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T H E EC O N O M I C CO N S TI TU TI O N
The Economic
Constitution
TONY PROSSER

1
3
Great Clarendon Street, Oxford, OX2 6DP,
United Kingdom
Oxford University Press is a department of the University of Oxford.
It furthers the University’s objective of excellence in research, scholarship,
and education by publishing worldwide. Oxford is a registered trade mark of
Oxford University Press in the UK and in certain other countries
# T Prosser 2014
The moral rights of the author have been asserted
First Edition published in 2014
Impression: 1
All rights reserved. No part of this publication may be reproduced, stored in
a retrieval system, or transmitted, in any form or by any means, without the
prior permission in writing of Oxford University Press, or as expressly permitted
by law, by licence or under terms agreed with the appropriate reprographics
rights organization. Enquiries concerning reproduction outside the scope of the
above should be sent to the Rights Department, Oxford University Press, at the
address above
You must not circulate this work in any other form
and you must impose this same condition on any acquirer
Crown copyright material is reproduced under Class Licence
Number C01P0000148 with the permission of OPSI
and the Queen’s Printer for Scotland
Published in the United States of America by Oxford University Press
198 Madison Avenue, New York, NY 10016, United States of America
British Library Cataloguing in Publication Data
Data available
Library of Congress Control Number: 2013952794
ISBN 978–0–19–964453–7
Printed in Great Britain by
CPI Group (UK) Ltd, Croydon, CR0 4YY
Links to third party websites are provided by Oxford in good faith and
for information only. Oxford disclaims any responsibility for the materials
contained in any third party website referenced in this work.
Preface

In this book I have attempted to perform two tasks. The first is to provide
coverage of areas of the constitution which have been neglected in the major
public law texts and in other forms of academic study; those which are
concerned with economic management. This should fill a major gap; issues
such as the allocation of public funds and monetary policy are too important
to be overlooked, especially in the current times of financial crises. Direct
economic management by government has also been relatively neglected in
the regulation literature, and I hope that some of the lessons derived from
that literature can be applied successfully to it. An inspiration is Sabino
Cassese’s book La Nuova Costituzione Economica, now in its fifth edition
and widely available in Italy. There is no UK equivalent, and casting light on
the workings of the economic constitution will, I hope, in itself justify the
publication of this book.
The second task is a more critical one. In Chapter 1 I set out various
meanings of the term ‘economic constitution’; these are drawn from legal and
social theory and European Union (EU) law and politics rather than from the
UK itself, but nevertheless are of value for suggesting possible ways of
understanding our own constitutional arrangements. They also raise the
question of the relationship between an economic constitution and demo-
cratic politics; does such a constitution operate as a straitjacket on govern-
ments, restricting political choices and so casting economic policy from a
single mould? I return to this point in my conclusion, where I begin to
develop the concept of a plural constitution, plural in both its ideological
bases and in its arrangements for institutional scrutiny. This has both
advantages in openness and disadvantages in lack of coordination. This
book is thus both normative and critical.
Choosing to address both these tasks imposes limitations on the full
achievement of each. Thus the coverage of areas of economic management
cannot be fully comprehensive, though I hope that I have managed to treat
the most important areas and so to give a more general feel for the way in
which the economy is managed in the UK. In view of the substantial coverage
elsewhere, I have omitted substantive competition law (despite its importance
in the origins of the idea of an economic constitution) and sectoral regulation
of the utilities; there is only brief coverage of the role of local government.
A particular problem has been to achieve a balance between long-standing
practices and those introduced as responses to the economic crises of recent
vi Preface
years; much has changed since 2008. I hope that the balance I have found is a
reasonable one which is up-to-date yet not too reliant on passing political and
institutional fads.
The more normative approach is given in outline, especially in Chapters 1
and 10 but also as a base for the discussion of the substantive areas which
I cover. Given the constraints of a general account of this kind, there has
not been room for either full theoretical development of the constitutional
and regulatory approach I take, nor for detailed comparative accounts of
other economic constitutions; I hope to remedy both these gaps through
future work.
I am grateful for intellectual and personal support without which, of
course, this book could not have been written. The idea originated when
I worked in the Centre for Socio-Legal Studies at the University of Sheffield,
a uniquely stimulating environment for work of this kind, and was developed
further at the University of Glasgow where I picked up a viewpoint which was
both Scottish and more European. The University of Bristol has supported
me not just intellectually but through its generous policy of research leave.
Once more, my greatest thanks go to Charlotte, Amelia, and Laurie for
their tolerance and support.
The law is stated as at 1 October 2013.
Tony Prosser
Table of Contents

