Search result: 46 articles

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Year 2014 x
Article

Collective Action Clauses in the Eurozone

One Step Forward, Two Steps Back

Journal European Journal of Law Reform, Issue 4 2014
Keywords collective action clauses (CACs), sovereign debt restructuring, Eurozone, European Stability Mechanism
Authors Giuseppe Bianco
AbstractAuthor's information

    Amongst the measures taken inside the European Union to tackle the sovereign debt crisis, the focus of the legal scholarship has been mainly on the financial stability mechanisms and the European Central Bank’s action. These initiatives constitute the liquidity assistance part of the response. Arguably, less attention has been devoted to the initiatives intended to face issues of debt sustainability. As regards the course of action to adopt in case a country cannot repay its debt, the European Union opted for collective action clauses (CACs). This paper takes a critical look at the Eurozone CACs. It aims to answer the following research question: Are the adopted CACs an efficient means to achieve their purported objective (i.e. facilitate renegotiations of sovereign bonds between creditors and the sovereign debtor)? To do so, the paper investigates the CACs’ content and their historical bases. It then compares the final version with the initial draft and points to several interesting findings. The paper argues that it is likely that practical results from the use of CACs will be significantly below political leaders’ expectations.


Giuseppe Bianco
PhD Fellow, University of Oslo – Université Paris 1 Panthéon-Sorbonne. He can be reached at giuseppe.bianco@jus.uio.no. The author wishes to thank Régis Bismuth, Annamaria Viterbo, and Michael Waibel. Any errors and omissions are the sole responsibility of the author.
Article

Access_open The Essential Role of Cooperative Law

Journal The Dovenschmidt Quarterly, Issue 4 2014
Keywords comparative cooperative law, organizational law, mutual purpose, cooperative identity, social function
Authors Antonio Fici
AbstractAuthor's information

    The idea that cooperative law is essential for the development of cooperatives is not new, but only lately is it spreading rapidly within cooperative circles and urging representative entities of the cooperative movement to take concrete actions. Also in light of this renewed interest towards the cooperative legal theory, this article will seek to demonstrate that recognizing and protecting a distinct identity based on a specific purpose constitute the essential role of cooperative law. The article will subsequently discuss, also from a comparative legal perspective, the nature and essence of the cooperative purpose and some related regulation issues.


Antonio Fici
Professor of Private Law at the University of Molise and of Comparative Cooperative Law at the L.U.M.S.A. of Rome.
Article

Access_open Ownership, Governance and Related Trade-Offs in Agricultural Cooperatives

Journal The Dovenschmidt Quarterly, Issue 4 2014
Keywords investment constraints, collective decision-making, organizational complexity, agricultural cooperative, residual ownership rights
Authors Constantine Iliopoulos
AbstractAuthor's information

    Agricultural cooperatives represent a key institutional arrangement in the world food and agriculture industries. Understanding these business organizations by adopting multi-disciplinary perspectives serves both scholarly and societal needs. This article addresses two issues: (1) how agricultural cooperatives choose from a plethora of ownership and governance features and (2) what are the main trade-offs cooperatives face in making these choices. Both issues have important implications for the efficiency of collective entrepreneurship organizations in food supply chains and thus for food nutrition security and food quality. The article proffers observations based on the extant literature and the author’s field experience. It is concluded that agricultural cooperatives choose ownership and governance features in an attempt to attract risk capital for investments while optimizing collective decision-making efficiency. The main trade-offs that cooperatives address while making these choices are between (1) investor mentality and member-patron control, (2) organizational complexity and vagueness of ownership rights, (3) the need for risk capital and member control, (4) organizational complexity and member control and (5) management monitoring costs and the costs of collective decision-making. These observations are highly relevant for organizational scholars, cooperative practitioners and policymakers as they inform decision-making in cooperatives in more than one way.


Constantine Iliopoulos
Dr. Iliopoulos is the Director of the Agricultural Economics Research Institute and Adjunct Professor at the Agricultural University of Athens, Athens, Greece. E-mail: iliopoulosC@agreri.gr.

Mart Susi
Docent of Public Law, Head of International Research Center of Fundamental Rights, Tallinn University Law School.

Petra Lea Láncos
Adjunct professor, Péter Pázmány Catholic University, Faculty of Law; Legal advisor to the Hungarian Ombudsman for Future Generations.

Gábor Kurunczi
Researcher, lecturer at the Pázmány Péter Catholic University, Faculty of Law; Legal advisor to the Hungarian Commissioner for Fundamental Rights.

Sándor Szemesi
Associate Professor, University of Debrecen, Faculty of Law.

Mónika Ganczer
Research fellow, Hungarian Academy of Sciences, Centre for Social Sciences, Institute for Legal Studies; Assistant professor, Széchenyi István University, Deák Ferenc Faculty of Law and Political Sciences.

Gábor Sulyok
Head of department, Senior research fellow, Hungarian Academy of Sciences, Centre for Social Sciences, Institute for Legal Studies; Associate professor, Széchenyi István University, Deák Ferenc Faculty of Law and Political Sciences.

Tamás Molnár
Adjunct Professor, Corvinus University of Budapest, Institute of International Studies; Head of Unit, Ministry of Interior of Hungary, Department of EU Cooperation, Migration Unit.

