“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.

Credibility, rules and power in the European Union institutions: a transactional analysis of the "Stability and Growth pact"

The credibility of the rules and the elements of power constitute fundamental keys in the analysis of the political institutions. This paper opens the "black box" of the European Union institutions and analyses the problem of credibility in the commitment of the Stability and Growth pact (SGP). This Pact (SGP) constituted a formal rule that tried to enforce budgetary discipline on the European States. Compliance with this contract could be ensured by the existence of "third party enforcement" or by the coincidence of the ex-ante and ex-post interests of the States (reputational capital). The fact is that states such as France or Germany failed to comply with the ruling and managed to avoid the application of sanctions. This article studies the transactions and the hierarchy of power that exists in the European institutions, and analyses the institutional framework included in the new European Constitution.

The legal framework for energy provisions in the European Union – With special regard to providing of energy provisions within the scope of Article 194(2) TFEU

The thesis interprets the caveat of Article 194(2) TFEU in order to assess the use of the Article as a legal basis for energy provisions provided by the European Union. The research subject is the Energy Title in the Treaty of the Functioning of the European Union and the possibilities of the application of the legal basis provided therein. The purpose is analysis of the possibilities for providing of provisions within the scope of the caveat found in Article 194(2) TFEU with special regard to the possibilities of providing renewable energy legislation. The purpose of the thesis is on one hand to provide an overview of the premises for providing of energy provisions in the EU, and on the other hand to analyse the Treaty text in order to determine the legal basis for energy provisions. The ultimate objective is to determine the correct legal basis for renewable energy provisions, aimed at the mitigation of climate change. According to Article 194(2) TFEU, the practice of the shared legislative powers in the field of energy are restricted by the retention of certain energy matters within the power of the Member States. The wording of the caveat containing the restrictions is open to interpretation and has been a subject of extensive discussion. Many scholars have argued that the caveat in Article 194(2) TFEU might obstruct decision-making in energy matters. This argument is contested, and the factual impact of the codification of the energy competences is analysed. The correct legal basis for energy provisions depends on the final interpretation of the text of the caveat and the level of significance of the effect of the measure. The use of Article 194(2) TFEU as a legal basis might not be the only option. There is a possibility that the legal bases within the Environmental Title might be used as legal bases for energy provisions in addition to Article 194(2) TFEU.

The legal framework for energy provisions in the European Union – With special regard to providing of energy provisions within the scope of Article 194(2) TFEU

The thesis interprets the caveat of Article 194(2) TFEU in order to assess the use of the Article as a legal basis for energy provisions provided by the European Union. The research subject is the Energy Title in the Treaty of the Functioning of the European Union and the possibilities of the application of the legal basis provided therein. The purpose is analysis of the possibilities for providing of provisions within the scope of the caveat found in Article 194(2) TFEU with special regard to the possibilities of providing renewable energy legislation. The purpose of the thesis is on one hand to provide an overview of the premises for providing of energy provisions in the EU, and on the other hand to analyse the Treaty text in order to determine the legal basis for energy provisions. The ultimate objective is to determine the correct legal basis for renewable energy provisions, aimed at the mitigation of climate change. According to Article 194(2) TFEU, the practice of the shared legislative powers in the field of energy are restricted by the retention of certain energy matters within the power of the Member States. The wording of the caveat containing the restrictions is open to interpretation and has been a subject of extensive discussion. Many scholars have argued that the caveat in Article 194(2) TFEU might obstruct decision-making in energy matters. This argument is contested, and the factual impact of the codification of the energy competences is analysed. The correct legal basis for energy provisions depends on the final interpretation of the text of the caveat and the level of significance of the effect of the measure. The use of Article 194(2) TFEU as a legal basis might not be the only option. There is a possibility that the legal bases within the Environmental Title might be used as legal bases for energy provisions in addition to Article 194(2) TFEU.