Table of Cases ix
Table of European Legislation xii
Table of Statutes xv
Abbreviations xvii

1. Economic Constitutions 1
Government and economic management 3
Economic constitutions 7
The institutional map 14
The normative approach 16
2. A Map of the Institutions 22
The major institutions of economic governance 22
Arm’s length bodies 38
Executive agencies and related bodies 42
Devolved Government 47
Local government 49
Scrutiny and accountability: an institutional introduction 50
Conclusion 55
3. The International Context 58
The European Union 59
The World Trade Organization and GATS 74
The Council of Europe and the European Convention on
Human Rights 79
The Organisation for Economic Co-operation and Development 81
The World Bank and the International Monetary Fund 82
Conclusion 82
4. ‘Getting and Spending’ 1: Taxation and Public Borrowing 84
Introduction 84
Taxation 85
Government borrowing 103
Conclusions 108
5. ‘Getting and Spending’ 2: Public Expenditure 110
Introduction 110
The Constitution: Parliament 111
viii Table of Contents
The Constitution: the courts 114
Planning public expenditure 116
Audit and scrutiny of spending 125
Conclusion 136
6. Monetary Policy and the Bank of England 138
Introduction 138
Constitutional Background 138
The Bank of England and monetary policy 144
Conclusions 155
7. The Regulation of Financial Services 157
Introduction 157
International regulation 157
EU regulation of financial services 160
Financial services regulation in the UK 166
Conclusions 181
8. State Aid, Government Shareholdings, and Industrial Policy 183
Introduction 183
The EU state aid regime 185
Public ownership 191
Government support for industry 200
Conclusion 209
9. Government and Contract 211
Introduction 211
Constitutional principle 211
European Union public procurement law 217
The World Trade Organization and the Agreement on
Government Procurement 226
Procurement in the UK 227
The Private Finance Initiative 230
Defence procurement 233
Conclusion 238
10. Conclusion: The Plural Constitution 240
The economic constitution as a substantive constraint 240
The economic constitution and institutional coherence 245
The economic constitution and deliberation 248
The plural constitution 250

Bibliography 254
Index 273
Table of Cases

AUSTRALIA
New South Wales v Bardolph (1934) 52 CLR 455 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 212

EUROPEAN COURT OF HUMAN RIGHTS


Ferrazzini v Italy (2002) 34 EHRR 45 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 89
Grainger v UK, application 34940/10, 10 July 2012 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 80
James v UK (1986) 8 EHRR 123 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 79
King v UK [2004] STC 911 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 89
Lithgow v UK (1986) 8 EHRR 329 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 79–80
National Provincial Building Society v UK (1997) 25 EHRR 127 . . . . . . . . . . . . . . . . . . . . . 89

