*** JAVIER SANTISO: Les marchés de la vertu. La promesse des fonds éthiques et des micro-crédits. Centre d'études et de recherches internationales, Fondation nationale des sciences politiques (56 rue Jacob, F-75006 Paris. Tel: (33-1) 58717000 - Fax: 58717090 - indo@ceri-sciences-po.org - Internet: http: //http://www.ceri-sciencespo.org ). "Questions de recherche - Research in question", No. 8. 2003, 28 pp.
A number of high financiers have been converted to the merits of sustainable development and respect for the environment. The 'market of virtue' has become a reality. Known as socially responsible investment funds, sustainable development funds or simply ethical funds, these financial investment instruments try to reconcile, often successfully, high financial performance with social and environmental ethics. In many cases, no doubt, the policy of ethically correct investment is no more than a canny concern to defend financial interests, with the establishment of ethical funds or commitment to a micro-finance programme sometimes being little more than a concession to current fashion or an indirect way of increasing one's self-esteem. These funds, a homage to virtue, are becoming a greater subject of questions and a challenge to our times because the sums invested are far from token. Hence the utility of this small study by the Centre d'études et de recherches internationals, making a systematic assessment of the phenomenon.
In the United States, the first ethical investment funds were set up in the 1920s, when Methodists, followed by Quakers, decided to invest on the stock exchange. Such funds massively mushroomed in the wake of the Vietnam War to the point where nowadays, one in every ten dollars invested is placed in a socially responsible fund. It is not for nothing that the Dow Jones launched the Dow Jones Sustainable Index at the end of 1999. Nearly 230 companies are quoted on the index. In Europe, ethical investment funds are also in rapid expansion. The first country to see the widespread launch of such financial instruments was the United Kingdom, with the Methodist Church unveiling the first plans for an ethical fund in 1973. Since then, UK ethical funds have grown to 52 billion pounds sterling, and most significantly, since July 2000, UK pension funds have started incorporating the ideas of socially responsible investment in their investment mission statements. In Switzerland too, a series of pension funds have converted to ethical finance. In France, such funds did not take off until the end of 1990s. They have been accompanied by the establishment of company analysis methods and tools using ethical criteria. Through these tools, notes Javier Santiso, some fund managers are developing investment strategies focussing on sectors such as health or the environment, while others ban investment in tobacco and alcohol from their portfolios. Others attempt to invest in companies which create jobs or combine other social and environmental criteria.
After setting the scene, the author takes a look at the challenges of moralisation in ethical finance, asking whether it would not be a good idea to set up an international ethical rating agency. He then considers the promises of micro-finance. The researcher concludes that ethical funds and micro-credits, while probably not standing true to all their promises, certainly bear witness to the demand for ethical credit emanating from civil society. He ends with a message of hope: "A dialogue has been established somewhere between ethics and finance. The future wedding will probably not give birth to miracles but could well prove more than just a passing mirage in the oasis of the world ".
Michel Theys
*** DANIELE U. SANTOSUOSSO: La riforma del diritto societario. Giuffrè editore (40 via Busto Arsizio, I-20151 Milan. Tel: (39-2) 38089290 - Fax: 38009582 - Internet: http://www.giuffre.it ). "Prima interpretazione" series. 2003, 312 pp, 22 euros. ISBN 88-14-10230-9.
In the light of the recent reform of company law in Italy, this book analyses the new measures concerning start-up, with the author outlining the definitions given by Italian law to 'limited', 'private', 'quoted' and 'limited responsibility' companies, before considering the role of managers, workers and members of each category of company. With the law of 3 October 2001, the Italian authorities were aiming to favour company start-up, growth and competitiveness. Daniele Santosuosso explains that the Italian legislation does not define companies divided into stocks and shares as capital companies and the recent reform clearly separates off open and closed companies. The reform is highly important in the framework of the European Union because it aims to regulate the principle of freedom of circulation and the transfer of shares. This very detailed book is divided into eight chapters looking at subjects like limited responsibility companies, the management and coordination of companies and transformations and mergers
(MRo)
*** ALDO BERLINGUER: Professione forense, impresa e concorrenza. Tendenze e itinerari nella circolazione di un modello. Giuffrè editore Milano (see above). "Quaderni di rassegna forense" series. 2003, 371 pp, 27 euros. ISBN 88-14-10307-0.
This book is the result of research into the position of the legal profession in Italian law, comparative law and EU law. The author discusses the Italian model for the legal profession, studying basic principles, traditions and state matters, like the nature of remuneration, problems relating to a profession exercised collectively, and publicity for the profession. Aldo Berlinguer also includes in his approach the most dynamic and least obscure areas of the profession, from its operating mode to the role professionals are called upon to play in modern democratic society. He points out, for example, that the legal profession is expanding in parallel with the growth of techniques and cases to be dealt with. This sheds light on the need to adapt the system of supply and demand of professionals, and the globalisation of the business world, which is leading to changes in the legal profession and demanding that it is updated. In the second part of the boo, the author makes an interesting comparison between the profession of the lawyer in Italy and the United States. Aldo Berlinguer argues that the US is facing the same problems, but does not necessarily come up with the same solutions.
