This chapter argues that there appears to be a natural relationship between, on the one hand, the adoption of a more rigorous judicial attitude towards market regulation and, on the other hand, the ethos of European law. Effect must be given to the legislation and decisions of European courts which have become part of the English legal order with the effect of rendering the domestic court's supervision ever stricter. This idea is developed in three principal stages. First, it is explained that these norms rest on the foundational values of liberal-market democracies which demand that judges...

This chapter argues that there appears to be a natural relationship between, on the one hand, the adoption of a more rigorous judicial attitude towards market regulation and, on the other hand, the ethos of European law. Effect must be given to the legislation and decisions of European courts which have become part of the English legal order with the effect of rendering the domestic court's supervision ever stricter. This idea is developed in three principal stages. First, it is explained that these norms rest on the foundational values of liberal-market democracies which demand that judges should be neutral in order to avoid undue interference with economic rights and freedoms. Secondly, it is shown that this doctrine is reflected in the right to a court of “full jurisdiction”, which ensures judicial oversight of regulators in accordance with Article 6(1) of the European Convention. Thirdly, the principle of proportionality is presented.