Informational efficiency of the European Union emission allowance market

This thesis studies the informational efficiency of the European Union emission allowance (EUA) market. In an efficient market, the market price is unpredictable and profits above average are impossible in the long run. The main research problem is does the EUA price follow a random walk. The method is an econometric analysis of the price series, which includes an autocorrelation coefficient test and a variance ratio test. The results reveal that the price series is autocorrelated and therefore a nonrandom walk. In order to find out the extent of predictability, the price series is modelled with an autoregressive model. The conclusion is that the EUA price is autocorrelated only to a small degree and that the predictability cannot be used to make extra profits. The EUA market is therefore considered informationally efficient, although the price series does not fulfill the requirements of a random walk. A market review supports the conclusion, but it is clear that the maturing of the market is still in process.

Posted Workers and Free Movement of Services in the European Union – the Impact on National Employment and Immigration Law

This thesis examines posting of workers within the free movement of services in the European Union. The emphasis is on the case law of the European Court of Justice and in the role it has played in the liberalisation of the service sector in respect of posting of workers. The case law is examined from two different viewpoints: firstly, that of employment law and secondly, immigration law. The aim is to find out how active a role the Court has taken with regard these two fields of law and what are the implications of the Court’s judgments for the regulation on a national level. The first part of the thesis provides a general review of the Community law principles governing the freedom to provide services in the EU. The second part presents the Posted Workers’ Directive and the case law of the European Court of Justice before and after the enactment of the Directive from the viewpoint of employment law. Special attention is paid to a recent judgment in which the Court has taken a restrictive position with regard to a trade union’s right to take collective action against a service provider established in another Member State. The third part of the thesis concentrates, firstly, on the legal status of non-EU nationals lawfully resident in the EU. Secondly, it looks into the question of how the Court’s case law has affected the possibilities to use non-EU nationals as posted workers within the freedom to provide services. The final chapter includes a critical analysis of the Court’s case law on posted workers. The judgments of the European Court of Justice are the principal source of law for this thesis. In the primary legislation the focus is on Articles 49 EC and 50 EC that lay down the rules concerning the free movement of services. Within the secondary legislation, the present work principally concentrates on the Posted Workers’ Directive. It also examines proposals of the European Commission and directives that have been adopted in the field of immigration. The conclusions of the case study are twofold: while in the field of employment law, the European Court of Justice has based its judgments on a very literal interpretation of the Posted Workers’ Directive, in the field of immigration its conclusions have been much more innovative. In both fields of regulation the Court’s judgments have far-reaching implications for the rules concerning posting of workers leaving very little discretion for the Member States’ authorities.

European Union and the developing nations' external debt : EU-15's debt policy, 1960–2008

This Master's Thesis defines the debt policy of the current European Union Member States towards the developing nations. Since no official policy for debt exists in the EU, it is defined to include debt practices (loans and debt relief in development cooperation) and debt within the EU development policy framework. This study (1) describes how the issue of external debt appears in the development policy framework, (2) compares EU Member States' given loans and debt relief to grants for the developing nations (1960s to the 2000s), and (3) measures the current orientation in ODA of each EU Member State between grant aid and loan aid using the Grant-Loan Index (GLI). Theoretical aspects include reasons for selecting between loans (Bouchet 1987) and grants (Odedokun 2004, O'Brien and Williams 2007), policy context of the EU (Van Reisen 2007) and the meaning of external debt in the set-up between the North and the South. In terms of history, the events and impact of the colonial period (where loans have originated) are overviewed and compared in light of today's policies. Development assistance statistics are derived from the OECD DAC statistics portal and EU development policy framework documents from the EU portal. Methodologically, the structure of this study is from policy analysis (Barrien 1999, Hill 2008, Berndtson 2008), but it has been modified to fit the needs of studying a non-official policy. EU Member States are divided into three groups by Carbone (2007a), the Big-3, Northern and Southern donors, based on common development assistance characteristics. The Grant-Loan Index is used to compare Carbone's model, which measures quality of aid, to the GLI measuring the structure of aid. Results indicate that EU- 15 countries (active in debt practices) differ in terms of timing, stability and equality of debt practices in the long-term (1960s to the 2000s). In terms of current practices, (2000-2008), it is noted that there lies a disparity between the actual practices and the way in which external debt is represented in the development policy framework, although debt practices form a relevant portion of total ODA practices for many EU-15 Member States, the issue itself plays a minor role in development policy documents. Carbone’s group division applies well to the Grant – Loan Index’s results, indicating that countries with similar development policy behaviour have similarities in debt policy behaviour, with one exception: Greece. On the basis of this study, it is concluded that EU development policy framework content in terms of external debt and debt practices are not congruent. The understanding of this disparity between the policy outline and differences in long-term practices is relevant in both, reaching the UN’s Millennium Development Goals, and in the actual process of developing development aid.

