“Who is steering the ship and which constellation guides the way? Exploring transparency in the European Central Bank during the time of crisis”

This paper explores transparency in the decision-making of the European Central Bank (ECB). According to ECB´s definition, transparency means that the central bank provides the general public with all relevant information on its strategy, assessments and policy decisions as well as its procedures in an open, clear and timely manner. In this paper, however, the interpretation of transparency is somewhat broader: Information is freely available and directly accessible to those who will be affected by the decisions. Moreover, the individuals shall be able to master this material. ECB´s negative attitude towards publication of documents has demonstrated central bank´s reluctance to strive towards more extensive transparency. By virtue of the definition adopted by the ECB the bank itself is responsible for determining what is considered as relevant information. On the grounds of EU treaties, this paper assesses ECB`s accountability concentrating especially on transparency by employing principal-agent theory and constitutional approach. Traditionally, the definite mandate and the tenet of central bank independence have been used to justify the limited accountability. The de facto competence of the ECB has, however, considerably expanded as the central bank has decisively resorted to non-standard measures in order to combat the economic turbulences facing Europe. It is alleged that non-standard monetary policy constitutes a grey zone occasionally resembling economic policy or fiscal policy. Notwithstanding, the European Court of Justice has repeatedly approved these measures. This dynamic interpretation of the treaties seems to allow temporarily exceptions from the central bank´s primary objective during extraordinary times. Regardless, the paper suggests that the accountability nexus defined in the treaties is not sufficient in order to guarantee the accountability of the ECB after the adoption of the new, more active role. Enhanced transparency would help the ECB to maintain its credibility. Investing in the quality of monetary dialogue between the Parliament and the ECB appears to constitute the most adequate and practicable method to accomplish this intention. As a result of upgraded transparency the legitimacy of the central bank would not solely rest on its policy outputs.

The TTIP, ISDS and the shift towards transparency in investor-state arbitration

The negotiations between the EU and the US over the Transatlantic Trade and Investment Partnership (TTIP) have generated a lot of discussion about investor-state dispute settlement (ISDS). This discussion provided the inspiration for this thesis, with the TTIP in the background, setting the scene. In this thesis I study the nature of ISDS and the principle of transparency within investor-state arbitration. I aim to determine whether the use of ISDS is restricted to international arbitration and whether ISDS can be considered to constitute a system or regime. Furthermore, I consider whether the introduction of the UNCITRAL Rules on Transparency in Treaty-based Investor-State Arbitration (2014, the UNCITRAL Transparency Rules) changes investor-state arbitration in relation to transparency. To achieve this, I examine ISDS provisions in several different international investment agreements (IIAs) and evaluate the ways in which transparency is incorporated into investment law. Moreover, I compare the provisions on transparency and confidentiality in institutional arbitration rules with the UNCITRAL Transparency Rules. I have formed several conclusions, including that the ISDS provisions may contain methods other than international arbitration and that ISDS does not constitute a system. Furthermore, the UNCITRAL Transparency Rules do change – theoretically, at least – investor-state arbitration to become more transparent. Whether the UNCITRAL Transparency Rules will make investor-state arbitration fully transparent depends on the actions of the contracting state parties when negotiating new IIAs and whether they choose to incorporate the UNCITRAL Transparency Rules in the IIAs already concluded.

The European organic food market - how to increase its transparency?

