International Law in Financial Regulation and Monetary Affairs

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. Contributors to this volume - Kern Alexander, Professor of Banking, Commercial and Financial Market Law, Law Faculty, University of Zurich; Senior Research Fellow, Centre for Financial Analysis and Policy, The Judge Business School, University of Cambridge Ernst Baltensperger, Professor Emeritus of Economics, University of Berne Chris Brummer, Professor of Law, Georgetown University Law Centre Steve Charnovitz, Associate Professor of Law, The George Washington University Law School Peggy A. Clarke, Partner, Blank Rome LLP, Washington DC Thomas Cottier, Managing Director, World Trade Institute; Professor for European and International Economic Law, University of Berne; Director, Institute of European and International Economic Law Panagiotis Delimatsis, Associate Professor of Law at Tilburg University; Co-Director of the Tilburg Law and Economics Center (TILEC); Senior Research Fellow, World Trade Institute, University of Berne R. Michael Gadbaw, Adjunct Professor, Georgetown University Law Centre; Distinguished Senior Fellow, Institute for International Economic Law Luis Garicano, Professor of Economics and Strategy, Center for Economic Performance, the London School of Economics; Co-Director, Center for Economic Policy Research Charles A. E. Goodhart, Member of the Financial Markets Group, London School of Economics Sean Hagan, General Counsel and Director of the Legal Department of the International Monetary Fund Gary N. Horlick, Attorney-at-Law, Law Offices of Gary N. Horlick, Washington DC; the first Chair of the WTO Permanent Group of Experts Gary Hufbauer, Reginald Jones Senior Fellow, Peterson Institute for International Economics, Washington DC Christine Kaufmann, Professor of Law, Chair for International and Constitutional Law and Head of the Centre of Competence on Human Rights and Business, University of Zurich Ioannis Kokkoris, Reader, University of Reading, UK; International Consultant on Competition Policy, Organisation for Security and Cooperation in Europe Markus Krajewski, Guest Professor, Collaborative Research Center (Sonderforschungsbereich) 'Transformations of the State,' University of Bremen, Germany Donald C. Langevoort, Thomas Aquinas Reynolds Professor of Law, Georgetown University of Law Center, Washington DC Rosa M. Lastra, Professor in International Financial and Monetary Law, Centre for Commercial Law Studies, Queen Mary, University of London Matthias Lehmann, D.E.A. (Paris II), LL.M. (Columbia); Director, Institute of Economic Law; Professor and Chair for German and European Private Law, Commercial and Business Law, Private International and Comparative Law, Law School of the University of Halle, Germany Andreas F. Lowenfeld, Rubin Professor of International Law Emeritus, New York University School of Law Philip Marsden, Senior Research Fellow, British Institute of International and Comparative Law; Director, Competition Law Forum Joseph J. Norton, James L. Walsh Distinguished Faculty Fellow in Financial Institutions and Professor of Law, SMU Dedman School of Law, Dallas, Texas; former Sir John Lubbock Professor of Banking Law, University of London (1993-2004) Pierre Sauve, Deputy Managing Director and Director of Studies, World Trade Institute Hal S. Scott, Nomura Professor of International Financial Systems, Harvard Law School; Director, Committee on Capital Markets Regulation (CCMR) Christian Tietje, LL.M. (Michigan); Director, Institute of Economic Law; Director, Transnational Economic Law Research Center; Professor and Chair for Public Law, European and International Economic Law, Law School of the University of Halle, Germany Joel P. Trachtman, Professor of International Law, The Fletcher School of Law and Diplomacy, Tufts University Rolf, H. Weber, Professor of Civil, European and Commercial Law, Law Department of the University of Zurich; Visiting Professor at the University of Hong Kong Geoffrey Wood, Professor Emeritus of Economics, Cass Business School, London Daniel Danxia Xie, Research Analyst, Peterson Institute for International Economics, Washington DC