Before joining the European Union countries from Central and Eastern Europe have to adopt the acquis communautaire, i.e. the system of legal rules developed in the Union. The paper outlines an economic theory of optimum legal areas, that is used to determine the optimal size of the Union as well...

This chapter examines the World Trade Organization (WTO) from the social scientific perspective of constitutional economics. This chapter thus seeks to identify the causes and consequences of constitutionalization. Assuming that states act with intentionality and accuracy in their establishment...

A wise man once said: ‘Just when you think things cannot get any worse, they will.’ The year 2019 was such a dramatic year for Turkey. The agenda was as loaded as ever. In early 2019, the stinging defeat of the ruling Justice and Development Party (AKP) in the municipal elections made...

This paper studies several relevant cases in the area of investment arbitration. The author stresses how the environmental protection is a very relevant issue in these ICSID´s decisions.

Regional integration occupies a prominent place in the economic policies of most sub-Saharan African countries. However, despite different waves of initiatives across the African continent, the majority of African regional schemes have not managed to achieve their ambitious goal of promoting...

We argue that the doctrine of the economic advantages of central bank independence cannot be uncritically transferred to the European Central Bank (ECB). To our opinion, it is the State, not its central bank, who bears the ultimate responsibility for the purchasing power of its paper money. Now,...

We argue that membership in International Organizations (IOs) is an important determinant of FDI inflows. To the extent that membership restricts a country from pursuing policies that are harmful to investors, it can signal low political risk. Using data over the 1971-2005 period, we find that...

This paper constitutes an attempt to reframe and eventually deflate the ongoing 'compliance-vs.-rebalancing' debate which has permeated WTO scholarship for the last 10 years. Our main criticism concerns the substance of the entire debate. We find that scholars on both sides of the...

This paper is a contribution to the literature on rational design of trade agreements. The World Trade Organization (WTO) is an incomplete contract among sovereign states. Incomplete contracts contain gaps. Ex post, contractual gaps may leave gains from trade unrealized; they may create 'regret'...

This paper studies the under-explored yet critical role of WTO's regular bodies, particularly focusing on the discussions of "trade concerns" within the Goods Council, its subsidiary bodies, as well as the General Council. These discussions are pivotal for the governance of international trade...