EUROPEAN COURT OF JUSTICE


Altmark Trans GmbH (Case C-2800/00) [2003] ECR I-7747 . . . . . . . . . . . . . . . 187, 188, 252
Beentjes (Case 31/87) [1988] ECR 4635 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 223
Belgium v Commission (Case 234/84) [1986] ECR 2236 . . . . . . . . . . . . . . . . . . . . . . . . . . 187
BUPA and others v Commission (Case T-289/03) [2008] ECR II-81 . . . . . . . . . . . . . . . . . . 69
Commission v France, Nord-Pas-de-Calais (Case C-225/98) [2000] ECR I-7455 . . . . . . . . . 223
Commission v Spain (Case C-414/97) [1999] ECR I-5585 . . . . . . . . . . . . . . . . . . . . . . . . . 233
Concordia Bus Finland Oy Ab (Case C-513/99) [2002] ECR I-7213. . . . . . . . . . . . . . . . . . 223
Costa v ENEL (Case 6/64) [1964] ECR 585. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60
Delta Schiffahrts-Und Speditionsgesellschaft (Case 153/93) [1994] ECR I-2157. . . . . . . . . . . 67
FENIN (Case C-205/03) [2006] ECR I-6295. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 68
Francovich and Bonifaci v Italy (Cases 6/90 and 9/90) [1991] ECR I-5357 . . . . . . . . . . . . . . 61
Humbel (Case 263/86) [1988] ECR 5365 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 68
Marleasing (Case C-106/89) [1990] ECR I-4135 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60
Meroni v High Authority (Case 9/56) [1958] ECR 133 . . . . . . . . . . . . . . 73–74, 161, 165, 166
Paul Corbeau (Case C-320/91) [1993] ECR I-2533 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 69
Poucet and Pistre (Cases C-159/91 and 160/91) [1993] ECR I-637 . . . . . . . . . . . . . . . . . . . . 68
RTT [1991] (Case C-18/88) ECR I-5941. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 69
Stadt Halle (Case C-26/03) [2005] ECR I-1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 220
Teckal Srl v Commune di Vaiano (Case C-107/98) [1999] ECR I-8121 . . . . . . . . . . . . . . . 220
Teleaustria Verlags GmbH v Telekom Austria AG (Case C-324/98)
[2000] ECR I-10745 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 72, 218
Test Claimants in the Thin Cap Group Litigation v Commissioners of Inland
Revenue (Case C-524/04) [2007] ECR 1-2107 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 88
Thomas Pringle v Government of Ireland, judgment of 27 November 2012
(Case C-370/12) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 63
United Kingdom v Council of the European Union and European Parliament,
A-G’s opinion of 12 September 2013 (Case C-270/12) . . . . . . . . . . . . . . . . . . . . . . . . 165
van Gend en Loos (Case 26/62) [1963] ECR 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60
x Table of Cases

GERMANY
Decision of 7 September 2011, BVerfG, 2 BvR 987/10 vom 7.9.2011 . . . . . . . . . . . . . . 20, 251
Decision of 12 September 2012, BVerfG, 2BvR 1390/12 vom 12.9.2012. . . . . . . . . . . . 20, 251

