Constitutional Pluralism Revisited

This essay revisits the theory of constitutional pluralism. This theory was first developed in the EU context as a way of understanding and defending the absence of a broadly agreed source of final authority in the relationship between national and supranational (EU) legal systems and their respective appellate courts in the context of the significant increase in supranational jurisdiction around the time of the Maastricht Treaty 25 years ago. The essay argues that the theory of constitutional pluralism remains relevant today, in particular offering better explanatory and justificatory accounts of the EU than any of the singularist (or monist), holist or federalist alternatives. Its continuing relevance, however, depends on a more explicit focus on the political underpinnings of the legal and judicial dimensions of constitutional pluralism than has typically been the case in the literature, and on more detailed consideration of the preconditions, forms and limits of constitutional initiative in the contemporary phase of unprecedented challenge to the legitimacy of the EU.     

Regulating ethics in financial services: Engaging industry to achieve regulatory objectives

This article addresses the issue of renewing a sense of vocation in finance. Drawing on experiences in the UK, Australia, and Ireland, three common law jurisdictions at various phases of developing “an ethical esprit de corps” to professionalize the banking industry, it argues that adopting some aspects of a profession, a “trajectory towards professionalization” of the banking industry, could serve, at least to some extent, to improve the industry-wide norms that influence firms' cultures and individual behaviors. It contends that professionalization could help to develop bankers with a professional, pro-social identity, in which there is a recognition of broader obligations to society, that exists independently of the profit-driven nature of banking and the hierarchy of their own firms. This analysis is informed by an integration of regulatory theory, which casts doubt on the utility of sanctions except as a last resort, behavioral science, which offers insights into how ethics and culture, not just law and markets, can constrain irresponsible behavior in the financial services sector, and criminological theory, which emphasizes that particular types of controls, including individual attachments to groups, build “stakes in conformity” which encourage law abiding and responsible behaviors.     

MENDING RIFTS

How far can the Biden administration go to rebuild trust with China?There is a great deal of speculation regarding a Joe Biden presidency,including whether it will soothe the existing toxic relationship between the U.S.and China.While many credit Donald Trump withstanding up to Chinaand question whether Biden will do the same.