Frédéric Marty

The financial determinants of government commitment in public–private partnerships

Most of the literature devoted to analysing public–private partnership (PPP) contracts focuses on issues related to competition. This article intends to study a less frequently considered matter, the financial clauses of these contracts as steering tools of the PPP.

The move to Accrual Based Accounting: the challenges facing central governments

France’s decision to move to Accrual Based Accounting, triggered by the application of the Organic Law to the Finance Laws, has a tangible impact on political decision-making mechanisms. By adopting accounting and financial information standards derived from the private sector, it has the effect of reinforcing the economic rationality of public decisions. It makes it possible, in particular, to draw comparisons between public and private costs, comparisons that are necessary to set up any possible contract-based links with private suppliers. The move towards Accrual Based Accounting sets out to improve the information provided to the public operators. It also tends to limit the possibilities of arbitrations that are unfavourable to long-term investments and the maintenance of public assets. It gives parliaments, control bodies and citizens an appreciation of the policies being carried out, thus reinforcing the demands for the transparency of public accounts and the accountability of their managers. However, there is no getting away from the fact that it is a complex and costly reform, whose implementation requires a favourable political context and an appropriate implementation strategy.

The Essential Facilities Doctrine in European Competition Policy: The Case of the Energy Sector

This article raises the question of the implementation of principles related to the so-called Essential Facilities Doctrine (hereafter EFD) in the European energy sector. Based on a study of the US and European jurisprudence, it first shows that these principles are subject to different interpretations and that the European conception is not necessarily a panacea. It then studies the concrete evolution of European competition policy regarding essential facilities in energy and shows that even though EFD principles are currently implemented with more vigour than ever before, the new challenges the European Union faces may lead regulatory and competition authorities to derogate to the usual doxa. The special case of nuclear capacities in France is finally analyzed in the context of the EDF/Direct Energie case.

Exploitative abuse and abuse of economic dependence: What can we learn from the industrial organization approach?

This article conducts a detailed analysis of the concept of economic dependence and exploitative abuse based on how their treatment in competition law and economics and their enforcement in European case law have evolved. Although the theoretical roots of these concepts lie in economic theory, these issues have been ignored or considered only scantily in the context of competition law enforcement. An effects-based approach should take these problems into account and could provide insights into how to portray the impacts of these abuses. We draw on two examples – from the agri-food industries and the digital economy – of relevant economic dependence issues. This paper highlights the existence of a paradox: although industrial organization models provide relevant tools to characterize these abuses, assess their effects, and devise remedies, it seems that they are seldom used by competition law enforcers.

The Regulatory Practice of the French Financial Regulator, 2006-2011. From Substantive to Procedural Financial Regulation?

Fraud and misconduct in financial markets have recently become a key regulatory issue against the backdrop of the financial crisis. This paper investigates the sanctions policy and practices of the French financial regulator, Autorite des Marches Financiers (AMF). It argues that, over time, the AMF has shifted from substantive to procedural regulation of finance. This shift consists in departing from sanctions based on observed outcomes in the market and, instead, assessing how the internal organizational schemes of financial firms actually perform. The AMFs new policy and practice involves a process of legalization of organizations; it also evidences a tendency to delegate regulation to financial firms themselves

Politiques monétaires : à petits pas

L’incertitude sur les developpements a venir de l’inflation a ete l’element principal guidant la reflexion des banques centrales de la zone euro, du Royaume-Uni, des Etats-Unis et du Japon. La baisse du petrole a permis la reduction des tensions dans la zone euro. La Banque centrale europeenne (BCE) considere cependant que les risques sont toujours orientes a la hausse en raison de l’abondance de liquidites et d’une possible acceleration des salaires. Ces hypotheses ont justifie les precedentes hausses de taux intervenues en decembre 2006 et mars 2007 et conduiraient la BCE a une derniere hausse au mois de juin 2007. Le principal taux directeur serait ainsi porte a 4 %. En prenant en compte la poursuite de l’appreciation de l’euro, notamment par rapport au dollar, les conditions monetaires n’auront jamais ete aussi restrictives depuis le lancement de l’euro. Au Royaume-Uni, les tensions sont restees assez vives en fin d’annee 2006 puisque l’inflation a atteint le haut de la fourchette de la cible de la politique monetaire en decembre. La Banque d’Angleterre a reagi en augmentant d’un quart de point son taux directeur des novembre. Elle deciderait d’une derniere hausse des taux avant que le ralentissement de la croissance et de l’inflation lui permette d’assouplir progressivement sa politique monetaire en fin d’annee 2008. Malgre la baisse du petrole, les risques inflationnistes ne se sont pas dissipes aux Etats-Unis. Dans le meme temps, la Reserve federale s’est retrouvee confrontee a la perspective d’un ralentissement conjoncturel entraine par le retournement brutal du marche immobilier. Dans ces conditions, les autorites monetaires ont privilegie le statu quo. La situation deviendrait cependant plus facile a gerer dans la mesure ou la faiblesse de la croissance reduira rapidement les tensions inflationnistes en 2007 et 2008. La Reserve federale retrouvera alors des marges de manœuvre suffisantes pour baisser ses taux. Finalement, l’espoir de sortie definitive de la deflation aura ete de courte duree au Japon. L’indice des prix a de nouveau recule en fevrier en raison des effets de base lies au petrole. La Banque du Japon avait pourtant mis fin a sa politique de taux zero en juillet 2006. De nouvelles hausses de taux sont a venir mais sont retardees a 2008, une fois que les pressions deflationnistes auront definitivement cesse.