Der Europäische Markt für ökologische Lebensmittel ist seit den 1990er Jahren stark gewachsen. Begünstigt wurde dies durch die Einführung der EU-Richtlinie 2092/91 zur Zertifizierung ökologischer Produkte und durch die Zahlung von Subventionen an umstellungswillige Landwirte. Diese Maßnahmen führten am Ende der 1990er Jahre für einige ökologische Produkte zu einem Überangebot auf europäischer Ebene. Die Verbrauchernachfrage stieg nicht in gleichem Maße wie das Angebot, und die Notwendigkeit für eine Verbesserung des Marktgleichgewichts wurde offensichtlich. Dieser Bedarf wurde im Jahr 2004 von der Europäischen Kommission im ersten „Europäischen Aktionsplan für ökologisch erzeugte Lebensmittel und den ökologischen Landbau“ formuliert. Als Voraussetzung für ein gleichmäßigeres Marktwachstum wird in diesem Aktionsplan die Schaffung eines transparenteren Marktes durch die Erhebung statistischer Daten über Produktion und Verbrauch ökologischer Produkte gefordert. Die Umsetzung dieses Aktionsplans ist jedoch bislang nicht befriedigend, da es auf EU-Ebene noch immer keine einheitliche Datenerfassung für den Öko-Sektor gibt. Ziel dieser Studie ist es, angemessene Methoden für die Erhebung, Verarbeitung und Analyse von Öko-Marktdaten zu finden. Geeignete Datenquellen werden identifiziert und es wird untersucht, wie die erhobenen Daten auf Plausibilität untersucht werden können. Hierzu wird ein umfangreicher Datensatz zum Öko-Markt analysiert, der im Rahmen des EU-Forschungsprojektes „Organic Marketing Initiatives and Rural Development” (OMIaRD) erhoben wurde und alle EU-15-Länder sowie Tschechien, Slowenien, Norwegen und die Schweiz abdeckt. Daten für folgende Öko-Produktgruppen werden untersucht: Getreide, Kartoffeln, Gemüse, Obst, Milch, Rindfleisch, Schaf- und Ziegenfleisch, Schweinefleisch, Geflügelfleisch und Eier. Ein zentraler Ansatz dieser Studie ist das Aufstellen von Öko-Versorgungsbilanzen, die einen zusammenfassenden Überblick von Angebot und Nachfrage der jeweiligen Produktgruppen liefern. Folgende Schlüsselvariablen werden untersucht: Öko-Produktion, Öko-Verkäufe, Öko-Verbrauch, Öko-Außenhandel, Öko-Erzeugerpreise und Öko-Verbraucherpreise. Zudem werden die Öko-Marktdaten in Relation zu den entsprechenden Zahlen für den Gesamtmarkt (öko plus konventionell) gesetzt, um die Bedeutung des Öko-Sektors auf Produkt- und Länderebene beurteilen zu können. Für die Datenerhebung werden Primär- und Sekundärforschung eingesetzt. Als Sekundärquellen werden Publikationen von Marktforschungsinstituten, Öko-Erzeugerverbänden und wissenschaftlichen Instituten ausgewertet. Empirische Daten zum Öko-Markt werden im Rahmen von umfangreichen Interviews mit Marktexperten in allen beteiligten Ländern erhoben. Die Daten werden mit Korrelations- und Regressionsanalysen untersucht, und es werden Hypothesen über vermutete Zusammenhänge zwischen Schlüsselvariablen des Öko-Marktes getestet. Die Datenbasis dieser Studie bezieht sich auf ein einzelnes Jahr und stellt damit einen Schnappschuss der Öko-Marktsituation der EU dar. Um die Marktakteure in die Lage zu versetzen, zukünftige Markttrends voraussagen zu können, wird der Aufbau eines EU-weiten Öko-Marktdaten-Erfassungssystems gefordert. Hierzu wird eine harmonisierte Datenerfassung in allen EU-Ländern gemäß einheitlicher Standards benötigt. Die Zusammenstellung der Marktdaten für den Öko-Sektor sollte kompatibel sein mit den Methoden und Variablen der bereits existierenden Eurostat-Datenbank für den gesamten Agrarmarkt (öko plus konventionell). Eine jährlich aktualisierte Öko-Markt-Datenbank würde die Transparenz des Öko-Marktes erhöhen und die zukünftige Entwicklung des Öko-Sektors erleichtern. ---------------------------

Transparency & Privacy

The Transparency Agenda of the 2010/1 UK Coalition government promises to revolutionise government, public services and public engagement, by ‘holding politicians and public bodies to account, reducing the deficit and delivering better value for money in public spending, and realising significant economic benefits by enabling businesses and non-profit organisations to build innovative applications and websites using public data’, to quote the then Prime Minister. This is an ambitious programme with laudable aims, yet it naturally has limits.

The variation in transparency of amniotic membrane used in ocular surface regeneration

Background/aims: Scant consideration has been given to the variation in structure of the human amniotic membrane (AM) at source or to the significance such differences might have on its clinical transparency. Therefore, we applied our experience of quantifying corneal transparency to AM. Methods: Following elective caesarean, AM from areas of the fetal sac distal and proximal (ie, adjacent) to the placenta was compared with freeze-dried AM. The transmission of light through the AM samples was quantified spectrophotometrically; also, tissue thickness was measured by light microscopy and refractive index by refractometry. Results: Freeze-dried and freeze-thawed AM samples distal and proximal to the placenta differed significantly in thickness, percentage transmission of visible light and refractive index. The thinnest tissue (freeze-dried AM) had the highest transmission spectra. The thickest tissue (freeze-thawed AM proximal to the placenta) had the highest refractive index. Using the direct summation of fields method to predict transparency from an equivalent thickness of corneal tissue, AM was found to be up to 85% as transparent as human cornea. Conclusion: When preparing AM for ocular surface reconstruction within the visual field, consideration should be given to its original location from within the fetal sac and its method of preservation, as either can influence corneal transparency.

Phenolic contents of lettuce, strawberry, raspberry, and blueberry crops cultivated under plastic films varying in ultraviolet transparency

The levels of health-related phytochemicals were determined in lettuce leaf and in strawberry, raspberry and blueberry fruits grown in near-commercial conditions under plastic films of three different UV transparencies. In the red lettuce Lollo Rosso, total phenolics, anthocyanin, luteolin and quercetin levels were all raised by changing from a UV blocking film to a film of low UV transparency, and to a film of high UV transparency. The related green lettuce, Lollo Biondo, cultivated under the same conditions, showed virtually no phytochemical responses to the same variation in UV levels. Overall, the phenolic levels of strawberries, raspberries, and blueberries were unresponsive to the UV transparency of the plastic film under which the crops were grown. The significance of these findings is discussed in relation to the nutritional quality of soft fruit and salad crops which are increasingly being grown commercially under plastic tunnels.