In Search for the European solidarity: The rule of law within the European Union in the framework of constitutional pluralism

The dissertation examines the rule of law within the European Union in the theoretical framework of constitutional pluralism. The leading lines of constitutional pluralism are examined with relation to the traditional and prevailing, monistic and hierarchical conceptions on how to perceive legal orders in Europe. The theoretical part offers also historical perspective by highlighting some of the turning points for the Union constitutional legal order in the framework of European integration. The concept of rule of law is examined in legal terms and its meaning to the Union constitutional constellation as a constitutional principle and a common value is observed. The realization of the rule of law at supranational and national level is explored with a view to discover that recent developments in some of the Member States give rise to concern about the viability of the rule of law within the European Union. It is recognized that the inobservance of the rule of law at national level causes a threat to the supranational constitutional legal order. The relationship between the supranational and national legal orders is significant in this respect and therefore particularly the interaction between the Court of Justice of the European Union (hereinafter the ECJ) and the Member States’ (constitutional/supreme) courts takes focus. It is observed that functioning dialogue between the supranational and national courts based on mutual respect and judicial deference is an important prerequisite for the realization of the rule of law within Europe. In order to afford a concrete example, a recent case C-62/14 Gauweiler v Deutscher Bundestag is introduced and analysed in relation to the notorious relationship between the Federal Constitutional Court of Germany and the ECJ. The implications of the ECJ’s decision in Gauweiler v Deutscher Bundestag is assessed with reference to some of the pressing issues of constitutionalism within Europe and some institutional aspects are also brought forward. Lastly, the feasibility of constitutional pluralism as a theoretical setting is measured against the legal reality of today’s Europe and its many constitutions. The hierarchical idea of one ultimate source of power, stemming from the traditional approaches to legal systems, is then assessed with relation to the requirement of the realization of the rule of law within the European Union from the supranational and national point of view.

EXPLOITING SCENARIO PLANNING FOR STRATEGIC ASSESSMENT OF THE EXTERNAL BUSINESS ENVIRONMENT Future insights of the European pet food sector

The purpose of this study is to explore how scenarios can be exploited in strategic assessment of the external business environment. One of the key challenges for managers worldwide is to adapt their businesses to the ever-changing business environment. As the companies’ external business environment is constantly presenting new opportunities and threats, it is extremely important that companies continuously monitor the possible changes happening around it. As the speed of change rises, assessing the future has become more and more vital. The study was conducted as an exploratory research and the research strategy was influenced by scenario planning and case study strategy. The study examined the European pet food sector from the future point of view. Qualitative study was chosen as research approach and empirical data was collected primarily by seven expert interviews. The secondary data about the sector was applied as complementary empirical data. In the theoretical part of the research it was discovered that nowadays, traditional analysis frameworks are ill-suited for strategic assessment of the external business environment. This is why a self-created combination framework for analysis was employed both as study’s theoretical framework and analysis technique. Furthermore, the framework formed the base for interview questions. Both in theoretical and the empirical part of the study it was found that today, in strategic assessment of the external business environment, besides setting focus on the current situation, it is important to concentrate also on the future. The traditional analysis frameworks offer a good starting point for collecting relevant data but they do not encourage conducting a deeper analysis. By adding characteristics from scenario planning to these more traditional tools, a new analysis framework was created, which ensured the more comprehensive analysis. By understanding the interconnections between discovered phenomena and changes, and by recognizing uncertainties, the user is helped to reflect the environment more profoundly. The contributions of the study are both theoretical and managerial. A new analysis framework strives to answer to the current needs for strategic assessment of external business environment and the framework was tested in the context of European pet food sector. When it comes to managerial contributions, the importance lies in understanding the future. Managers must take future into account and understand that future includes various possibilities which all must be reflected

Corporate green image communication through public disclosures and social media

Today, companies need to mind the environment in all their actions. Policies, regulations and growing pressure from environmentally conscious public are driving corporations to invest increasingly in their green images. Communication plays a key role in forming and maintaining that image. This thesis explores how six selected companies communicate about their environmental efforts and activities, and its linkage to their green images, in annual and sustainability reports and in Facebook. The companies come from the U.S. and Europe and operate in three different industries: ICT, oil and gas, and aerospace & defense. Qualitative and quantitative content analyses are conducted to examine 36 reports and 121 Facebook messages, collected from the period of 2010-2014, and from 2005 for comparison. The results show that although the quality and quantity of environmental disclosure is increasing, there is still room for improvement. Overall, disclosure in the ICT sector is on the highest level. The European companies disclose more and on average have stronger green images than the American ones. Emissions and ways to reduce them is by far the most covered topic in both continents and in all three industry sectors. The messages in Facebook are closer to advertising, and overall the platform is utilized surprisingly little.