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Article

Beyond Financialisation?

Transformative Strategies for More Sustainable Financial Markets in the European Union

Journal European Journal of Law Reform, Issue 4 2014
Keywords financialisation, financial market integration, financial reform, financial innovation, financial crisis
Authors Dieter Pesendorfer
AbstractAuthor's information

    The global financial crisis has led many regulators and lawmakers to a rethinking about current versus optimum financial market structures and activities that include a variety and even radical ideas about deleveraging and downsizing finance. This paper focuses on the flaws and shortcomings of regulatory reforms of finance and on the necessity of and scope for more radical transformative strategies. With ‘crisis economics’ back, the most developed countries, including the EU member states, are still on the edge of disaster and confronted with systemic risk. Changes in financial regulation adopted in the aftermath of the financial meltdown have not been radical enough to transform the overall system of finance-driven capitalism towards a more sustainable system with a more embedded finance. The paper discusses financialisation in order to understand the development trends in finance over the past decades and examines various theories to describe the typical trends and patterns in financial regulation. By focusing on a limited number of regulatory reforms in the European Union, the limitations of current reforms and the need for additional transformative strategies necessary to overcome the finance-driven accumulation regime are explored. Finally, the regulatory space for such transformative strategies and for taming finance in times of crisis, austerity, and increased public protest potential is analysed.


Dieter Pesendorfer
Queen’s University Belfast, School of Law, d.pesendorfer@qub.ac.uk.
Article

A Crisis Beyond Law, or a Crisis of Law?

Reflections on the European Economic Crisis

Journal European Journal of Law Reform, Issue 4 2014
Keywords Eurozone, economic crisis, Greece, debt, Grexit
Authors Ioannis Glinavos
AbstractAuthor's information

    This paper attempts to locate the place of law in debates on the economic crisis. It suggests that law is the meeting point of politics and economics, not simply the background to market operations. It is suggested therefore that the law should be seen as the conduit of the popular will through political decision making onto economic systems and processes. The paper argues that the crisis can be seen as being the consequence of the dis-embedding of the political from the economic, and it is this distance that causes legal frameworks to operate in unsatisfactory ways. With this theoretical basis, the paper examines the sovereign debt crisis in Europe. The European debt crisis in general and the plight of Greece in particular show why plasticity in policy making is necessary and also reveal why current orthodox solutions to economic calamities fail. The inflexibility of the neoclassical understanding of the state-market relationship does not allow for avenues out of crisis that are both theoretically coherent and politically welcome. Such realisations form the basis of the examination of the rules framing the Eurozone. This paper, after conducting an investigation of exit points from the Eurozone, condemns the current institutional framework of the EU, and especially the EMU as inflexible and inadequate to deal with the stress being placed on Europe by the crisis.


Ioannis Glinavos
Dr Ioannis Glinavos is Senior Lecturer in Law at the University of Westminster, i.glinavos@westminster.ac.uk.
Article

Legislative Drafting in Plain Urdu Language for the Islamic Republic of Pakistan

A Question of Complex Intricacies

Journal European Journal of Law Reform, Issue 3 2014
Keywords Urdu, Pakistan, multilingual jurisdictions, legislative drafting, plain language movement
Authors Mazhar Ilahi
AbstractAuthor's information

    The plain language movement (PLM) for the writing of laws calls for improving legislative clarity by drafting the laws in a clear, simple, and precise manner. However, the main purpose of this aspiration is to facilitate the ordinary legislative audience to understand the laws with the least effort. In this respect, turning the pages of recent history reveals that this movement for plain language statutes has mostly been debated and analysed in the context of English as a language of the legislative text. However, in some parts of the multilingual world like India and Pakistan, English is not understood by the ordinary population at a very large scale but is still used as a language of the legislative text. This disparity owes its genesis to different country-specific ethnolingual and political issues. In this context but without going into the details of these ethnolingual and political elements, this article aims to analyse the prospects of plain Urdu legislative language in the Islamic Republic of Pakistan by by analyzing (1) the possibility of producing a plain language version of the legislative text in Urdu and (2) the potential benefit that the ordinary people of Pakistan can get from such plain statutes in terms of the themes of the PLM. In answering these questions, the author concludes that neither (at present) is it possible to produce plain Urdu versions of the statute book in Pakistan nor is the population of Pakistan likely to avail any current advantage from the plain Urdu statutes and further that, for now, it is more appropriate to continue with the colonial heritage of English as the language of the legislative text.


