Discretion and Accountability: The ESMA Judgment and the Meroni Doctrine. Bruges European Economic Research (BEER) Papers 30/2014

This paper assesses the effectiveness of the Meroni doctrine in the light of the recent judgment in the ESMA case. The first part explains in detail the problem of delegation of powers in the EU from the perspective of the principal-agent theory and complements it with the analysis of the trade-off between different levels of independence and accountability of agencies. A simple economic model is developed to illustrated the relationship between the independence and accountability of an agency. It shows that it is the accountability mechanism that induces the agent to act, rather than the extent of his independence. The paper also explains the inter-temporal interactions between the principal and the agent on the basis of the incentives in place for the different players. The second part is devoted to analysis of the functioning of ESMA in the context of its delegated powers. After the presentation of main aspects of the regulatory framework establishing ESMA, the paper continuous with an analysis and interpretation of the discretionary powers of ESMA. The rather rigid position of the Court of Justice in relation to the Meroni doctrine seems to be unsuitable to delegation of complex regulatory tasks. This is particularly evident in the case of financial markets. Finally, the judgment does not examine in any detail whether and how the principals - i.e. the EU and Member States - are best able to evaluate the quality of ESMA decisions and regulations and whether there are different but more effective accountability mechanisms.

Wittgenstein, Winch, Kripkenstein y la posibilidad de la crítica

En el presente trabajo exploramos las consecuencias de la lectura del argumento del lenguaje privado realizada por Kripke en el terreno del pensamiento social y político. Ello reviste un interés particular, debido a que lleva a revisar el encuadre en el que usualmente se ha situado la discusión sobre la relevancia político-social del pensamiento de Wittgenstein. La discusión ha estado centrada en el rol del acuerdo comunitario, sus consecuencias conservadoras o relativistas, el ahogo de la crítica y el disenso que resultaría, y otras cuestiones conexas. En ello vemos el síntoma de una problemática epistemológica (la de las garantías del conocimiento) que no termina de superarse, a pesar de la jerga semántica. Mostraremos que el escenario que resulta de la lectura de Kripke, en cambio, rompe con esta problemática, habilitando nuevas preocupaciones, próximas, a nuestro juicio, con las de lo que en el pensamiento francés se han denominado las "filosofías de la sujeción del sujeto"

Wittgenstein, Winch, Kripkenstein y la posibilidad de la crítica

En el presente trabajo exploramos las consecuencias de la lectura del argumento del lenguaje privado realizada por Kripke en el terreno del pensamiento social y político. Ello reviste un interés particular, debido a que lleva a revisar el encuadre en el que usualmente se ha situado la discusión sobre la relevancia político-social del pensamiento de Wittgenstein. La discusión ha estado centrada en el rol del acuerdo comunitario, sus consecuencias conservadoras o relativistas, el ahogo de la crítica y el disenso que resultaría, y otras cuestiones conexas. En ello vemos el síntoma de una problemática epistemológica (la de las garantías del conocimiento) que no termina de superarse, a pesar de la jerga semántica. Mostraremos que el escenario que resulta de la lectura de Kripke, en cambio, rompe con esta problemática, habilitando nuevas preocupaciones, próximas, a nuestro juicio, con las de lo que en el pensamiento francés se han denominado las "filosofías de la sujeción del sujeto"

Some stray notes upon Slough and Upton : collected from various sources.

"Privately printed."

Frances Trollope : her life and literary work from George III to Victoria /

Includes index.

New voyages and travels : consisting of originals, translations, and abridgments.

Contiene: Vol. I:

Journey through Greece and the Ionian Islands, in June, July, and August, 1821 /

"A journey in Egypt, by M. Lelorrain; and Observations on the circular zodiac of Denderah, by M. Saulnier": p. [75]-96.

The statute law of Kentucky; with notes, prælections, and observations on the public acts. Comprehending also, the laws of Virginia and acts of Parliament in force in this commonwealth; the charter of Virginia, the federal and state constitutions, and so much of the King of England's proclamation in 1763, as relates to the titles to land in Kentucky. Together with a table of reference to the cases adjudicated in the Court of appeals ...

Imprint varies: v. 2-3, Frankfort, (Ken.) Printed for William Hunter, by Johnston & Pleasants. 1810-1811.--v. 4, Frankfort, (Ken.) Printed for William Hunter, by Robert Johnston. 1814.--v. 5, Frankfort, (Ken.) Printed for Butler & Wood. 1819.

Short studies on great subjects /

"This volume forms the second series of Froude's Short studies, as reprinted in Everyman's library. The first volume, originally issued in the series with the title Essays in literature and history, contains a general introduction by M. Belloc to Froude's work and critical attitude in the Short studies."--v. 2, p. vii.

Worke for cvtlers, or, A merry dialogve betweene sword, rapier, and dagger : acted in a shew in the famous Vniuersite of Cambridge.

"Re-enacted on Thursday, July the 23rd 1903 at ... Trinity Hall, Cambridge, at the instance of A. Forbes Sieveking"--P. [2].

The Covenant, and Declaration of faith, of the Second Church of Christ in Dorchester, with a list of the officers and members, and an appendix. 1828.

Contains references to Richard Mather on p. [19]-21 and "Copy of the original covenant of the church in Dorchester" signed by Richard Mather and others: p. 21-23.

The Spoiled child, a farce. With prefatory remarks ... Faithfully marked with the stage business, and stage directions, as it is performed at the Theatres Royal.

Ascribed variously to Mrs. Jordan, Richard Ford and Isaac Bickerstaffe. Cf. Dict. nat. biog; Baker; Oxberry's new English drama, v. 15 [no. 4] p. ii.

The history of France, from the earliest period : comprehending every interesting and remarkable occurrence in the annals of that monarchy to its abolition in September 1792 /

Signatures: 6 engr. leaves + A⁴ B-E¹⁸ F¹² G².

Paradise regained : Samson Agonistes, Comus and Arcades /

Bound in gold-tooled red morocco; gilt edged.

A natural history of the most remarkable quadrupeds, birds, fishes, serpents, reptiles, and insects /

v. 1 (viii, 224 p.) : v. 2 (viii, 256 p.)