UNITED KINGDOM
A v HM Treasury [2010] UKSC 2, [2012] 2 AC 534 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 251
AG v Wilts United Dairies Ltd (1921) 37 TLR 884 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 53
Al Fayed v Advocate General for Scotland 2004 SC 745 . . . . . . . . . . . . . . . . . . . . . . . . . 95, 96
Albion Water Ltd v Water Services Regulation Authority [2006] CAT 23 . . . . . . . . . . . . . . . 55
Ali v Birmingham City Council [2010] UKSC 8, [2010] 2 AC 39. . . . . . . . . . . . . . . . . . . . . 80
Attorney-General v Wilts United Dairies (1922) 91 LJKB 897, 38 TLR 781 (HL) . . . . . . . . . 85
Auckland Harbour Board v R [1924] AC 318 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 111
Bowles v Bank of England [1913] 1 Ch 57 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 53, 85
Brent LBC v Risk Management Partners Ltd [2009] EWCA Civ 490. . . . . . . . . . . . . . . . . . 208
Bromley London Borough Council v Greater London Council [1983] 1 AC 768 . . . . . . 53, 114
Churchward v R (1865) LR 1 QB 173 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 212
Congreve v Home Office [1976] QB 629 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 53, 85
Credit Suisse v Allerdale Borough Council [1997] QB 306 . . . . . . . . . . . . . . . . . . 53, 207, 212
Deutsche Morgan Grenfell Group v Inland Revenue Commissioners [2006]
UKHL 49, [2007] 1 AC 558 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 102
Gas and Electricity Markets Authority v Infinis plc [2013] EWCA Civ 70 . . . . . . . . . . . . . . . 80
Hazell v Hammersmith London Borough Council [1992] 2 AC 1 . . . . . . . . . . . . . . . . . 53, 114
Inland Revenue Commissioners v Nuttall [1990] 1 WLR 631 . . . . . . . . . . . . . . . . . . . . . . . . 96
International Transport Roth GmbH v Secretary of State for the Home Department
[2002] EWCA Civ 158, [2003] QB 728 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 80
Neil Martin Ltd v Her Majesty’s Revenue and Customs [2007] EWCA Civ 1041,
[2007] STC 1802 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 102
Nottinghamshire County Council v Secretary of State for the Environment
[1986] AC 240 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 53
Office of Fair Trading v IBA Health Ltd [2004] EWCA Civ 142, [2004] 4 All ER 1103 . . . . 54
R v Hampden (1637) 3 St Tr 825 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 85
R (on the application of Datafin plc) v Panel on Takeovers and Mergers [1987] QB 815 . . . . 54
R (on the application of Hibbit and Saunders) v Lord Chancellor’s Department
[1993] COD 336. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 54, 215
R (on the application of Huitson) v Revenue and Customs Commissioners
[2011] EWCA Civ 893, [2012] QB 489 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 89
R (on the application of The Law Society) v Legal Services Commission
[2010] EWHC 2550 (Admin) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 54
R (on the application of Luton Borough Council and Nottingham City Council)
v Secretary of State for Education [2011] EWHC 217 (Admin),
[2011] BLGR 553 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 105, 116
R (on the application of MFK Underwriting Agencies Ltd) v Inland Revenue
Commissioners [1990] 1 WLR 1545. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 102
R (on the application of Molinaro) v The Royal Borough of Kensington and
Chelsea [2001] EWHC Admin 846 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 215
R (on the application of The National Federation of Self-Employed and Small
Businesses Ltd) v Inland Revenue Commissioners [1982] AC 617 . . . . . . . . . . . . . 96, 102
Table of Cases xi
R (on the application of SRM Global Master Fund LP) v Treasury
Commissioners 88 [2009] EWCA 788 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 80
R (on the application of Unilever plc) v Inland Revenue Commissioners
[1996] STC 681 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 102
R (on the application of Wilkinson) v Inland Revenue Commissioners [2005]
UKHL 30, [2005] 1 WLR 1718 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 89, 95, 102
R (on the application of World Development Movement Ltd) v Secretary of State for
Foreign and Commonwealth Affairs [1995] 1 WLR 386 . . . . . . . . . . . . . . . . 54, 115, 252
Rederiaktiebolaget Amphitrite v The King [1921] 3 KB 500 . . . . . . . . . . . . . . . . . . . . . . . . 212
Risk Management Partners v Brent London Borough Council and others [2011]
UKSC 7, [2012] AC 34 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 220
Smith v Ministry of Defence [2013] UKSC 41, [2013] 3 WLR 69 . . . . . . . . . . . . . . . . . . . 215
Smith and Fawcett Ltd, re [1942] Ch 304 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 193
Tsfayo v UK (2009) 48 EHRR 18; R (Alconbury Developments) v Secretary of State for
the Environment, Transport and the Regions [2001] UKHL 23, [2003] 2 AC 295 . . . . . 80
UN Uncut Legal Action Ltd v Commissioners of Her Majesty’s Revenue and
Customs [2013] EWHC 1283 (Admin) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 96
Vodafone 2 v Revenue and Customs Commissioners (no. 2) [2009] EWCA Civ 446,
[2010] 2 WLR 288 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 88
Woolwich Equitable Building Society v Inland Revenue Commissioners
(no. 2) [1993] AC 70 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 102
Table of European Legislation

