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International Law in Financial Regulation and Monetary Affairs

Edited by: Thomas Cottier, John H. Jackson, Rosa M. Lastra

ISBN13: 9780199668199
Published: October 2012
Publisher: Oxford University Press
Country of Publication: UK
Format: Hardback
Price: £71.00



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The early twenty-first century has seen a conspicuous absence of formal international law concerning money and finance. This book argues that this lack of formal international regulation was a significant contributing factor to the global financial crisis that began in 2007.

It focuses on this lack of global substantive principles and 'hard law' rules in the field of financial regulation and monetary affairs, and analyses the emerging framework within international law that aims to govern financial institutions and markets. The global financial crisis has demonstrated the essential need for financial and monetary regulatory reform, and for the establishment of appropriate mechanisms for the settlement of financial disputes and for the regulation of cross-border financial institutions.

This book therefore presents the foundations of solutions that could fill these critical gaps in international financial law. It addresses cross-border issues, financial regulation, and provides detailed analyses of monetary policies and regulation.

This book is an updated collection of papers first published in the Special Edition of the Journal of International Economic Law on 'The Quest for International Law in Financial Regulation and Monetary Affairs' (Volume 12, Number 3, September 2010), which also show that the regulatory hands-off approach was not replicated in other areas of international economic law.

International trade regulation witnessed an increased number of international rules and the reinforcement of a rule-oriented, if not rule-based, approach. Judicial dispute settlement and retaliation, exclusively based upon international ruling and authorization, was reinforced. Given the importance of trade regulation and WTO law, which has an established institutional and legal framework, the book therefore provides a much-needed comparative approach.

Subjects:
International Trade, Public International Law, Banking and Finance
Contents:
Introduction

I. THE CRISIS OF 2007-2009: NATURE, CAUSES, AND REACTIONS
1. The Crisis Of 2007-09: Nature, Causes, and Reactions

II. ARCHITECTURE AND CONCEPTUAL ISSUES
2. Systemic Regulation Of Global Trade and Finance: A Tale of Two Systems
3. The International Monetary System: A Look Back Over Seven Decades
4. Towards a New Architecture for Financial Stability: Seven Principles
5. Why Soft Law Dominates International Finance - and Not Trade
6. The 'Santiago Principles' for Sovereign Wealth Funds: A Case Study on International Financial Standard-Setting Processes

III. FINANCIAL MARKET REGULATION
7. The Role and Prospects of International Law in Financial Regulation and Supervision
8. Multilayered Governance in International Financial Regulation and Supervision
9. Border Problems
10. The International Law of Financial Crisis: Spillovers, Subsidiarity, Fragmentation, and Cooperation
11. Addressing Government Failure Through International Financial Law
12. Reducing Systemic Risk Through The Reform of Capital Regulation
13. The Role of Transparency in Financial Regulation
14. Global Securities Regulation After The Financial Crisis

IV. TRADE, COMPETITION, AND TAX RELATED ASPECTS
15. What Role for Non-Discrimination and Prudential Standards in International Financial Law?
16. Financial Services Trade After The Crisis: Policy and Legal Conjectures
17. WTO Subsidies Discipline During and After The Crisis
18. The Role of Competition and State Aid Policy in Financial and Monetary Law
19. International Regulatory Reform and Financial Taxes

V. MONETARY REGULATION
20. The Role of International Law in Monetary Affairs
21. Financial Stability and Monetary Policy: Need for International Surveillance
22. Enhancing The IMF's Regulatory Authority

Conclusion