Promoting the European Union : Attitudinal stance adjectives in three genres of EU communication to the public

Målet för Pro Gradu-avhandlingen är att undersöka hur Europeiska unionen (EU) marknadsförs genom användningen av värderande adjektiv i tre genrer av skriftlig kommunikation från EU till medlemsstaternas medborgare. Undersökningen är inriktad på tre forskningsfrågor: hur marknadsföringen av EU syns i användningen av värderande adjektiv i de tre genrerna, vilka de centrala skillnaderna mellan de tre genrerna är gällande användningen av värderande adjektiv, samt på vilket sätt texterna uppfyller sitt kommunikativa syfte, nämligen att informera allmänheten om EU:s verksamhet och marknadsföra EU som en giltig och handlingskraftig union. Den teoretiska ramen för undersökningen grundar sig på genreanalys, kommunikationsteori och teorier om hur författarens värdering (stance) syns i texter. Skillnaden mellan genre, texttyp och register diskuteras, och teoridelen redogör även för begreppet diskurssamfund, dvs. den grupp personer som i ett yrkesmässigt eller institutionellt sammanhang producerar och använder sig av en genre enligt dess kommunikativa konventioner. Materialet behandlas även utgående från Egon Werlichs indelning av texttyper i deskriptiva, narrativa, expositära, argumentativa och instruktiva texter. Materialet består av tre delar som representerar var sin genre: informationsbroschyrer, pressmeddelanden och den Allmänna rapporten om Europeiska unionens verksamhet, som utges av EU varje år. Storleken på varje del av materialet varierar mellan 20 000 - 30 000 ord. Materialet har valts på basis av de teman texterna behandlar, och kriterierna för urvalet är bl.a. att texterna behandlar ämnen som har anknytning till medborgarnas vardag, att de är riktade till allmänheten, och att de finns tillgängliga på Internet. Undersökningen är genomförd som en kvalitativ genreanalys. Materialet analyseras först utgående från kontexten och det samhälleliga sammanhanget enligt Vijay K. Bhatias metodik för analys av obekanta genrer. Det kommunikativa syftet, författaren och den tilltänkta läsarkretsen, dvs. målgruppen för kommunikationen, fastställs. Värderande adjektiv som uttrycker författarens hållning har plockats ur texten manuellt och med hjälp av konkordansprogrammet AntConc, och placerats i 16 kategorier enligt de värden de uttrycker. Varje genre analyseras sedan språkligt med utgångspunkt i adjektivlistorna, varefter resultaten jämförs med varandra. Undersökningen visar att pressmeddelandena innehåller det största antalet värderande adjektiv, medan informationsbroschyrerna innehåller det minsta antalet värderande adjektiv. Den Allmänna rapporten om Europeiska unionens verksamhet innehåller delar med tätt förekommande värderande adjektiv, i synnerhet i stycken som behandlar mer kontroversiella ämnen. I alla tre genrer sammanfaller ett högt antal värderande adjektiv med argumentativ text, och argumentativ text förekommer främst då ämnet som diskuteras rör sig på en mer abstrakt nivå, t.ex. om EU:s värderingar och grundläggande principer, eller då texten behandlar sådan politik som delar allmänhetens uppfattning. För EU utgör alla tre genrer viktiga kanaler för kommunikationen till medlemsstaternas medborgare, och EU kan genom sitt informationsmaterial och sina officiella publikationer informera om, förklara och marknadsföra sin verksamhet på ett sätt som avser att upprätthålla och förbättra EU:s image. Utarbetandet av lämpliga texter är ändå krävande på grund av den heterogena målgruppen, och det är en utmaning i sig att få fram rätt budskap bland det stora utbudet information som finns tillgängligt på Internet.

Migration-Development Nexus in the Malawian Health Sector: European Union Blue Card – circular migration for development?

The European Union has agreed on implementing the Policy Coherence for Development (PCD) principle in all policy sectors that are likely to have a direct impact on developing countries. This is in order to take account of and support the EU development cooperation objectives and the achievement of the internationally agreed Millennium Development Goals. The common EU migration policy and the newly introduced EU Blue Card directive present an example of the implementation of the principle in practice: the directive is not only designed to respond to the occurring EU labour demand by attracting highly skilled third-country professionals, but is also intended to contribute to the development objectives of the migrant-sending developing countries, primarily through the tool of circular migration and the consequent skills transfers. My objective in this study is to assess such twofold role of the EU Blue Card and to explore the idea that migration could be harnessed for the benefit of development in conformity with the notion that the two form a positive nexus. Seeing that the EU Blue Card fails to differentiate the most vulnerable countries and sectors from those that are in a better position to take advantage of the global migration flows, the developmental consequences of the directive must be accounted for even in the most severe settings. Accordingly, my intention is to question whether circular migration, as claimed, could address the problem of brain drain in the Malawian health sector, which has witnessed an excessive outflow of its professionals to the UK during the past decade. In order to assess the applicability, likelihood and relevance of circular migration and consequent skills transfers for development in the Malawian context, a field study of a total of 23 interviews with local health professionals was carried out in autumn 2010. The selected approach not only allows me to introduce a developing country perspective to the on-going discussion at the EU level, but also enables me to assess the development dimension of the EU Blue Card and the intended PCD principle through a local lens. Thus these interviews and local viewpoints are at the very heart of this study. Based on my findings from the field, the propensity of the EU Blue Card to result in circular migration and to address the persisting South-North migratory flows as well as the relevance of skills transfers can be called to question. This is as due to the bias in its twofold role the directive overlooks the importance of the sending country circumstances, which are known to determine any developmental outcomes of migration, and assumes that circular migration alone could bring about immediate benefits. Without initial emphasis on local conditions, however, positive outcomes for vulnerable countries such as Malawi are ever more distant. Indeed it seems as if the EU internal interests in migration policy forbid the fulfilment of the PCD principle and diminish the attempt to harness migration for development to bare rhetoric.