Mazhar Ilahi
The author is Solicitor in England and Wales and currently an Associate Research Fellow as well as Director of the Legislative Drafting Clinic at the Institute of Advanced Legal Studies, School of Advanced Study, University of London. Previously, he has worked as a Civil Judge/Judicial Magistrate and practised as Advocate of High Courts in Pakistan. He is also a country (Pakistan) representative of ‘Clarity’, an international association promoting plain legal language.
Article

Shifting from Financial Jargon to Plain Language

Advantages and Problems in the European Retail Financial Market

Journal European Journal of Law Reform, Issue 3 2014
Keywords financial markets, financial information, PRIPs/KIIDs, financial jargon, plain language
Authors Francesco De Pascalis
AbstractAuthor's information

    The purpose of this paper is to discuss the European regulatory efforts to guarantee investors a proper understanding of the characteristics of the products being offered in the retail financial market. In particular, the analysis emphasises the proposal to introduce plain language as a mandatory requirement for drafting pre-contractual documents relating to retail financial products.
    The 2007-2009 financial crisis brought to attention the importance of providing investors with more information on financial products to help them make informed investment decisions. However, more disclosure alone is not enough. The quantity and quality of information to be disclosed must go hand in hand with the way the information is communicated.
    Plain language is seen as an adequate tool to make information more transparent and understandable to the average investor. However, to make plain language a valuable instrument, it is necessary to enhance the ability of those who have the responsibility to apply it, that is, the financial products’ issuers and distributors.
    This aspect deserves proper consideration; otherwise, the benefit of plain language will remain on paper.


Francesco De Pascalis
The author obtained an LLM degree in Banking and Finance Law at Queen Mary University of London in October 2010 and is admitted as a barrister to the Verona Bar Society. Currently, he is doctoral candidate at the Institute of Advanced Legal Studies, University of London.
Article

Making EU Legislation Clearer

Journal European Journal of Law Reform, Issue 3 2014
Keywords European Union, transparency, openness, clarity of legislation
Authors William Robinson
AbstractAuthor's information

    This article looks at the clarity of the legislation of the European Union (EU), in particular the clarity of the language used. It sketches out the basic EU rules on transparency and openness, past expressions of concern for clearer EU legislation, and the response of the institutions. Finally, it considers briefly some ways to make EU legislation clearer.


William Robinson
Associate Research Fellow at the Institute of Advanced Legal Studies, University of London, formerly coordinator in the Quality of Legislation Team of the European Commission Legal Service.

Giulia Adriana Pennisi
Giulia Adriana Pennisi is a Tenured Researcher in English Language and Translation at the University of Palermo (Italy), where she teaches English linguistic courses at graduate and undergraduate level. She is an Associate Research Fellow in the Sir William Dale Centre for Legislative Studies, Institute of Advanced Legal Studies, University of London.
Article

Medically Assisted Reproduction in Egypt, Iran, Saudi Arabia and the United Arab Emirates

Sunni and Shia Legal Debates

Journal European Journal of Law Reform, Issue 2 2014
Keywords medically assisted reproduction, Islam, Middle East, family formation, law
Authors Andrea Büchler and Eveline Schneider Kayasseh
AbstractAuthor's information

