Single Market Research Articles

The evolution of EU competition law and policy in the pharmaceutical sector: long-lasting impacts of a pandemic

Abstract This article investigates the evolution of the European Union (EU) competition law and policy enforcement in the pharmaceuticals sector, focusing on the impact of the coronavirus disease 2019 (COVID-19) crisis as a turning point. Before COVID-19, EU competition authorities’ goals and priorities focused on pay-for-delay agreements between originators and generic pharmaceutical undertakings. During COVID-19, the European Commission developed soft laws (such as temporary frameworks and comfort letters) enabling undertakings to cooperate to increase access to essential health products and COVID-19 vaccines. In the post-pandemic era, initiatives like the Pharmaceutical Strategy for Europe, the Single Market Emergency Instrument (SMEI), the Health Emergency Response Authority (HERA), the compulsory licensing proposal and the upcoming changes in the pharmaceutical regulations reflect a patient-centred approach and diverse agenda. This article underscores the move towards a more inclusive EU competition law and policy framework in the pharmaceutical sector as part of this evolution.

BOOK REVIEW of European Democracy and Single Market: 30 Years of the Maastricht Treaty

The book under review focuses on two of the most important aspects of the development of the EU integration process – the strengthening of the EU founding value of democracy and the achievement of the EU Single market objective following the entering into force of the Maastricht Treaty. The collective volume features authors coming from different national and academic backgrounds. The democracy-market nexus is approached from a number of perspectives, not always much explored in the past. The analyses seems to suggest that a durable evolution of the EU integration process can only be based on basic principles or founding values of the EU, like in the case of democracy, which is one of the most important ingredients for a European Single market, focused more on social and environmental issues rather than economic ones.

The Geopolitics of EU Enlargement: From Club to Commons

Russia’s full-scale invasion of Ukraine changed the European Union’s attitude towards enlargement. Whereas five years previously European leaders had suggested that any expansion of the EU should be put on hold, suddenly they embraced potential membership for Ukraine, Georgia, Moldova and the Western Balkans. Enlargement is the strongest instrument that the EU has to bring stability to and foster reform in bordering countries. But that strategy invites risk. Countries might join before their democracies are stable and before European institutions are ready to accommodate a wider and more diverse membership. Nevertheless, enlargement is better than the alternative. Russian victory over Ukraine would threaten not only the security of the EU but also the functioning of the single market, efforts to fight inflation and the stability of the financial system. The EU needs enlargement to protect the European commons.

Dual-market quantitative trading: The dynamics of liquidity and turnover in financial markets

Financial market liquidity is a popular research topic. Investor-driven research uses the turnover rate to measure liquidity and generally finds that the higher the stock turnover rate, the lower the returns. However, the traditional financial liquidity theory has been impacted by new machine-driven quantitative trading models. To explore high machine-driven liquidity and the impact of high turnover rates on returns, this study establishes a dual-market quantitative trading system, introduces a variational modal decomposition (VMD)-bidirectional gated recurrent unit (BiGRU) model for data prediction, and uses the back-end Hong Kong foreign exchange market to develop a quantitative trading strategy using the same rotating funds in the U.S. and Chinese stock markets. The experimental results show that given a principal amount of 210,000.00 CNY, the final predicted net return is 226,538.30 CNY, a net return of 107.86%, which is 40.6% higher than the net return of a single Chinese market. We conclude that, under machine-driven trading, increasing liquidity and turnover increase returns. This study provides a new perspective on liquidity theory that is useful for future financial market research and quantitative trading practices.

