Riassunto esame Economia industriale , Prof. crisci stefano, libro consigliato Understanding Regulation, Theory, Strategy, and Practice, Badwin, Cave, Lodge

MARKET REGULATION NOTES INTRODUCTION | Regulation is often spoken as a government activity which restricts private behaviour preventing undesirable outcomes. The broader view is, however, that setting up rules and ordered fashions may influence the markets, making them efficient rather than chaotic and uncontrolled. There’s a continuing need for regulatory oversight, especially in the running of public services (naturally monopolistic elements, …). In particular, the financial crisis pointed to the problems concerning the over-reliance on the selfregulatory capacities of private organizations and it also opened new debates about the role of jurisdictions in coping systemic risks and about the macroprudential coordination across nations. Nevertheless, there must be a proper balance between private and public interests, that is why the excessive red tape should be avoided. THE FRAMEWORK | Regulation is a warranty for the market to act in the right way. In fact, there would be no legal certainty in the country without some limitations to free enterprise, which must satisfy some conditions: provided by the law; respect their essence; comply with the principle of proportionality; nondiscriminatory; adequate reasons; based on objectives. The legislator delegates the responsibility to make policies to regulators, the Independent Regulatory Authorities (IRAs), that are public entities established by law and part of the administrative law*. They mainly exercise administrative functions in sensitive or of high technical content areas (competition, privacy, …) in the position of autonomy, independence, impartiality, neutrality. They’re specialized in sectors and are characterized by technical discretion and knowledge: because of this, they improve the general credibility of public institutions. IRAs play a key role within the subject of market regulation. In Italy, they are 19 (like AGCM, ANAC, CONSOB, Guarantor of the protection of personal data) and their main functions are the following: ▪ Protection of consumers’ and producers’ interests towards large monopolistic concentration ▪ Protection of investors towards companies listed on the stock exchange ▪ Protection of the collective interest, like the stability of the market provided by Bank of Italy ▪ Sanctioning ▪ Regulating if and only if the legislator was unable to cover some behaviour; in this case regulatory powers are delegated by Parliament. At the European level, they have four areas of interest: ▪ Legal and organizational autonomy ▪ Management autonomy ▪ Structural autonomy. * It is a branch of public law whose rules regulate the organization of public administration, the pursuit of public interest and the relations between public power and citizens. POLITICAL DECISION-MAKERS <-> MARKET OPERATORS * THE STATE AND THE MARKET STATE GOVERNMENT Organized community living under a unified and centralized political system, the government, that maintains a monopoly of t