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Investor Protection in EuropeCorporate Law Making, The MiFID and Beyond$
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Guido Ferrarini and Eddy Wymeersch

Print publication date: 2006

Print ISBN-13: 9780199202911

Published to Oxford Scholarship Online: January 2009

DOI: 10.1093/acprof:oso/9780199202911.001.0001

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PRINTED FROM OXFORD SCHOLARSHIP ONLINE (oxford.universitypressscholarship.com). (c) Copyright Oxford University Press, 2022. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use.date: 27 January 2022

Political Yardstick Competition and Corporate Governance in the European Union

Political Yardstick Competition and Corporate Governance in the European Union

(p.31) 2 Political Yardstick Competition and Corporate Governance in the European Union
Investor Protection in Europe

Pierre Salmon

Oxford University Press

The question whether regulatory competition in the area of company law could take place in the European Union (EU) in a way similar to that in the United States (the Delaware phenomenon) ignores the importance of voters and tends to view competition among governments as if it was exclusively based on the mobility of firms across jurisdictions. But intergovernmental competition can also take the form of yardstick, or relative performance, competition. This chapter begins by spelling out some characteristics of the mechanism. The second part stresses some aspects of the path followed by European integration. The third and fourth parts are devoted to corporate governance and law making in the EU context. Yardstick competition between the EU and other parts of the world is likely to start a dynamic process that could lead to the centralization of a large part of company lawmaking at the EU level and the emergence of a distinctive legal environment for firms doing business in Europe.

Keywords:   regulatory competition, democratic politics, corporate law making

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