That makes rulings binding once both parties have given authority to the arbitrator.

ECONOMIST: Sharia in the West

The recommendations of the IFHA, which has more than 60 member authorities from around the world, aren't binding on its members as each national authority sets its own rules based on the international body's recommendations in the International Agreement on Breeding, Racing and Wagering.

WSJ: Horse-Racing Body to Review Steroids Policy

Mexico's competition authority has issued a non-binding opinion against it, and the government's regulatory commission seems unconvinced.

ECONOMIST: Can a succulent be claimed as a trademark?

The EU agreed at a summit in June to create regulators that would be able to impose binding rules on national authorities such as the UK's Financial Services Authority (FSA).

BBC: EU unveils new 'super-regulators'

The Financial Services Authority (FSA) was not notified, meaning administration was not legally binding.

BBC: Legal hitch in administration of Rangers forces court date

The Greek crisis only confirms the folly of binding a group of disparate countries together in a currency zone with no mechanism, such as a central fiscal authority, to address its internal imbalances.

ECONOMIST: Greece's sovereign-debt crunch