(MRo)
*** DAVID AUTISSIER, JEAN-MICHEL MOUTOT: Pratiques de la conduite du changement. Comment passer du discours à l'action. Dunod (Paris. Internet: http://www.dunod.com ). "Stratégies et management" series. 2003, 248 pp, 29.59 euros. ISBN 2-10-007054-1.
Mergers, restructuring, implementing new strategies, changes in technology and legal obligations are areas which send companies into the spiral of change. This book aims to help companies formalise a diagnosis of their needs. The authors, one of whom is a senior lecturer in management at the Université Paris XII with the other being active in the business world, set out a list of tools which can be directly used to implement change successfully.
(LD)
*** SERGE COGITORE: Le Category Management. Comment optimiser sa stratégie commerciale en gérant des catégories de produits. Dunod (see above). "Fonctions de l'entreprise" seires. 2003, 219 pp, 29.59 euros. ISBN 2-10-006907-1.
The largely misunderstood notion of category management has been used to shed light on new ways of managing sales outlets - introducing additional products (categories) into an approach of getting the products out to the consumer to be used. This new form of management implies a root and branch review of organisations, roles and aims in a company. It fundamentally changes the relations between suppliers and distributors. Supported by a series of case studies and expert opinions, the author (a director at CEGOS who manages a team of consultants in trade and distribution) provides tools and a detailed methodology for piloting categories of products, clearly measuring the consequences of the approaches taken. He also illustrates how to prepare the company and help staff integrate this method. The book is written for managers, specialists in the relation between sales, purchasing and marketing, and for students.
(LD)
*** FRANK GOTZEN (Ed.): The future of intellectual property in the global market of the information society. Who is going to shape the IPR system in the new millennium ? Bruylant (67 rue de la Régence, B-1000 Brussels. Tel: (32-2) 5129845 - Fax: 5117202 - info@bruylant.be - Internet: http://www.bruylant.be ). "Droits intellectuels" series, No. 18. 2003, 237 pp, 60 euros. ISBN 2-8027-1722-7.
While the world is inexorably changing to become a society based on knowledge and information, various studies have revealed the increasing importance of legal protection for the results of research, science and technology. At the same time, the global economy is characterised by an ever greater global dimension, as shown by the transformation of GATT into the World Trade Organisation. Technical changes also play a role in globalisation since it is a fact that both computers and databases of satellites and the Internet take no notice of national frontiers. Hence it is hardly surprising that guidelines on the international protection of intellectual property rights tend to be considered at the global level. The fact that intellectual property rights are annexed to the agreement on the WTO and that the functioning of the internet is beginning to take electronic signatures on board is evidence of this. The key question is whether intellectual property rights prevailing in dominant countries like the United States and the European Union will give way to a transatlantic partnership (with or without Japan and with or without existing international organisations). This book publishes the proceedings of a seminar organised by the Centre de recherche en propriété intellectuelle of the Katholieke Universiteit Leuven in Belgium and makes a useful analysis of the controversial issue.
(LD)
*** JOHAN LEMBKE: Competition for technological leadership. EU Policy for High Technology. Edward Elgar Publishing (Glensanda House, Montpellier Parade, Cheltenham, Glos, GL50 1UA, UK. Tel: (44-1242) 226934 - Fax: 262111 - elgarinfo@e-elgar.co.uk - Internet: http://www.e-elgar.com ). 2002, 313 pp. ISBN 1-84064-792-2.
The Member States of the European Union have stated their aim of making Europe the most competitive knowledge-based economy by 2010. In this connection, the EU's policy on high technology will be crucial. Member of the Institute for European, Russian and Eurasian Studies at George Washington University, Johan Lembke looks in this book at the policy implemented by the European Commission, particularly the European Commission, to develop infrastructure for mobile communications, transport, satellites and digital radio. It notes that the EU's political intervention varies from case to case although the actual infrastructure projects themselves are actually quite similar.
(LD)
*** CHRISTIAN KOENIG, ANDREAS BARTOSCH, JENS-DANIEL BRAUN (Eds.): EC Competition and Telecommunications Law. Kluwer Law International (P. O. Box 85889, 2508 CN The Hague. sales@kli.wkap.nl - Internet: http: //http://www.kluwerlaw.com ). "International Competition Law" series. 2002, 900 pp. ISBN 90-411-1814-4.
This reference book analyses the European Union's new regulations, adopted in February 2002, covering telecommunications. The authors start off by pointing out that the regulatory framework meticulously marries specific telecommunications regulations with competition law. The authors are all specialist lawyers. They review all measures at both the international and the EU level, including anti-trust and merger regulations. Media and communications law is also studied. A vital book for specialists.