Positioning African Maritime Services as Key Enablers of the Emerging Single African Market

Positioning African Maritime Services as Key Enablers of the Emerging Single African Market

METHODOLOGY FOR DETERMINING THE IMPACT OF DIGITAL TECHNOLOGIES ON ECONOMIC POLICY

The article examines current issues related to the creation of a single international digital market and their impact on economic policy. It is emphasized that the conditions under which the industrial complex of Ukraine should function in the near future are under the influence of globalization. Brief information on the essence of these processes is provided. It is noted that digitization is carried out within the framework of economic policy, which in the EU is aimed at creating a single international digital market. The characteristic features of this process are given. It is also noted that according to the policy adopted by the EU, over the next five years it is planned to focus on three key objectives to ensure that digital solutions will help Europe to follow its own path to a digital transformation that works for the good of people through respect for our values, namely, implementing technologies that work for people, building a fair and competitive economy and an open, democratic and sustainable society. A brief description of each direction is provided. It stands to reason that every citizen, every worker, every businessman should have a fair chance, wherever they live, to reap the benefits of our increasingly digitized society. Digital solutions such as communication systems, artificial intelligence or quantum technologies can enrich our lives in many ways, although the benefits of digital technologies do not come without risks and costs. Citizens are no longer unable to control what happens to their personal data and are increasingly overwhelmed by the demands of their attention. It highlights that malicious cyber activity can threaten our personal well-being or disrupt our critical infrastructure and create wider security challenges. The unforeseen and unpredictable consequences of the intervention of artificial intelligence in the existence of humanity have already worried the inhabitants of the planet and the Governments of almost all countries. This significant societal transformation requires deep reflection at all levels of society on how Europe can best face these risks and challenges. The effectiveness of innovation policy, in particular, of the EU countries, based on the assessment of their level of readiness for the introduction of advanced digital technology - 5G Internet, is indicated. It is noted that the level of digitalization of business is the most significant factor of digitalization of the labor market, as it causes its quantitative and qualitative modifications.

Analysis of Mudjia Rahardjo's Views: Language Philosophy and Efforts to Preserve Regional Languages

<p>The current era of globalization and westernization poses a real threat to the existence of regional languages, one of which is manifested in the single market program agreed upon by ASEAN countries. In line with that, the study of language philosophy has a very important role in cultural preservation, especially regional languages. This article discusses the views of Mudjia Rahardjo, an Indonesian linguist and philosopher, regarding the philosophy of language and efforts to preserve regional languages with the aim of finding a harmonious correlation between the study of the philosophy of language and efforts to preserve regional languages. Through the content analysis method with data sources from the Philosophy of Language lecture material delivered by Mudjia Rahardjo in the Postgraduate class at Darussalam Gontor Ponorogo University. Based on the content analysis of the lecture material on the philosophy of language delivered by Mudjia Rahardjo, the author concludes that there are several correlations that are compatible between the study of the philosophy of language and efforts to preserve the local language. 3. Philosophy of language can provide a philosophical basis for efforts to preserve regional languages</p>

Cross-provincial collaborative transaction that considers both the green electricity and the green certificate markets under a renewable portfolio standard policy

In the current implementation of the Renewable Portfolio Standard (RPS), various quota entities are facing challenges, including high costs and limited flexibility within a non-collaborative, single green certificate market mechanism. To address these issues, we developed a cross-provincial collaborative transaction model that considers both the green electricity and the green certificate markets. It consists of five sub-models: a green electricity production net revenue maximization sub-model, a green electricity consumption net benefit maximization sub-model, a green electricity and green certificate market categorization sub-model, a cooperative game sub-model for green electricity and green certificate buyers and sellers, and a cooperative benefits allocation sub-model. The roles of each province (i.e., green electricity and certificate buyers and sellers), along with the optimal green electricity generation, green certificate trading volume, and cost of achieving RPS objectives for each province, can be determined by utilizing the first four sub-models. Ultimately, the cooperative benefit allocation sub-model promotes cooperation among the provinces. To validate the model's effectiveness, we chose five representative provincial-level regions of China for empirical analysis. We found that the cooperative mode decreased the cost by 238.554 × 108 CNY (15.9%) compared with each province independently achieving RPS targets in a non-cooperative mode. Moreover, cooperation increased green electricity generation by 447.94 × 108 kWh (13.3%). The cooperative mode will therefore encourage provincial governments to formulate cooperative strategies for achieving RPS objectives, ultimately reducing implementation costs and increasing flexibility and effectiveness.