    Since the mid-1980s, biotechnologies have been widely used to assist human conception around the world, and especially in the Middle East. In this article, our main focus is the United Arab Emirates (UAE), as well as Egypt, the Islamic Republic of Iran, and Saudi-Arabia. In these Muslim-majority countries, an ever rising demand for fertility treatments runs parallel to far-reaching demographic and social changes. While assisted reproductive technologies offer various methods to pursue the desire to have biological children, they do also underscore religious and cultural sensibilities about traditional male-female relationships and family formation.
    In order to outline contemporary opinions and state laws and regulations in the countries mentioned in the outset, core notions and concepts of the Islamic family that are relevant for understanding attitudes regarding reproductive medicine and that have influence on couples seeking fertility treatment are outlined. It is also shown how ethical-juridical considerations have shaped the scholarly discourse about assisted reproduction. In this context, assisted reproductive techniques that include eggs, sperm, embryos, or wombs from third parties have been particularly contentious. In fact, there remain different views among Islamic jurists and senior clerics in Shia Islam regarding ethically controversial issues such as egg and sperm donation, as well as surrogate motherhood. While the number of IVF-clinics is on the rise in all countries discussed in this article, only in the UAE are clinics operating with rather comprehensive legislative oversight.


Andrea Büchler
University of Zurich, Switzerland.

Eveline Schneider Kayasseh
University of Zurich, Switzerland.
Article

Democracy, Constitutionalism and Shariah

The Compatibility Question

Journal European Journal of Law Reform, Issue 2 2014
Authors A.T. Shehu
Abstract

    This article is a contribution and a response to the debate on the compatibility, or rather the incompatibility, of Islam and Shariah with democracy and constitutionalism. The debate has been both inter and intra; Muslims as well as non-Muslims are divided among themselves on the issue. A careful synthesis of the arguments on both sides shows fundamental problems of semantics and lack of proper appreciation of the issues involved because of divergent construction of the basic rules and normative concepts. This article identifies as a problem the tendency for cultural prejudice and intolerance to largely determine the direction of the debate and endure not only a ‘clash of civilizations’, but also, in reality, a clash of normative concepts. This article contends that Islam is more democratic in nature and that Shariah itself is a system of constitutionalism; needless to say, the objectionists have long forgotten that, in essential formulations, Shariah is the foundation of thoughts on human rights.


A.T. Shehu
Article

The Manifestation of Religious Belief Through Dress

Human Rights and Constitutional Issues

Journal European Journal of Law Reform, Issue 2 2014
Keywords religion, religious freedom, burqa, hijab, Muslim
Authors Anthony Gray
AbstractAuthor's information

    Jurisdictions around the world continue to grapple with the clash between religious freedoms and other freedoms and values to which a society subscribes. A recent, and current, debate concerns the extent to which a person is free to wear items of clothing often thought to be symbolic of the Muslim faith, though the issues are not confined to any particular religion. Bans on the wearing of this type of clothing have often (surprisingly) survived human rights challenges, on the basis that governments had legitimate objectives in banning or restricting them. A pending case gives the European Court another chance to reconsider the issues. It is hoped that the Court will closely scrutinise claims of legitimate objectives for such laws; perceptions can arise that sometimes, governments are pandering to racism, intolerance and xenophobia with such measures, rather than seeking to meet more high-minded objectives.


Anthony Gray
Professor of Law, University of Southern Queensland, Australia.

