Browsing by Subject "European Union"

The anonymity of virtual currency allows for its misuse for criminal purposes. Of particular concern are transnational organized crime users of virtual currency platforms. The global regulatory response to virtual currency has been disparate, far from uniform, and until recently, fairly muted. In 2018, the European Union integrated virtual currency into a robust anti-money laundering legal regime by requiring the registration of all EU-based virtual currency providers to comply with the rules of the Fifth Anti-Money Laundering Directive. The United States has a messier, but equally stringent approach to virtual currency. However, American regulators struggle with fifty state courts issuing wildly varied interpretations, while virtual currency companies meet different conditions for licensing, described as ‘Frankenfinance’ or full of absurd contradictions and incongruities. China took an altogether different approach as it banned all cryptocurrencies in order for the People’s Bank of China to pave way for the introduction of its own cryptocurrency, the digital yuan. This decision was made after recent high profile security breaches, including thefts and fraud, warned the Chinese regulator of increasing risk to the financial market. The responses of these three jurisdictions demonstrate the different ways that regulators have begun to define and limit the use of virtual currency. Permissive and contentious regulators in the EU and the United States are normalizing the trade of virtual currencies if it complies with international anti-money laundering rules. However, the hostile Chinese approach suggests that this Western regulatory approach may not meet the demands of every global jurisdiction. This paper uses a vertical and horizontal comparative approach to identify both legal definitions and approaches to virtual currency regulation to answer the research question: is the harmonization of virtual currency regulation desirable, or even possible?

Countries worldwide are faced with the challenge of climate change mitigation. Even with the current climate targets, not enough is being done to reduce greenhouse gas emissions and the consumption of fossil-based energy. The hydrogen economy is believed to contribute to the green transition since green hydrogen is a carbon-free energy carrier and it provides an opportunity to decarbonize energy sectors where electrification is not possible. Such sectors where hydrogen could be utilized are, for example, the transport sector and various industry sectors, like chemicals and steel. A supportive policy framework is required to guarantee a swift and structured transition to functioning hydrogen markets. Finland, however, does not have a national strategy for the development of a hydrogen economy yet. This study explores the strategic possibilities in terms of developing a well-functioning hydrogen economy for Finland that would contribute to climate-neutrality. After describing and systemizing the current hydrogen scene in Finland, this study compares and analyzes the hydrogen strategies of the EU, Germany, and Norway. The aim is to find possible policy solutions that support the emerging Finnish hydrogen markets in the best way. This study concentrates on two specific aspects of hydrogen policy. What type of hydrogen should be supported in Finland – green or blue hydrogen, or both, and what kind of support mechanisms should be used to promote green hydrogen? The study concludes that the main conflict relating to the hydrogen economy, which is also inherent to energy law related issues in general, is the conflict between environmental interests and economic interests. We need quick actions to mitigate climate change, but green hydrogen is not cost-competitive, and it requires a lot of support to become feasible. It is found that the transitional period will play a crucial role in the development of the hydrogen economy, and blue hydrogen should lead the path towards fully green hydrogen markets. The shift to green hydrogen should be well-planned and structured, keeping in mind Finland’s prerequisites to produce both blue and green hydrogen. Realistic and concrete production targets for both blue and green hydrogen, defined and clear terminology, and well-designed support schemes are key for the future Finnish national hydrogen strategy. Hydrogen will likely require various forms of support, and the main rule is that direct financial support should be gradually removed, and the market-based support schemes should slowly take over.

Agreeing on a common migration system in the EU has turned out to be extremely challenging due to various reasons, and when the calls for responsibility-sharing and solidarity have not worked, the EU has turned to rely on third countries. In practice, this means that some of the EU’s migration and border policies have seen a transfer of responsibility, where countries of origin or transit take on some of the migration and border management originally managed by a destination country, in return for financial support. This is a strategy often deployed by wealthier states to prevent migration flows and ease the pressure on their own migration system, going under the name externalisation. As states adopt stricter laws on migration and impose stricter border controls, ways of entering countries are reducing. This consequently leads to people having to rely on irregular means to migrate, paving the way for a ‘migration industry’ that favours profit-driven actors to take advantage of. This Master’s thesis will reflect on this growing trend in the field of migration policy, by focusing on the Northern African countries going under the collective name of Maghreb as the receiving countries of externalised policies. This group of countries have become popular transit (occasionally destination) countries for migrants trying to reach the South European countries in attempts that can best be described as perilous and life-threatening journeys.

