Edited by Paula Giliker
Chapter 16: The harmonisation of EU tort law: a law and economics analysis
This chapter deals with the harmonisation of EU tort law from the perspective of the economic analysis of law. The chapter discusses the basic principle of competition between legal orders as a starting point of the economics of federalism. It shows that the transboundary character of specific problems may be an argument in favour of centralization. Then the danger of a so-called race-for-the-bottom is discussed as well as the traditional argument of the European discourse that the harmonisation would be needed to further market integration. The reduction of transaction costs is also advanced as an argument in favour of harmonisation. The chapter also discusses the possibility of providing a minimum level of protection, although arguing that it does not fit into the economic rationale. A few policy recommendations and concluding remarks conclude the chapter.
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