten Greve

Much attention has gone towards ‘up-front’ processes when delivering infrastructure public–private partnerships (PPPs), but less on how to best govern after the ribbon is cut and the infrastructure built. This chapter identifies the primary contractual and institutional governance challenges arising in the medium to long term of PPP concession contracts and explores these governance challenges through interviews with high-level PPP industry insiders. The chapter presents new findings from Australia on the importance of good public administration for successful PPP operation, and on the interesting evolution of medium- to long-term governance arrangements. It finds that although industry interviewees agreed PPP governance had improved significantly, they had differing views on how capable Australian states were and how well this task was being undertaken. The up-front contract was judged as dominating long-term governance arrangements, with the biggest ongoing challenge for PPPs seen as the need greater transparency in order to improve PPP legitimacy in the eyes of citizens. The professionals themselves were indeed split on the current adequacy of PPP transparency. No single institutional model for governing long term contracts was found, indicating a wide variety of feasible options for policy makers.

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Graeme A. Hodge and Carsten Greve

Public-private partnership (PPP) is now a staple in public policy making and a well-known institution for designing, financing, building, operating and maintaining large infrastructure projects internationally. In this book we have focused on a number of recent issues and debates that have surrounded the theme of PPP. This concluding chapter reviews the main arguments of the book before proceeding to discuss and synthesize some of the most prevalent issues affecting public-private partnerships (PPPs) today. These issues include the timing of the economic rationale compared to the political need for PPPs, and the question of whether PPPs have come full circle. Finally, we look at the future of PPP and note its evolution from a focus on the effective delivery of individual projects to (inter)national infrastructure plans competing with each other for political and economic dominance.

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Graeme A. Hodge and Carsten Greve

This chapter reviews the research pedigree on public–private partnerships (PPPs) from Broadbent and Laughlin’s seminal piece in 1999. The PPP phenomenon is viewed at five levels: project delivery, organizational form, policy, governance tool and as a phenomenon within a broader historical and cultural context. It is argued in this chapter that whilst a variety of research issues will continue to be relevant, five corresponding areas deserve future visibility for a renewed research agenda: (1) financialization of PPPs, (2) global PPP market actors, (3) internationalization of policy on PPPs, (4) long-term complex contracts as a governing regime and (5) PPPs in BRIC and developing countries. We have moved from a focus on PPP purely as projects to a focus on PPP as a phenomenon. We have also moved from a national to a more comparative studies focus; from attention on the formal and the technical, to more socio-political and informal concerns; from a few disciplinary lenses to many; and from regarding PPP as ‘the next big thing’ to seeing it as a series of ongoing experiments. PPP is now a highly internationalized and longer-term collaborative ideal. The merit and worth of PPP nonetheless remains a fundamental recurring theme within the relationship between governments and business.

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Graeme A. Hodge and Carsten Greve

In this chapter we first put forward some of the key economic arguments for PPPs. Rather than being a systematic treatment of the economics literature, we base much of it on the work of colleagues or finance academics we have met or have read. We highlight some of the scholarly economic arguments favouring PPPs and articulate crucial dimensions contained in these arguments. In particular, we highlight the opposing views of scholars where these exist, and point to any big gaps between what is argued at a theoretical level and what appears to be known at an empirical level. What we find is that economists generally tend to agree on the potential for PPPs to provide efficiencies compared to the public sector alternative. Less agreement, and indeed, strong disagreement exists, however, between economists on the conceptual manner through which rigorous evaluation of PPPs ought to be undertaken. These disagreements, along with a paucity of empirical data supporting PPP superiority, leave a surprisingly wide gap in our knowledge. So, in common with the privatizations undertaken by Thatcher during the 1980s_1990s, there remain huge differences between what is theorized on the one hand about aspects of PPP performance and what is proved empirically on the other.

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Graeme A. Hodge and Carsten Greve

This chapter explores if there has been a shift in the narrative from PPPs to infrastructure governance, and what consequences such a changed narrative might have for practice and research. Twenty years ago, Stephen Linder (1999) considered the ‘multiple meanings’ of PPPs and saw this as superseding earlier conceptions of privatization. Perhaps we are currently also in a time when another transition period is occurring and where a broader term is about to supersede PPP? The chapter explores the concepts of ‘governance’ and ‘infrastructure’ and then ‘infrastructure governance (IFG)’, and points to four meanings of infrastructure governance. We suggest that IFG can be interpreted as: a more decentred approach; as a different way to approach the reform and change agenda; as underlining the hybrid nature of the field of infrastructure; and as focusing on the need for an interdisciplinary approach. It is concluded finally that the phrase ‘infrastructure governance’ will no doubt continue to have both a strong linguistic function as well as a potentially useful structural function when it is applied to the world of PPPs.

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Graeme A. Hodge and Carsten Greve

This chapter looks at how international public–private partnership (PPP) policies are formulated by international organizations. PPPs for infrastructure projects are relevant and present in many countries around the world. The literature is full of studies of individual countries and various aspects of PPPs governance and finance. But there has been less emphasis in the literature on the way in which international organizations have been developing and promoting policies for PPPs. This chapter makes a start in describing and analyzing the way international organizations make policy for PPPs and focuses on perception around their actions. The research questions are: How do international organizations make policy for PPPs and what tools do they use? Do PPP policies from international organizations converge on the same kind of themes? The theoretical lenses employed include the Advocacy Coalition Framework and institutional change mechanisms. The empirical focus is on international organizations’ approaches to PPPs. The chapter examines policy tools from selected international organizations, including the ASEAN countries, the European Union, International Monetary Fund, OECD, UN, and the World Bank. We examine the most recent policy papers (documents and reports) and compare their content, and we show that international organizations co-operate on certain tools in PPP policy development. However, we also note that each organization likes to promote its own tools for PPP projects and developments. International organizations appear to converge on roughly the same themes on PPPs, and there seems to be overall agreement about the main messages and recommendations for the use of PPPs in infrastructure projects.

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Graeme A. Hodge and Carsten Greve

This chapter is situated at the nexus of two literatures: theoretical ideas from political science on the relationship between politics and markets, and the more recent public policy phenomenon of public–private partnerships (PPPs). It aims first to map some of the primary theoretical underpinnings describing the enduring relationship between governments and businesses. It then focuses on the adoption of PPPs as a popular infrastructure policy, and asks to what extent a particular political-market logic for the adoption of PPP policies appears to exist in leading jurisdictions such as the UK, Australia and Canada. It suggests that the empirical evidence on the undue influence of business over political decision making is not one sided and that the arena is still hotly contested. It also suggests that the policy logic of PPPs may be dependent on the relative maturity of governance systems, the relative maturity of PPP markets, and the political and public management environments in question. A taxonomy based on Kingdon’s conceptualization of the policy window is presented. The chapter also comments on the development of the PPP phenomenon over the last three decades and highlights particular characteristics influencing the policy path.

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The Logic of Public–Private Partnerships

The Enduring Interdependency of Politics and Markets

Graeme A. Hodge and Carsten Greve

This book examines Public–Private Partnerships (PPP), and tracks the movement from early technical optimism to the reality of PPP as a phenomenon in the political economy. Today's economic turbulence sees many PPP assumptions changed: what contracts can achieve, who bears the real risks, where governments get advice and who invests. As the gap between infrastructure needs and available financing widens, governments and businesses both must seek new ways to make contemporary PPP approaches work.