¹ For this argument, see Lutgart van den Berghe, Corporate Governance in a Globalising World: Convergence or Divergence? A European Perspective (2002); this notion has recently again been underscored by the new EU Internal Market Commissioner, Charlie McGreevy, at the occasion of announcing the European Corporate Governance Forum in Brussels, 20 January 2005, available at http://europa.eu.int/rapid/pressReleasesAction.do?reference=SPEECH/05/26&format=HTML&aged=0&language=EN&guiLanguage=en (last visited 21 February 2005.Google Scholar

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¹⁵ The procedural complexity index consists of six sub-indexes: (1) Use of professionals: This sub-index measures whether the resolution of the case provided relies mostly in the intervention of professional judges and attorneys, as opposed to the intervention of other types of adjudicators and lay people. (2) Nature of actions: This sub-index mirrors the written or oral nature of the actions involved in the procedure, from the filing of the complaint to enforcement. (3) Legal justification: This sub-index reflects the level of legal justification required in the process of dispute resolution. (4) Statutory regulation of evidence: This sub-index measures the level of statutory control or intervention of the administration, admissibility, evaluation, and recording of evidence. (5) Control of superior review: This sub-index mirrors the level of control or intervention of the appellate court's review of the first instance judgement. (6) Other statutory interventions: This sub-index measures the formalities required to engage someone into the procedure or to hold him accountable for the judgement. The index, which ranges from 0 to 100, has been developed by Djankov et al. See S. Djankov, et al., Courts, 118 Quarterly J. of Econ. 453 (2003).Google Scholar

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²⁶ See R. Hausmann, & E. Fernández-Arias, Foreign Direct Investment: Good Cholesterol? (2000).Google Scholar