Decentralisation of Economic Law—An Oxymoron?

Abstract

Interest in decentralising governance is increasing worldwide. Policies of decentralisation are applied in many different fields. In economic law, notably in both the cases of EC competition and financial services law, new rules are in the process of being introduced. This essay provides a brief overview of these models of regulation. It then examines their regulatory structures and focuses on the question of the impact of the decentralisation process in the context of decentred understandings of regulation. It points to the paradox of law being decentralised where it is a centralised function and thus represents an oxymoron. The article argues that whether decentralisation results in an oxymoron depends on the function of the law considered. The overall purpose of the article is to contribute to a better understanding of governance through decentralisation.