Explaining regulatory change in the European Union: The role of the financial crisis in ratcheting up of risk regulation

AbstractThe European Union was hit by the financial crisis of 2008. The impact of this crisis, however, and the extent to which this has led to strengthening environmental, health and safety risk regulation in the EU remain open to debate. This article advances the discussion of the “ratcheting‐up” hypothesis by adding a new explanatory factor, namely the financial crisis, and shows what role it played in two cases of risk regulation: Nanotechnology and Alien Invasive Species. It is argued that the crisis, acting as an external economic pressure for the competitiveness and growth of the single market, advanced the economic rationale for strengthening environmental, health and safety standards with implications for effective risk governance, namely regulatory convergence across its (then) 28 member states.

The Geoeconomics of the Single Market for Financial Services

AbstractWe discuss the geoeconomics of the Single Market in financial services in the European Union (EU). We examine three case studies that concern the EU and other major jurisdictions and that range from incipient geoeconomic use to outward weaponisation of the Single Market in finance. These cases are (1) the post‐2008 crisis transatlantic tug of war, whereby the EU leveraged its Single Market vis‐à‐vis the United States, seeking to set the rules for global finance; (2) the Brexit negotiations, when the EU acted as a bloc against the United Kingdom and successfully safeguarded the integrity of the Single Market; and (3) the fulsome war in Ukraine, during which the EU ‘weaponised’ its Single Market through the adoption of financial sanctions against Russia. We argue that a combination of external and internal factors accounts for this pattern: the evolution of the international economic and political system, in particular, the increasing challenges to the liberal international order, and intra‐EU developments, namely, the EU's ability to deploy its Single Market geoeconomically.

Lessons That Poland Can Learn From Brexit

The UK’s exit from the European Union has had seriously negative consequences for the British economy and society. These consequences can be taken as a serious warning to other EU countries that may wish to follow Britain’s chosen path. The warning is particularly important as regards Poland, where the far right has long been openly calling for a so-called “Polexit”. The aim of this article is to analyse and assess both the current and expected effects of Brexit, as well as the conclusions that Poland can draw from them. After presenting the background of Brexit, this analysis focuses primarily on the effects that Great Britain has experienced in the areas of trade with the EU, along with Brexit’s effects on investment, inflation, immigration, and deregulation. Public opinion survey results are also shown, indicating a negative assessment of Brexit by the majority of British society, which is increasingly demanding the restoration of the country’s ties with the EU. Next, the threats to Poland’s further participation in the EU that have arisen since 2015 are shown. Based on Britain’s experience, it can be predicted that a possible Polexit may hit the Polish economy particularly hard, primarily due to the loss of free access to the EU’s single market and a possible collapse with regard to Polish exports, as well as the predicted massive outflow of capital abroad and decline in the inflow of foreign investments. A Polexit would also mean a loss of EU funding. All this would drastically limit Poland’s development possibilities and would trigger a civilisational degradation of the country.

Connectivity throughout ASEAN Following the Establishment of the ASEAN Single Aviation Market (ASAM)

The establishment of the ASEAN Single Aviation Market (ASAM) by ASEAN is aimed at promoting connectivity and liberalization of the single aviation market in ASEAN. The restrictions imposed by Indonesia imply on the policy of ASAM in increasing the connectivity of air services. This paper examines the implications of the ASAM restriction policy on civil aviation in Indonesia. This writing uses a juris-normative approach. The success of ASAM in facilitating air connectivity between ASEAN member states should be enhanced through a careful and informed approach through comprehensive and collaborative adjustments among ASEAN members. This adjustment can be a very valuable part in evaluating the impact of ASAM implementation on each ASEAN Member State, identifying potential barriers, and formulating more effective strategies to enhance connectiveness in the region.

