EU accession: Negotiating “environmental dumping”?

“Environmental dumping” is a concern frequently raised in discussions on the potential risks involved in the eastern enlargement of the European Union¹ (EU).² There is a general concern that the Central and Eastern European accession countries may be neither willing nor able to fully apply the EU’s environmental acquis communautaire, the body of Community environmental legislation, once they have joined the EU. As a result, these countries would benefit from a competitive advantage when selling their goods on the Internal Market. This article asks whether, and in which specific cases, such concerns may be justified.     

Disagreement without end?

The Third UN Conference on the Law of the Sea meets in New York from August 21 to September 15, 1978, for the second half of its Seventh Session. At its earlier meetings the Conference had not succeeded in mapping out a new international maritime law. The present article analyses the state of the negotiations and the problems still awaiting solution.     

Integrated models of capital adequacy – Why banks are undercapitalised

With the majority of large UK and many US banks collapsing or being forced to raise capital over the 2007–9 period, blaming bankers may be satisfying but is patently insufficient; Basel II and Federal oversight frameworks also deserve criticism. We propose that the current methodological void at the heart of Basel II, Pillar 2 is filled with the recommendation that banks develop fully-integrated models for economic capital that relate asset values to fundamental drivers of risk in the economy to capture systematic effects and inter-asset dependencies in a way that crude correlation assumptions do not. We implement a fully-integrated risk analysis based on the balance sheet of a composite European bank using an economic-scenario generation model calibrated to conditions at the end of 2007. Our results suggest that the more modular, correlation-based approaches to economic capital that currently dominate practice could have led to an undercapitalisation of banks, a result that is clearly of interest given subsequent events. The introduction of integrated economic-scenario-based models in future can improve capital adequacy, enhance Pillar 2’s application and rejuvenate the relevance of the Basel regulatory framework.     

A Quasi-experimental Method for Testing the Effectiveness of Ecolabel Promotion

Despite the existence of tourism ecolabels for more than 10 years, tourists’ decision making is still only marginally influenced by such labels and it appears that sustainability does not feature much in tourists’ general consumption behaviour. However, two recent studies found that tourists’ attitudes towards the Green Globe 21 (GG21) ecolabel in New Zealand were positive and the surveyed tourists appeared to have a high awareness of sustainability issues. Based on these findings, a quasiexperiment was conducted in the Christchurch Visitor Information Centre (CVIC) (main tourist hub of South Island) to investigate whether tourists’ positive attitudes towards ecolabels would result in increased observable interest of GG21 ecolabelled products. The purpose of this paper is to describe the complex quasi-experimental methodology that has been developed in an attempt to get further insight into tourist behaviour related to ecolabelled tourist products. During May and June 2003 the impact of a promotional campaign on tourists’ information search behaviour in the CVIC was tested. Observations of tourists and measurement of brochure up-take showed no increased interest in the ecolabel promotion campaign or the GG21 labelled products in the CVIC. The experimental methodology demonstrated that positive attitudes towards ecolabels are an unreliable predictor of responsible environmental tourist behaviour.     

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Consequences of Economic Partnership Agreements between East and Southern African Countries and the EU for Inter- and Intra-regional Integration

Abstract

The European Union is currently negotiating Economic Partnership Agreements (EPAs) with six African, Caribbean and Pacific country groupings, aiming at establishing mutual free trade. This paper empirically assesses the impact of the EPAs on trade flows and government revenues for 22 East and Southern African countries and discusses implications for intra-regional integration. The results indicate that while moderate trade effects can be expected, relatively large budget effects are likely to occur in a number of these countries, exposing them to considerable structural and financial adjustment requirements. In addition, EPAs would strengthen the need to consolidate overlapping intra-regional integration schemes.