Zsuzsa Szakály
PhD candidate, University of Szeged, Faculty of Law and Political Sciences.
Article

Summary of Decision No. 14/2013 (VI. 17) AB of the Constitutional Court of Hungary

On The Constitutionality of Article 17(3) of the Act No. CXCVI of 2011 on National Assets and of Article 4 of the Act No. LXXI of 1994 on Arbitration

Journal Hungarian Yearbook of International Law and European Law, Issue 1 2014

Gábor Kardos
Head of Department, Eötvös Loránd University, Faculty of Law; Member of the Committee of Experts of the European Charter for Regional or Minority Languages (Council of Europe).

Tamás Lattmann
Associate professor, National University of Public Service, Institute of International Studies; Lecturer, Eötvös Loránd University, Department of International Law.

Dinah Shelton
Manatt/Ahn Professor of International Law, George Washington University Law School; former President of the Inter-American Commission on Human Rights.

Barnabás Hajas
Adjunc professor, Péter Pázmány Catholic University; Deputy Head of Department, Ministry of Justice.
Article

Access_open International Criminal Court in the Trenches of Africa

Journal African Journal of International Criminal Justice, Issue 0 2014
Keywords Africa and International Criminal Court, Amnesty and war crimes, International Criminal Court, International criminal justice, Peace agreements
Authors Lydia A. Nkansah
AbstractAuthor's information

    The pursuit of international criminal justice in Africa through the International Criminal Court (ICC) platform has not been without hitches. There is a rift between the African Union (AU), as a continental body, and the ICC owing to the AU’s perception that the ICC is pursuing selective justice and the AU’s misgivings about the ICC’s indictment /trial of some sitting heads of states in Africa. This article argues that the claim of selective justice cannot be dismissed because it undermines the regime of international criminal justice. The indictment/trial of serving heads of states also has serious constitutional and political implications for the countries involved, but this has been ignored in the literature. Further, the hitches arise both from the failure of the ICC to pay attention to the domestic contexts in order to harmonize its operations in the places of its interventions and from the inherent weakness of the ICC as a criminal justice system. The ICC, on its part, insists that any consideration given to the domestic contexts of its operations would undermine it. Yet the ICC’s interventions in Africa have had serious political, legal and social implications for the communities involved, jeopardizing the peaceful equilibrium in some cases. This should not be ignored. Using the law to stop and prevent international crimes in African societies would require a concerted effort by all concerned to harmonize the demand for justice with the imperatives on the ground.


Lydia A. Nkansah
LL.B, LL.M (Bendel State University), BL (Ghana & Nigeria), PhD (Walden University) is Senior Lecturer, Faculty of Law, Kwame Nkrumah University of Science and Technology, Kumasi, Ghana. The section of the article under the subheading “Putting the ICC in the Domestic Contexts of its Operation” is partly based on some ideas from the author’s PhD dissertation titled ‘Transitional Justice in Postconflict Contexts: The Case of Sierra Leone’s Dual Accountability Mechanisms’, submitted to Walden University, 2008.
Article

Access_open Irreconcilable Differences?

An Analysis of the Standoff between the African Union and the International Criminal Court

Journal African Journal of International Criminal Justice, Issue 0 2014
Keywords International Criminal Court, African Union, Kenya investigation, immunity, Heads of state
Authors Mia Swart and Karin Krisch
AbstractAuthor's information

    From initial African support for the establishment of the International Criminal Court to recent proposals that African states should withdraw from it, the article traces the history of the relationship between the African Union and the Court and the reasons for its deterioration. The discussion is focussed on the issue of immunity for sitting heads of state, which has emerged as a major sticking point between the two organisations. The disagreement is illustrated with reference to the ICC’s efforts to prosecute the Kenyan President and his deputy. We examine the legal position on head-of-state immunity at international law, and proceed to evaluate the AU’s proposal that the ICC should amend the Rome Statute to provide for immunity for sitting heads of state, as well as the amendment to the Protocol of the African Court of Justice and Human Rights, in light thereof.


Mia Swart
Mia Swart is Professor of International Law at the University of Johannesburg, South Africa.

Karin Krisch
Karin Krisch is LLM candidate at the University of Johannesburg, South Africa. The authors thank Prof. Charles Jalloh for his insightful comments and guidance.
Article

Access_open “Can These Dry Bones Live?”

In Search of a Lasting Therapy for AU and ICC Toxic Relationship

Journal African Journal of International Criminal Justice, Issue 0 2014
Keywords Criminal accountability, acta sunt servanda, Conflicts, Arrest warrant, Official immunity
Authors Nsongurua J. Udombana
AbstractAuthor's information

    The competing visions of international criminal justice between the International Criminal Court (ICC) and the African Union (AU) reached a climax with the recent adoption of the AU Protocol enlarging the mandate of the African Court of Justice and Human and Peoples’ Rights to cover criminal jurisdiction. The Protocol, inter alia, grants immunity to state officials for atrocious crimes, which clearly conflicts with the ICC Statute’s normative framework. This dialectic is bound to deepen an already toxic relationship between the two international players. This article calls for practical reasonableness by all stakeholders in order to revive the diminishing effort at advancing international criminal justice in Africa.


Nsongurua J. Udombana
2014: LLM, LLD; of the Nigerian Bar; Professor of International Law, Babcock University, Nigeria; udombana@hotmail.com.
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