Over the past 25 years, Europe and the United States have introduced extensive
legislation aimed at protecting the environment. Now both regions realize they need a new approach to environmental control, so decision makers on both sides of the Atlantic are considering analytical tools such as risk assessment and cost-benefit analysis in environmental policy making. This report explores the need for risk assessment (a hotly debated area), risk prioritization, and cost-benefit analysis in reforming existing environmental laws and formulating new ones. A case study on Europe’s Auto-Oil Programme provides contrasting views about the effectiveness of the tools.