    Under the Kafala system, which applies in all Arab countries, migrant workers must attain a work entry visa and residential permit, which is possible only if they are working for a domestic institution or corporation or a citizen of the respective country. Each and every employer is required, based on the Kafala system, to adopt all legal and economic responsibilities for all of the employer's workers during their contractual period. By giving wide-ranging powers and responsibilities unilaterally to employers, the Kafala system subjects workers to abysmal and exploitative working conditions, violence, and human rights abuses. Some of these problems have recently made headlines in the United States and in Europe in connection with the campus being built by New York University in Abu Dhabi. While NYU imposed a code of labor standards on its direct contractual partners, it claimed to have no means of controlling subcontractors. Nor did NYU try very hard, it seems, to verify compliance even by its direct contractual partners.
    Migrant workers make up at least 30 percent of the population of Saudi Arabia and 49 percent of Saudi Arabia's entire workforce. Employers control Saudi Arabia's Kafala system, in which migrant workers are the weakest link. Studies and international organizations report that foreigners employed in Saudi Arabia have returned home with many complaints. In 2006, Saudi Arabia re-examined all laws including its labor law. This re-examination resulted in abolishing some terms used in labor law, such as the kafala system, but the system remains as is. The new labor law includes many positive changes, but not enough according to the assessment of local and international scholars and observers. In this paper, I will reveal laws, practices and patterns that essentially cause the vulnerability of migrant workers, and I will suggest effective alternative strategies. This paper should contribute to our growing understanding of issues of concern for migrant workers in Saudi Arabia and other Arab countries and help to develop specific and necessary legal and institutional responses.


Majed M. Alzahrani
LL.M, Indiana University, Robert H. McKinney School of Law. The author would like to thank Professor Frank Emmert for advice and guidance in the production of this article.

    The purpose of this article is to illuminate one of the contemporary legal dilemmas in Islamic law, namely the appointment of female judges in Muslim countries. The methodology employed is library-based research. The focus of this article is to determine the legal status of appointments of female judges in Shariah courts. It is argued here that female judges can be appointed in Muslim countries and that the main reason for this is that there is no explicit prohibition of it in the fundamental sources of Islamic law. However, the claims that it is contrary to Islamic law to appoint female judges are also discussed here. The outcome of this article is to prove that there is nothing wrong in Islam in appointing female judges as long as they fulfil the necessary conditions.


Aishath Muneeza
Postgraduate Student, Harun M. Hashim Law Centre, International Islamic University Malaysia.
Article

Freedom of Speech, Freedom of Religion and Islam

A Review of Laws Regarding ‘Offences Relating to Religion’ in Pakistan from a Domestic and International Law Perspective

Journal European Journal of Law Reform, Issue 2 2014
Keywords blasphemy, apostasy, freedom of religion, Ahmadi, minority rights in Pakistan
Authors Ujala Akram
AbstractAuthor's information

    During the struggle for a separate homeland, named Pakistan, for Muslims who were the then religious minority in British India, a promise was inevitably made that the religious minorities will enjoy freedom to hold and practice their belief in this new country. The promise was kept in all three Constitutions of Pakistan where minorities were given the right to practice their religion. However, the subsequent amendments to the Constitution were made with the presumption that Pakistan was created to establish an Islamic State, which stifled the freedom of religion and belief of the religious minorities. In the absence of a domestic mechanism to protect the freedom of religion in Pakistan, international law was supposed to play a major role in the protection of the same. Unfortunately, international law, owing to the lack of sanctions and mechanism to implement the law, proved to be weak in this case. However, through an amalgamation of international law, international pressure, amendments to existing laws and promulgation of new laws to protect the religious freedom of minorities in Pakistan – the minorities may be able to enjoy the freedom of religion as it was envisioned while fighting for the independence of Pakistan.


Ujala Akram
LLM 2007, S.J.D. Candidate, Indiana University McKinney School of Law.
Article

A Thorny Path to the Spotlight

The Rule of Law Component in EU External Policies and EU-Ukraine Relations

Journal European Journal of Law Reform, Issue 1 2014
Keywords rule of law, rule of law promotion, European Union, European Neighbourhood Policy, Ukraine
Authors Olga Burlyuk
AbstractAuthor's information

    The rule of law and its promotion abroad is currently at the core of EU external policies, specifically in the European neighbourhood. But has it always been the case? This article traces the rule of law component of EU external policies in general and EU–Ukraine relations as a case study, and reveals that in the last two decades the rule of law has followed a thorny path to the spotlight, emerging from a rather peripheral place in the 1990s to its currently central one. The article argues that this is a result of three processes: the legislative mainstreaming of the rule of law in the EU itself, the growing ambitiousness of EU–Ukraine relations, and the increased visibility of systemic shortcomings in rule of law application in Ukraine due to the trials of opposition politicians since 2010. The article concludes by suggesting that rule of law components of other EU bilateral relations in the European neighbourhood and beyond are subject to similar processes.