Advancing the practice of public procurement performance measurement: a framework for conceptualizing efficiency and effectiveness

IMPACT This article provides a conceptual, applied framework for public procurement performance measurement. A reimagined systems–theoretical approach reveals a conceptual model by which public managers and policy-makers can understand their current public procurement key performance indicators (KPIs). Focusing on distinctions between the public and private appreciation of efficiency and effectiveness, the model was applied to three European Single Market Scoreboard public procurement KPIs to illustrate where measures tend to fail. Implications from an empirical analysis of aggregated contract notice and award data suggest public procurement performance measures are symbolic indicants rather than true measures of performance unless normalized across the appropriate unit of analysis which are heterogeneous and, in the case of multilevel governance, often have different procurement goals and policy priorities. The model identifies the theoretical challenges facing the metrics used to assess the performance of procurement systems, while acknowledging that, in practice, these metrics may not always be used in isolation for assessment. Recommendations for practice and generalizability across various government regimes and public KPIs are provided.

Control or Compensation: Distorted Narrative and Aftermath of Article 17 CDSM

Abstract This article analyses the value gap argument and the legislative outcome of Art. 17 of the Directive on copyright in the Digital Single Market (CDSM). The analysis is based on a qualitative content analysis of key documents related to the value gap problem and entitlement analysis of the property and liability rules character of Art. 17. The central theme of this article is the conflict between control and compensation. This ties into Peukert’s communication culture concept, which emphasizes exclusivity or access. Control and compensation are vital elements in the property and liability rules framework. The first part explores the roots of the value gap argument and its connection to the proprietary paradigm of copyright. The content analysis of the value gap argument shows that it is built upon the property narrative of copyright. The second part examines Art. 17 through the lens of property and liability rules, drawing on the framework developed by Calabresi and Melamed. The results show that Art. 17 has a mixed character, with a dominant property rule. However, when the real market dynamics are considered, the analysis reveals different results in different creative industries. Industries with strong collective management presence operate under liability rule schemes. As a result, authors in these industries benefit from ‘compensation without control’. The article concludes that integrating liability rule mechanisms is crucial for promoting access and fair compensation. This is exemplified by Art. 17 and markets that function under liability rule organizations, where minor authors particularly stand to benefit.

Modelling and Assessing the Advantages of Integrating Wind, Solar, and Coal Systems within an Annual Bilateral Trading Setting

The integration and co-location of new energy sources and thermal power generation within the same grid connection point, under the management of a single market operator, provide noteworthy potential for exploration in the northern part of our nation. This method is based on the premise of allocating new energy resources primarily for generating contracted electricity, while using thermal power to offer ancillary services. This strategy aims to integrate and use the distinct benefits of both thermal power and new energy sources. The yearly bilateral trade market has significant potential for growth and development. In order to model and evaluate the income generated by the interconnected system’s involvement in the yearly bilateral trading market, this study first establishes the definition of the interconnected system and examines its research significance in engaging in annual bilateral trading. This study utilizes the theoretical framework of master-slave games to analyze the involvement of a coupled system in yearly bilateral trade. The specific case examined in this research is a wind-solar-thermal coupling system located in a particular location of Liaoning Province. This study examines the economic advantages of engaging in the electricity market by considering the marginal cost and LCOE (Levelized Cost of Electricity) perspectives. The findings suggest a notable enhancement in the advantages of the integrated system inside the yearly bilateral trade market, in contrast to conventional power sources present in the market, as well as instances when these sources function autonomously without integration.

Modernizing Procurement in Supply Chain with AI and Machine Learning Techniques

Public procurement in Europe represents, on average, 16.9% of the GDP and is the cornerstone of the European Single Market. Simplifying public procurement and reducing procurement administrative costs for the public and private sectors can deliver substantial benefits at the national and European levels. However, the complexity and diversity of public procurement processes, as well as the huge expenditure at hand, implement automatic systems tailored to specific procurement needs necessary. This paper shows how artificial intelligence, and in particular machine learning techniques, can be used to modernize public procurement. It presents implemented systems and showcases pilot projects. The results of an extensive evaluation are also reported. The paper also argues that public procurement should be used more strategically by public administrations. This means aligning procurement actions with overall business objectives and using procurement to leverage supplier innovation and create a competitive advantage. Such advanced objectives are seldom achieved through the lowest price model. The paper also contains several recommendations for both the supply and demand sides to help realize the full potential of public procurement. On the supply side, recommendations relate to a better understanding of how artificial intelligence can be used in procurement activities, working with AI systems, and creating AI systems. On the demand side, recommendations involve the careful planning of how and when to use AI in procurement activities.

