Globalization and technology have altered public fears and changed expectations of how government should make people safer. This book analyzes how Europeans and Americans perceive and regulate risk. The authors show how public fears about risk are filtered through political systems to pressure governments to insure against risk.

The 'Precautionary Principle' has sparked the central controversy over European and U.S. risk regulation. The Reality of Precaution is the most comprehensive study to go beyond precaution as an abstract principle and test its reality in practice. This groundbreaking resource combines detailed case studies of a wide array of risks to health, safety, environment and security; a broad quantitative analysis; and cross-cutting chapters on politics, law, and perceptions. The authors rebut the rhetoric of conflicting European and American approaches to risk, and show that the reality has been the selective application of precaution to particular risks on both sides of the Atlantic, as well as a constructive exchange of policy ideas toward 'better regulation.' The book offers a new view of precaution, regulatory reform, comparative analysis, and transatlantic relations.

A growing body of EU law and regulation is preoccupied with the protection of EU citizens from health and environmental risks. Which chemicals are safe and should be allowed on the market? How should the EU respond to public health emergencies, such as Ebola and other infectious diseases? Regulatory responses to these questions confront deep uncertainty, limited knowledge and societal contestation. In a time where the use of scientific expertise in EU policy-making is particularly contested, this book offers a timely contribution to both the academic and policy debate on the role of specialised expertise in EU public decision-making on risk and technology as well as on its intertwinement with executive power. It draws on insights from law, governance, political sciences, and science and technology studies, bringing together leading scholars in this field. Contributions are drawn together by a shared theoretical perspective, namely by their use of co-production as an analytical lens to study the intricate interplay between techno-scientific expertise and EU executive power. By so doing, this collection produces highly original insights into the development of the EU administrative state, as well as into the role of regulatory science in its construction. This book will be useful to scholars, practitioners, and policy-makers working on risk regulation and the role of expertise in public decision-making.

Christiane Strohm investigates the effects of the Sarbanes-Oxley-Act and the revised 8th EU-Directive on auditing. She shows that there is a difference in the communication and safeguarding effects of a regulation, depending on the precision of its wording and that safeguarding effects also depend on auditors' monetary incentives and on perceived costs of litigation.