(LD)
*** DANIEL GARRIGUE: Recherche européenne: l'urgence du réveil. Délégation pour l'Union européenne de l'Assemblée nationale (Kiosque de l'Assemblée nationale, 4 rue Aristide-Briand, F-75007 Paris. Tel: (33-1) 40636121 - Internet: http://www.assemblee-nationale.fr ). "Les documents d'information de l'Assemblée nationale" series, No. 1095. 2003, 144 pp, 5 euros. ISBN 2-11-117035-6.
This information report looks at European ambitions for research. For French parliamentarian Daniel Garrigue, can only exist collectively in tomorrow's world if it invests massively in the knowledge economy. He believes such a voluntarist approach is all the more pressing because the EU's competitors, headed by the United States, are increasing investment. The author notes that the EU will have to overcome structural weaknesses - segmentation of research, a less favourable regulatory environment for businesses investing in research than in other countries, insufficient connections between basic research and innovation, a schism between military and civilian research and the brain drain. A convincing analysis and call for investment!
(SEt)
*** EUROPEAN COMMISSION (Official Publications Office of the European Communities, L-2985 Luxembourg. Internet: http: //publications.eu.int) has published the following document:
*** More unity and more diversity. The European Union biggest enlargement. DG Press and Communication (B-1049 Brussels). “Europe on the move” series. November 2003, 22 p. ISBN 92-894-4598-X.
Just a few cables away and then the new Member States will be totally hooked up. This publication provides a series of different information on the largest enlargement in the history of the Union, which will bring the number of its citizens up to 450 million, more than the population of the USA and Russia put together. It describes the process that has led these countries, most of which come from the old Communist block, to the Union, following their political and economic situations and the measures they still have to take, such as the adoption of the euro. It also contains a short identification sheet of these countries and also tackles the subject of other candidate and neighbouring countries.
*** Revue du Marché commun et de l'Union européenne. Editions techniques et économiques (3 rue Soufflot, F-75005 Paris. Tel: (33-1) 55426131 - fax: 55426139 - E-mail: editecom@starnet.fr - Internet: http: //http://www.editecom.com ). December 2003, No. 473, 69 pp.. Subscription: 202 euros.
This publication looks at the Altmark ruling, which considers that subsidies granted by the state to ensure the functioning of the public services do not constitute aid in the sense of the Community treaty, the "Gas directive" which, in France, finds itself between opening up to competition and regulation of the market by the state, offences that have been committed and market abuse, as well as the Common Fisheries Policy. the review also looks at the first part of the "Free Movement of Goods" and its chronicle on the four freedoms.
*** La lettre de Confrontations Europe. Confrontations Europe (41 rue Emile-Zola, F-93107 Montreuil Cedex. Tel: (33-1) 49881194 - fax: 49881184 -E-mail: Confrontations@wanadoo.fr - Internet: http://www.confrontations.org ). December 2003-January2004, No. 65, 24 p., 4.60 euros. Subscription: 23 euros.
This issue looks at the vote on the resolution on services of general interest at the European Parliament with the latter asking whether the Commission ought to reduce the legal insecurity weighing down on many of these services. It also contains an interview with Michel Barnier on the subject of the Constitution following the failure of the Brussels summit. The Letter also includes many other subjects, such as the synthesis of the management of long-life and highly active waste. The main article focuses on the synthesis of the work undertaken by Confrontations Europe on reconversion in Poland and other CEEC countries.
*** Europe infos. Commission of the Bishops' Conference of the European and the Catholic Information and Initiative for Europe Office (45 rue Stévin , B-1000 Brussels. Tel: (32-2) 2350510 - fax: 2303334 - E-mail: debbichi-ocipe@tiscalinet.be - Internet: http://www.comece.org et http://www.ocipe.org ). January 2004, No.56, 12 p.. Subscription: 27 euros.
The editorial in Europe infos points out that following the failure of the Brussels summit on 12 - 13 December and in face of the various problems the Constitution is facing, Member States should highlight their common values. "In a Union of more than 25 Member States, an approach based exclusively on the self-interest of each country cannot work". As well as the Constitution, this issue looks at the very busy agenda of the Irish Presidency and the balance sought between improving Europe's military capability and predicting conflicts politically, as well as the Stability Pact and stem cells.
Reviews in brief
*** Europa - Informationen. Evangelische Kirche in Deutschland - Büro Brüssel. January-February 2004, No. 100, Brussels. This includes a news letter in German on current affairs involving the European institutions *** Art. 88-4 de la Constitution. Texts submitted between 16 October au 17 November 2003. French National Assembly Delegation to the European Union. December 2003, No.1239, Paris. This report presents the analyses of the 25 texts submitted by the French government. *** Slovenia News. Current attitude of Member States as seen by government. ***Japan Echo December 2003, Tokyo. This publication focuses on the general elections of 2003.