International Law in Financial Regulation and Monetary Affairs

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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. Silent Features Argues that the absence of formal international law in financial affairs made a significant contribution to the most serious global financial crisis since the Great Depression Sets out potential solutions to the problem of how new financial regulation should be implemented through international law Provides a stark contrast between the regulation of international trade, on the one hand, and international monetary and financial law, on the other An updated collection of papers from 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)Contains a new introduction investigating the nature, causes, and reactions surrounding the financial crisis of 2007-9 About the Author John H. Jackson is University Professor at the Georgetown University Law Center in Washington, D.C.. He has served as Associate Vice President for Academic Affairs at the University of Michigan and as General Counsel for the Office of the President's Special Representative for Trade in the U.S. Executive Office of the President in Washington, D.C. He is a member of the editorial board for The World Economy and a past member of the editorial boards for the International Bar Association and the Journal of World Trade Law. In 1992 he received the Wolfgang Friedmann Memorial Award for lifelong contribution to the field of international law from the Columbia University Journal of Transnational Law. He has published numerous books, articles, and chapters. He is founding Editor-in-Chief of the Journal of International Economic Law (JIEL), published by Oxford University Press. Thomas Cottier, Managing Director of the World Trade Institute and the Institute of European and International Economic Law, is Professor of European and International Economic Law at the University of Bern. He directs the national research programme on trade law and policy (NCCR Trade Regulation: From Fragmentation to Coherence) located at the WTI. He is an associate editor of several journals. He was a visiting professor at the Graduate Institute, Geneva and also currently teaches at the Europa Institut Saarbrücken, Germany and at Wuhan University, China. He was a member of the Swiss National Research Council from 1997 to 2004 and served on the board of the International Plant Genetic Resources Institute (IPGRI) Rome during the same period. He served the Baker & McKenzie law firm as Of Counsel from 1998 to 2005. Prof. Cottier has a long-standing involvement in GATT/WTO activities. He served on the Swiss negotiating team of the Uruguay Round from 1986 to 1993 and as Chief negotiator on TRI Dr. Rosa María Lastra is Professor in International Financial and Monetary Law at the Centre for Commercial Law Studies (CCLS), Queen Mary, University of London. She is a member of Monetary Committee of the International Law Association (MOCOMILA), a founding member of the European Shadow Financial Regulatory Committee (ESFRC), an associate of the Financial Markets Group of the London School of Economics and Political Science, and an affiliated scholar of the Centre for the Study of Central Banks at New York University School of Law. From 2008 to 2010 she is also Visiting Professor of the University of Stockholm. She has served as a consultant to the International Monetary Fund, the European Central Bank, the World Bank, the Asian Development Bank and the Federal Reserve Bank of New York. From November 2008 to June 2009 she acted as Specialist Adviser to the European Union Committee [Sub-Committee A] of the House of Lords regarding its Inquiry into EU Financial Regulation.

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Thomas Cottier and Rosa Lastra: Introduction I. The Crisis of 2007-2009: Nature, Causes, and Reactions 1: Rosa M. Lastra and Geoffrey Wood: The Crisis Of 2007-09: Nature, Causes, and Reactions II. Architecture and Conceptual Issues 2: R. Michael Gadbaw: Systemic Regulation Of Global Trade and Finance: A Tale of Two Systems 3: Andreas F. Lowenfeld: The International Monetary System: A Look Back Over Seven Decades 4: Luis Garicano and Rosa M. Lastra: Towards a New Architecture for Financial Stability: Seven Principles 5: Chris Brummer: Why Soft Law Dominates International Finance - and Not Trade 6: Joseph J. Norton: The 'Santiago Principles' for Sovereign Wealth Funds: A Case Study on International Financial Standard-Setting Processes III. Financial Market Regulation 7: Christian Tietje and Matthias Lehmann: The Role and Prospects of International Law in Financial Regulation and Supervision 8: Rolf H. Weber: Multilayered Governance in International Financial Regulation and Supervision 9: Charles A. E. Goodhart and Rosa M. Lastra: Border Problems 10: Joel P. Trachtman: The International Law of Financial Crisis: Spillovers, Subsidiarity, Fragmentation, and Cooperation 11: Steve Charnovitz: Addressing Government Failure Through International Financial Law 12: Hal S. Scott: Reducing Systemic Risk Through The Reform of Capital Regulation 13: Christine Kaufmann and Rolf H. Weber: The Role of Transparency in Financial Regulation 14: Donald C. Langevoort: Global Securities Regulation After The Financial Crisis IV. Trade, Competition, and Tax Related Aspects 15: Thomas Cottier and Markus Krajewski: What Role for Non-Discrimination and Prudential Standards in International Financial Law? 16: Panagiotis Delimatsis and Pierre Sauve´: Financial Services Trade After The Crisis: Policy and Legal Conjectures 17: Gary N. Horlick and Peggy A. Clarke: WTO Subsidies Discipline During and After The Crisis 18: Philip Marsden and Ioannis Kokkoris: The Role of Competition and State Aid Policy in Financial and Monetary Law 19: Kern Alexander: International Regulatory Reform and Financial Taxes V. Monetary Regulation 20: Ernst Baltensperger and Thomas Cottier: The Role of International Law in Monetary Affairs 21: Gary Hufbauer and Daniel Danxia Xie: Financial Stability and Monetary Policy: Need for International Surveillance 22: Sean Hagan: Enhancing The IMF's Regulatory Authority Thomas Cottier and Rosa Lastra: Conclusion