10 Conclusion 1 Conclusion We examined the main

10. Conclusion 1

Conclusion We examined the main aspects of the public regulation of markets in the present global age. Globalization requests that public powers be: 1) More cautious and parsimonious in regulating business; 2) Less arbitrary and heavy in their intervention; 3) Non-protectionist in principle; 4) Submitted to higher legal orders. 2

The present financial and economic crisis has brought about strong regulatory reactions. 1. More rules are invoked; 2. Heavy measures have been set out, such as nationalizations and recapitalizations of banks; 3. State aids to industry have been put in place; 4. Antitrust exemptions have been planned; 5. National autonomy has re-emerged. Is this a resurgence of the public regulation dating back to the 30 s-70 s of the 20 th century? 3

Global Age prevents regulation from returning to 30 s -70 s. Reaction to the present crisis seem to consist in measures that are temporary more than stable. 1. Heavy and large nationalizations are not conceivable. 2. Anticompetitive State aids are forbidden in Europe. 3. Antitrust exemptions should be an exception. 4. National sovereignty must be subject to supranational and international legal orders. 4

Public regulation of Markets and Administrative Law 1. Market regulation as one of the most important aspects of administrative law. 2. The reduction of discretionary powers in market regulation might contribute to lessen political influence on administrative action. 3. The principle of proportionality is not only a reactive criterion for judicial review of administrative action, but has become a proactive criterion for previous justification of regulatory schemes. 4. The principle of competition affects public powers as well. 5

Many differences among diverse national experiences. Several States are reluctant to reduce discretionary powers and political influence on administration (France, Japan). Preliminary proportionality encounters difficulties in States where RIA procedures are in their initial stage (Italy). Competition primacy has suffered from relevant breaks (U. S. ). Despite differences and difficulties, the transformations of market regulation and administrative law seem to constitute substantial tendencies of our times. 6