Water resources in European legal systems have always been vested in sovereign power, regardless of their legal nature as goods vested in State property or as res communes omnium not subject to ownership. The common legal foundation of sovereign power over water resources departed once civil law jurisdictions leveled the demesne on ownership model, by introducing public ownership in the French codification of 1804, while common law jurisdiction developed a broader legal concept of property that includes even the rights to use res communes. The models led respectively to the establishment of administrative systems of water rights and markets of water rights. According to the first, public authorities' power to manage and preserve water resources is grounded in a derogatory regime, whereby water rights, grounded on licenses or concessions, are neither transferable nor tradeable. On the contrary, environmental and social concerns in water market schemes must be enforced by means of regulation, thus limiting private property rights on water, in compliance with the constitutional and common law constraints set out to protect the minimum content of property as a fundamental human right.

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We review the capabilities of two projects that have been proposed as the next major European facility, for consideration in the upcoming update of the European Strategy for Particle Physics: CLIC and FCC. We focus on their physics potentials and emphasise the key differences between the linear or circular approaches. We stress the uniqueness of the FCC-ee programme for precision electroweak physics at the Z peak and the W W threshold, as well as its unequalled statistics for Higgs physics and high accuracy for observing possible new phenomena in Higgs and Z decays, whereas CLIC and FCC-ee offer similar capabilities near the tt threshold. Whilst CLIC offers the possibility of energy upgrades to 1500 and 3000 GeV, FCC-ee paves the way for FCC-hh. The latter offers unique capabilities for making direct or indirect discoveries in a new energy range, and has the highest sensitivity to the self-couplings of the Higgs boson and any anomalous couplings. We consider the FCC programme to be the best option to maintain Europe's place at the high-energy frontier during the coming decades.

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