Public policy considerations have had a varying degree of impact in EU competition law. Throughout the years, the European Commission has allowed for certain public policy considerations, such as the protection of the environment and employment, but “the more economic approach” of the early 21st century has marked a turning point in this regard. Economic analysis has since the late 1990s become an increasingly important part of competition analysis and enforcement, and the focus on economic parameters has led to a more cautious attitude towards public policy interests. Despite the advantages that the more economic approach has given to EU competition law, some argue that it has led to an overly price-centric approach to consumer welfare. Competition policies on a global scale are affected by different underlying economic theories. The varying economic and theoretical approaches can be classified into different schools of thought, which affect the underlying presumptions of how competition in the market is achieved. Antitrust law in the United States has been affected mainly by the Chicago and Harvard schools of thought, both of which have also affected the development of EU competition law. However, EU competition law can also be perceived as its own, distinct school of thought, namely the European school of thought. The purpose of this thesis is to assess public policy considerations in light of the European school of thought and its theoretical framework. The research question entails several different themes. Public policy considerations are first studied with case law and sustainability is highlighted as a recent and relevant example. In addition to public policy considerations, another essential theme to this thesis is the different schools of thought affecting competition law and policy. By studying the European school of thought and the social market economy, this thesis aims to emphasise the sui generis features of EU competition law. As the notion of social market economy implies that competition law should consider societal concerns as well, a relevant question in this regard is whether competition law should be interpreted coherently with the totality of EU law. In other words, this is a question of whether competition law should remain independent of the totality of EU law, or whether EU-wide goals and values should be accommodated in competition law as well. This thesis also studies the possibility of a broader conception of consumer welfare, mainly by analysing “the fair share of the benefits” and the concept of consumer well-being. The research question is contemplative by nature, and so are the conclusions of this thesis. A primary issue in studying this topic is that the objectives and priorities of EU competition law remain somewhat unclear. A central notion in this regard is the dichotomy between the Commission and the European Court of Justice, as they have given somewhat differing notions on the objectives of competition law. As for the European school of thought, a central notion is that EU competition law is embedded in a framework that is fundamentally different from the Chicago school of thought. The concept of the social market economy, together with Article 3 TEU and Articles 7 and 11 TFEU, suggest that the theoretical foundations for considering public policy interests in competition law exist. Studying the possibility of long-term consumer welfare, benefits to the society as a whole and the concept of consumer well-being, demonstrate that the economically oriented notion of consumer welfare is perhaps too narrow in the context of the social market economy. All in all, the question of public policy considerations in EU competition law is ultimately perceived as a question of including fundamental values and objectives of the Union in competition law and policy.

Social policy is a policy area with close connections to citizens’ everyday life ranging from social security to questions of safety at work. Decisions regarding social policy issues are based on value choices about the redistribution of wealth. Hence, traditionally social policy has been a policy area closely connected to the national sovereignty of states and it has developed on the basis of national history and values. In the Union context, the development of competences in this policy area has been slow as European integration has taken place primarily based on the internal market integration and integration in other policy areas was expected to follow. Currently, social policy is part of Unions’ shared competences, and the Union has been granted certain powers in social policy questions in the Treaties. These competences are, however, mostly limited. Moreover, decisions in this policy area are hard to be achieved due to member states’ different views on social policy questions. Regardless of the limited Union competences, the national leeway in regulating social policy questions is narrowing. The Union social policy integration is not always taking place under the intended decision-making procedures or under the intended legal bases, but integration by stealth is taking place. This causes the creeping of competences in a form of positive integration through the back door, negative integration, soft law instruments and other forms, such as the increased usage of economic governance affecting national social policy decisions. Therefore, the EU can in an ever-increasing way be seen to be interfering with national social policy decisions and guiding the organisation of national social policies for example with economic governance. This form of integration may be inherent to the sui generis character of the Union. However, it is not completely unproblematic with regards to the legitimacy of Union action. Moreover, the creeping of competences poses a danger on the essence of social policy, which is often considered to be to help the ones in need of assistance, being overruled by economic considerations in both the European and the national level. This thesis is about analysing the durability of the current Union competences in the area of social policy. The thesis starts by delving into the character of the Union as this becomes relevant when analysing the current Union actions. Furthermore, the historic development and the current state of the social policy competences of the Union will be outlined. Based on this, the thesis includes an analysis of the Union actions in the area of social policy and on how these actions affect the member states’ leeway in social questions. The issue of competence creep and its causes are furthermore evaluated. Lastly, the question of whether the current social policy competences of the Union need a clarification is contemplated and certain alternative models are considered for the future.