Changes in the flavonoid and phenolic acid contents and antioxidant activity of red leaf lettuce (Lollo Rosso) due to cultivation under plastic films varying in ultraviolet transparency

Red leaf lettuce (Lollo Rosso) was grown under three types of plastic films that varied in transparency to UV radiation (designated as UV block, UV low, and UV window). Flavonoid composition was determined by high-performance liquid chromatography (HPLC), total phenolics by the Folin-Ciocalteu assay, and antioxiclant capacity by the oxygen radical absorbance capacity (ORAC) assay. Exposure to increased levels of UV radiation during cultivation caused the leaves to redden and increased concentrations of total phenols and the main flavonoids, quercetin and cyanidin glycosides, as well as luteolin conjugates and phenolic acids. The total phenol content increased from 1.6 mg of gallic acid equivalents (GAE)/g of fresh weight (FW) for lettuce grown under UV block film to 2.9 and 3.5 mg of GAE/g of FW for lettuce grown under the UV low and UV window films. The antioxiclant activity was also higher in lettuce exposed to higher levels of UV radiation with ORAC values of 25.4 and 55.1 mu mol of Trolox equivalents/g of FW for lettuce grown under the UV block and UV window films, respectively. The content of phenolic acids, quantified as caffeic acid, was also different, ranging from 6.2 to 11.1 mu mol/g of FW for lettuce cultivated under the lowest and highest UV exposure plastic films, respectively. Higher concentrations of the flavonoid glycosides were observed with increased exposure to UV radiation, as demonstrated by the concentrations of aglycones after hydrolysis, which were cyanidin (ranging from 165 to 793 mu g/g), quercetin (ranging from 196 to 880,mu g/g), and luteolin (ranging from 19 to 152 mu g/g). The results demonstrate the potential of the use of UV-transparent plastic as a means of increasing beneficial flavonoid content of red leaf lettuce when the crop is grown in polytunnels.

Changes in the flavonoid and phenolic acid contents and antioxidant activity of red leaf lettuce (Lollo Rosso) due to cultivation under plastic films varying in ultraviolet transparency

Red leaf lettuce (Lollo Rosso) was grown under three types of plastic films that varied in transparency to UV radiation (designated as UV block, UV low, and UV window). Flavonoid composition was determined by high-performance liquid chromatography (HPLC), total phenolics by the Folin-Ciocalteu assay, and antioxiclant capacity by the oxygen radical absorbance capacity (ORAC) assay. Exposure to increased levels of UV radiation during cultivation caused the leaves to redden and increased concentrations of total phenols and the main flavonoids, quercetin and cyanidin glycosides, as well as luteolin conjugates and phenolic acids. The total phenol content increased from 1.6 mg of gallic acid equivalents (GAE)/g of fresh weight (FW) for lettuce grown under UV block film to 2.9 and 3.5 mg of GAE/g of FW for lettuce grown under the UV low and UV window films. The antioxiclant activity was also higher in lettuce exposed to higher levels of UV radiation with ORAC values of 25.4 and 55.1 mu mol of Trolox equivalents/g of FW for lettuce grown under the UV block and UV window films, respectively. The content of phenolic acids, quantified as caffeic acid, was also different, ranging from 6.2 to 11.1 mu mol/g of FW for lettuce cultivated under the lowest and highest UV exposure plastic films, respectively. Higher concentrations of the flavonoid glycosides were observed with increased exposure to UV radiation, as demonstrated by the concentrations of aglycones after hydrolysis, which were cyanidin (ranging from 165 to 793 mu g/g), quercetin (ranging from 196 to 880,mu g/g), and luteolin (ranging from 19 to 152 mu g/g). The results demonstrate the potential of the use of UV-transparent plastic as a means of increasing beneficial flavonoid content of red leaf lettuce when the crop is grown in polytunnels.

Perspectives on community representation within the Extractive Industries Transparency Initiative: experiences from south-east Madagascar

This article critically examines the nature and quality of governance in community representation and civil society engagement in the context of trans-national large-scale mining, drawing on experiences in the Anosy Region of south-east Madagascar. An exploration of functional relationships between government, mining business and civil society stakeholders reveals an equivocal legitimacy of certain civil society representatives, created by state manipulation, which contributes to community disempowerment. The appointment of local government officials, rather than election, creates a hierarchy of upward dependencies and a culture where the majority of officials express similar views and political alliances. As a consequence, community resistance is suppressed. Voluntary mechanisms such as Corporate Social Responsibility (CSR) and the Extractive Industries Transparency Initiative (EITI) advocate community stakeholder engagement in decision making processes as a measure to achieve public accountability. In many developing countries, where there is a lack of transparency and high levels of corruption, the value of this engagement, however, is debatable. Findings from this study indicate that the power relationships which exist between stakeholders in the highly lucrative mining industry override efforts to achieve "good governance" through voluntary community engagement. The continuing challenge lies in identifying where the responsibility sits in order to address this power struggle to achieve fair representation.