Olga Burlyuk
Recently awarded the degree of Doctor of Philosophy in International Relations, Brussels School of International Studies, the University of Kent.
Article

The Values of the European Union Legal Order

Constitutional Perspectives

Journal European Journal of Law Reform, Issue 1 2014
Keywords European Union, constitutional values, jurisprudence, rule of law, treaty objectives
Authors Timothy Moorhead
AbstractAuthor's information

    At the heart of the European Union legal order lie values directed collectively to the idea of European integration. As a body with significant governmental and lawmaking powers, the Union also presents itself as an institution based upon the rule of law. The Union ‘constitution’ therefore expresses both regulatory powers direct­ed towards European integration as well as rule of law principles whose scope of application is limited by the terms of the Treaties. In this article I consider how this distinctive amalgam of values operates as a constitution for the European Union, by comparison with domestic constitutional values within the Member States. I also consider how Union constitutional demands condition and inform the legal practices of the Court of Justice. Here I identify the interpretive effects of superior Union laws –‍ the core Treaty objectives as well as rule of law principles found within the General Principles ‍– as of particular significance in developing the legal influences of the entire Union project of integration.


Timothy Moorhead
Associate Lecturer, University of Kent.
Article

Negligent Prosecution

Why Pirates Are Wreaking Havoc on International Trade and How to Stop It

Journal European Journal of Law Reform, Issue 1 2014
Keywords piracy, shipping, maritime law, universal jurisdiction, Somalia
Authors Justin Boren
AbstractAuthor's information

    The standard of living throughout the world has been on the rise thanks in large part to perhaps the greatest advance in the last hundred years: international trade performed by maritime traffic. Despite modern advances in shipping practice, the centuries-old problem of piracy has once again threatened advancement of international trade. Although piracy is not limited to a geographical area, the Horn of Africa has received much attention of late owing to a resurgence of pirate attacks. Using the failed state of Somalia as a base, pirates off the Horn of Africa have found piracy to be an extremely lucrative business in a part of the world ravished by famine, poverty and ongoing wars. This article calls for nations the world over to invoke universal jurisdiction and grant to the International Tribunal for the Law of the Sea in Hamburg, Germany, exclusive jurisdiction over claims of piracy. In doing so, the international community will no longer turn a blind eye to a crime that affects all nations equally.


Justin Boren
J.D. Candidate May 2014, Robert H. McKinney School of Law, Indianapolis, IN.
Article

The Costs and Consequences of US Drug Prohibition for the Peoples of Developing Nations

Journal European Journal of Law Reform, Issue 1 2014
Keywords U.S. drug policy, drug prohibition, War on Drugs, human rights, U.N. Declaration on the Right to Development
Authors J. Michael Blackwell
AbstractAuthor's information

    The widespread production and use of illicit drugs is a social phenomenon carrying enormous social, economic, and political significance. The United States stands as a vocal and forceful proponent of prohibitionist drug controls in international policymaking. However, strictly enforced US prohibitionist drug controls largely fail to effectively reduce the consumption of narcotic drugs and ultimately create a significant number of negative consequences for many peoples throughout the world. The increased violence, government corruption and community sequestration that result from the war against drugs are deleterious to economic development among rural communities in drug producing countries. In response to these concerns, this article examines the purpose, effects and consequences of the prohibitive drug controls routinely employed by the United States. Special attention is paid to an oft-overlooked repercussion of prohibitive drug controls: the marginalisation of developmental human rights for peoples in drug producing countries.


J. Michael Blackwell
J.D. candidate, Indiana University Robert H. McKinney School of Law, 2013; A special thanks to family, friends and Dr. Frank Emmert for guidance and support.
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