Art 126 . . . . . . . . . . . . . . . . . . . . .62, 105


TREATIES Art 127 . . . . . . . . . . . . . . . . . . . . . . . . .65
Art 127(6) . . . . . . . . . . . . . . . 74, 141, 166
European Convention on Human Art 130 . . . . . . . . . . . . . . . . . . . . . . . .142
Rights . . . . . . . . 11, 79–81, 88–90, 102, Art 131 . . . . . . . . . . . . . . . . . . . . . . . .142
103, 108, 168, 241, 252 Art 132 . . . . . . . . . . . . . . . . . . . . .74, 166
Art 6 . . . . . . . . . . . . . . . . . . . . . . . .80, 89 Art 140(1) . . . . . . . . . . . . . . . . . . . . . .142
Art 14 . . . . . . . . . . . . . . . . . . . . . . . . . .89 Art 163 . . . . . . . . . . . . . . . . . . . . . . . . .66
Protocol 1 . . . . . . . . . . . . . . . . . . . . . . .89 Arts 258-260 . . . . . . . . . . . . . . . . . . . . .61
Art 1 . . . . . . . . . . . . . . . . . . . . . . . .79, 80 Art 282 . . . . . . . . . . . . . . . . . . . . . . . .141
Treaty Establishing the European Stability Art 282(3) . . . . . . . . . . . . . . . . . . . . . .142
Mechanism . . . . . . . . . . . . . . . . . . . .63 Arts 285-287 . . . . . . . . . . . . . . . . . . . . .61
Treaty on European Union (TEU) . . . 60, 222 Art 340 . . . . . . . . . . . . . . . . . . . . . . . . .61
Art 4(3). . . . . . . . . . . . . . . . . . . . . . . . .67 Art 345 . . . . . . . . . . . . . . . . . . . . 186, 190
Treaty on Stability, Coordination and Art 346 . . . . . . . . . . . . . . . . . . . . 233, 234
Governance in the Economic and Protocol 4 on the Statute of the
Monetary Union . . . . . . . . . 13, 17, 62, European System of Central Banks
63–65, 142, 242, 243 and of the European Central Bank
Art 3(2). . . . . . . . . . . . . . . . . . . . . . . . .64 Art 2 . . . . . . . . . . . . . . . . . . . . . . . . . .141
Art 8 . . . . . . . . . . . . . . . . . . . . . . . . . . .64 Art 42(2). . . . . . . . . . . . . . . . . . . . . . .142
Treaty on the Functioning of the European Protocol 12 on the Excessive Deficit
Union (TFEU) Procedure . . . . . . . . . . . . . . . . .62, 105
Title VII . . . . . . . . . . . . . . . . . . . . . . .141 Protocol 15 on certain provisions
Art 7 . . . . . . . . . . . . . . . . . . . . . . . . . .142 relating to the United Kingdom of
Art 14 . . . . . . . . . . . . . . . . . . . . . . 69, 142 Great Britain and Northern Ireland
Art 34 . . . . . . . . . . . . . . . . . . . . . . .12, 62 Art 3 . . . . . . . . . . . . . . . . . . . . . . . . . .142
Art 37 . . . . . . . . . . . . . . . . . . . . . . . . . .67 Arts 4-5. . . . . . . . . . . . . . . . . . . . . . . . .63
Art 51 . . . . . . . . . . . . . . . . . . . . . . . . . .69
Arts 56-62 . . . . . . . . . . . . . . . . . . . . . . .69
REGULATIONS
Art 101 . . . . . . . . . . . . . . . . . . . . . . . . .67
Art 102 . . . . . . . . . . . . . . . . . . . . . . . . .67 Regulation 1467/97 on speeding up and
Art 106(1) . . . . . . . . . . . . . . . . . . . . . . .67 clarifying the implementation of the
Art 106(2) . . . . . . . . . . . . . . . . . . . . . . .68 excessive deficit procedure [1997] OJ
Art 107 . . . . . . . . . . . . . . . . . . . . . 70, 185 L209/6 . . . . . . . . . . . . . . . . . . .62, 105
Art 107(3)(a) . . . . . . . . . . . . . . . . . . . .201 Regulation 1606/2002 on the application of
Art 107(3)(b). . . . . . . . . . . . . . . . . . . .189 international accounting standards
Art 107(3)(c) . . . . . . . . . . . . . . . . . . . .189 [2002] OJ L243/1 . . . . . . . . . . . . . .160
Art 108 . . . . . . . . . . . . . . . . . . . . . . . . .70 Regulation 1/2003 implementing Arts 81
Art 108(3) . . . . . . . . . . . . . . . . . . . . . .185 and 82 [2003] OJ L1/1 . . . . . . . . . . .61
Art 109 . . . . . . . . . . . . . . . . . . . . . . . .185 Regulation 139/2004 on the control of
Art 113 . . . . . . . . . . . . . . . . . . . . . .62, 87 concentrations between undertakings
Art 119 . . . . . . . . . . . . . . . . . . . . . 60, 141 [2004] OJ L24/1 . . . . . . . . . . . . . . . .69
Art 119(3) . . . . . . . . . . . . . . . . . . . . . .141 Art 21(4). . . . . . . . . . . . . . . . . . . . . . . .69
Art 122(2) . . . . . . . . . . . . . . . . . . . . . . .63 Regulation 800/2008 declaring certain
Art 123 . . . . . . . . . . . . . . . . . . . . . . . .106 categories of aid compatible with the
Table of European Legislation xiii
common market in application of Articles Directive 2004/18/EC on the coordination of
87 and 88 of the Treaty (General Block procedures for the award of public works
