Globalization of markets has created problems for national governments in delivering on so-cial and economic policy objectives through national regulatory regimes. The emergence of transnational private regulatory regimes (TPRER) is both part of the response to the limits of national governments and their cause. The emergence of these regimes may produce transfers of power and authority from State to supranational level and from public to private, affecting sovereignty and self-determination.
Built on mixed, co-regulatory bases these regimes show a different structure at national and international level, due predominantly to the weaker public dimension at the global level. Recently these responses have been subject to criticisms in literature and by policy makers, focusing on their lack of legitimacy and limited effectiveness.
The core aspects of the project address these issues and identify which institutional responses can simultaneously improve legitimacy and effectiveness, looking in particular at the governance systems, the role of judicial review and other forms of ex post accountability. The influence of globalisation on national legal orders will be analysed, examining different TPRER in the light of both vertical complementarity (private global/public-local or viceversa) and horizontal complementarity (public/private global).
The project builds an international research group of 20-25 researchers to analyse the choice of regulatory forms in different policy areas from a multi-disciplinary perspective (law, economics, political science, sociology), asking under which conditions different forms of global, regional and transnational regulation, public, private and co-regulatory, emerge and what determines their success or failure. Success and failure are evaluated against the four dimensions of legitimacy, effectiveness, quality and enforcement across three domains: financial markets regulation, fundamental rights and consumer protection.