Redefining Duty of Care: Challenges and Solutions for Network Service Providers

With the rapid development of Internet and algorithm technology, how to judge the "duty of care" of network service providers has become a new problem in the field of network infringement. The main topic of this paper is to focus on what kind of duty of care network service providers should bear, and how to solve the problem of responsibility division and commitment in practice. It begins with a comprehensive analysis of the current legal frameworks in China, comparing them with global standards, particularly focusing on the United States' "Safe Harbor" principle and the European Union's Digital Single Market Copyright Directive. It further discusses the challenges of enforcing the duty of care, emphasizing the variability in judicial interpretations and the difficulties in applying traditional legal principles to modern digital contexts. It highlights the need for clearer definitions and preemptive legal measures to mitigate infringement risks, as demonstrated by proactive copyright declarations like those implemented during the 2022 Beijing Winter Olympic Games. Additionally, it examines the potential misuse of the duty of care in competitive business environments, suggesting judicial and legislative strategies to prevent abuse and ensure a fair application of the law. The conclusion advocates for a collaborative approach to reforming duty of care standards, involving a range of stakeholders from legislators to copyright holders, to ensure they are robust yet flexible enough to accommodate future technological developments.

From farm to fork? Brexit and the International Plant Protection Convention

Import and export controls ensure plant pests and diseases harmful to food production, the plants across our landscape, and ecosystem services, are not moved during trade. The ‘International Plant Protection Convention’ (IPPC) provides the framework for applying preventive measures where they are technically justified, and stipulates controls are not to be used as arbitrary restrictions on international trade. This article examines the aims of the Brexit trade agreements and reviews their alignment with the IPPC and other World Trade Organisation agreements. It argues that unjustified controls have been applied under the guise of protective requirements (contributing to EU-GB trade disruption) and identifies a divergence at the point of regulatory implementation of these laws and treaties by official bodies on both sides. The article reviews the position of Northern Ireland, which, to avoid a ‘hard border’ on the island of Ireland, remains under the European Union (EU)'s plant health (phytosanitary) regime. Reflecting on legislative options available to bring the application of plant health regulations into alignment with the IPPC (such as dispute resolution), these options remain unused. However, the possibility of utilising ‘import authorisations’ would leave neither Great Britain nor EU Member States exposed to any greater environmental risk than that under the single market.

Analysis of Sunflower and Oilseed Rape Competitiveness in the Conditions of Slovakia and Czech Republic

Abstract The paper primarily deals with the development of agriculture in the Slovak Republic and Czech Republic, analyzes the agricultural sector in the period 2012–2022 and examines in more detail agriculture, its plant production, especially oilseeds. Attention is given to brief information on the development and situation of the sunflower and oilseed rape, where we focus on the analysis of the development of selected indicators during the observed period, such as production, area sown, yields. Within our research we deal with the concept of competitiveness, using the appropriate indicators. Based on the data, via analysis we quantified the value of Revealed Comparative Advantage index (RCA) and Competitiveness Growth Index (RCA 1). The development of society and the opening of borders between individual states caused the development of foreign trade. Membership in the European Union meant for Slovak and Czech foreign trade the relinquishment of sovereignty in this areas and the adoption of a common trade policy that establishes rules for foreign trade within member countries, but also towards third countries. At the same time, however, Slovak Republic and Czech Republic gained access to the single internal market, which is of significant importance for foreign trade of countries.

Enrico Letta on the Future of a Single European Market

Enrico Letta on the Future of a Single European Market