Exemption Regulation) [2008] contracts, public supply contracts and
OJ L214/3. . . . . . . . . . . . . . . . 185–186 public service contracts [2004]
Regulation 1060/2009 on credit rating agencies OJ L134/114 . . . . . . . . . . . . . . 72, 218,
[2009] OJ L302/1 . . . . . . . . . . . . . .107 220–221, 223–224, 225, 230
Regulation 1092/2010 on European Union Recitals 28-29 . . . . . . . . . . . . . . . . . . . . .223
macro-prudential oversight of the Arts 3-4. . . . . . . . . . . . . . . . . . . . . . . .220
financial system and establishing a Art 19 . . . . . . . . . . . . . . . . . . . . . . . . .223
European Systematic Risk Board Art 21 . . . . . . . . . . . . . . . . . . . . . . . . .221
[2010] OJ L331/1 . . . . . . . . . . . . . .163 Art 23 . . . . . . . . . . . . . . . . . . . . . . . . .223
Regulation 1093/2010 establishing a European Art 26 . . . . . . . . . . . . . . . . . . . . . . . . .223
Supervisory Authority (European Banking Art 38(8). . . . . . . . . . . . . . . . . . . . . . .221
Authority) [2010] OJ L331/12 . . . . .163 Art 53 . . . . . . . . . . . . . . . . . . . . . 219, 223
Regulation 1094/2010 establishing a European Art 55(1)(d) . . . . . . . . . . . . . . . . . . . .223
Supervisory Authority (European Arts 56-9. . . . . . . . . . . . . . . . . . . . . . .220
Insurance and Occupational Pensions Directive 2006/49/EC on the capital adequacy
Authority) [2010] OJ L331/48 . . . . .163 of investment firms and credit institutions
Regulation 1095/2010 establishing a European [2006] OJ L177/201 . . . . . . . . . . . .159
Supervisory Authority (European Directive 2006/111/EC on the transparency of
Securities and Markets Authority) financial relations between Member States
[2010] OJ L331/84 . . . . . . . . . . . . .163 and public undertakings as well as on
Regulation 513/2011 on credit rating agencies financial transparency within certain
[2011] OJ L145/30 . . . . . . . . . 107, 165 undertakings (Codified version) [2006]
Regulation 1175/2011 amending Council OJ L318/17 . . . . . . . . . . . . 70, 185, 188
Regulation EC No 1455/97 on the Directive 2006/112/EC on the common
strengthening of the surveillance of system of value added tax [2006]
budgetary positions and the surveillance OJ L347/1. . . . . . . . . . . . . . . . . . . . .87
and coordination of economic policies Directive 2006/123/EC on services in the
[2011] OJ L306/12 . . . . . . . . . . . . . .63 internal market [2003] OJ L376/36 . . .70
Regulation 236/2012 on short selling and Directive 2007/66/EC on improving the
certain aspects of credit defaults effectiveness of review procedures
[2012] OJ L86/1 . . . . . . . . . . . . . . .165 concerning the award of public contracts
Regulation 648/2012 on OTC derivatives, [2007] OJ L335/31 . . . . . . . . . .73, 219
central counterparties and trade Directive 2009/81/EC on the coordination of
repositories [2012] OJ L201/1 . . . . .165 procedures for the award of certain works
Regulation 462/2013 on credit rating agencies contracts, supply contracts and service
[2013] OJ L146/1 . . . . . . . . . . . . . .107 contracts by contracting authorities or
Regulation 575/2013 on prudential entities in the fields of defence and
requirements for credit institutions and security [2009] JO L216/76 . . . . . . .233
investment firms [2013] Directive 2013/36/EU on access to the activity
OJ L176/1. . . . . . . . . . . . . . . . . . . .159 of credit institutions and the prudential
supervision of credit institutions and
investment firms [2013]
DIRECTIVES
OJ L176/338 . . . . . . . . . . . . . . . . . .159
Directive 2004/17/EC coordinating the
procurement procedures of entities DECISIONS
operating in the water, energy, transport
and postal services sectors [2004] Decision 2005/842/EC on the application of
OJ L134/1. . . . . . . . . . . . . . . . .72, 218 Article 86(2) of the EC Treaty to State aid
in the form of public service
xiv Table of European Legislation
compensation granted to certain Decision on State aid C 56/07 granted
undertakings entrusted with the operation by France to La Post [2010]
of services of general economic interest OJ L274/1. . . . . . . . . . . . . . . . . . . .191
[2005] OJ L312/67 . . . . . . . . . . . . .188 Decision 2012/21/EU on the application of
Article 106(2) of the Treaty on the
Functioning of the European Union to
State aid in the form of public service
compensation [2012] OJ L7/3 . . . . .188
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