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E-raamat: Contemporary Concept of Monetary Sovereignty

(Associate, Sidley Austin LLP)
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Contemporary Concept of Monetary SovereigntySuurem pilt
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Monetary sovereignty is a crucial legal concept dictating that states have sovereignty over their own monetary, financial, and fiscal affairs. However, it does not feature as part of any key instruments of international law, including the Articles of Agreement of the International Monetary Fund. Rather, it has remained a somewhat separate notion, developed under contemporary international law from an assertion of the former Permanent Court of International Justice in 1929. As a consequence of globalization and increasing financial integration and a worldwide trend towards the creation of economic and monetary unions, the principle of monetary sovereignty has undergone significant change. This book examines this evolution in detail, and provides a conceptual framework to demonstrate what this means for the legal and economic challenges faced by the international community.

The book examines the historic origins and evolution of the concept of monetary sovereignty, putting it into the context of broader concepts of sovereignty. It argues that monetary sovereignty remains relevant as a dynamic legal concept with both positive and normative components. It investigates the continuing hybridization of international monetary law resulting from changes to its formal and material sources. It then examines the complex phenomenon of exchange rate misalignment under international monetary and trade law, and the increasing regionalization of monetary sovereignty, notably in light of the European sovereign debt crisis. Finally, it assesses the role the concept of monetary sovereignty can play in the reorganization of international finance following the recent global financial crisis.
Tables of Cases and Materials
xix
List of Abbreviations
xxvii
General Introduction 1(6)
1 A Revision of the Concept of Monetary Sovereignty
7(30)
Introduction
7(1)
I Money and Monetary Sovereignty in International Law: Conceptual Foundations and Underlying Legal Theories
8(8)
A Ex post facto ius oritur. classical monetary sovereignty in context
9(2)
B The legal theories of money and their respective relevance today
11(5)
II The Conceptual Evolution of Monetary Sovereignty Under the Impact of Contemporary Constraints on its Exercise
16(8)
A Factual erosion of monetary sovereignty or conceptual evolution in light of the dual nature of sovereignty?
16(3)
B Contemporary monetary sovereignty as an essentially contested concept
19(5)
III Conceptual Implications for the Evaluation of the Exercise of Sovereign Powers in the Realm of Money
24(11)
A The normative components of contemporary monetary sovereignty as regulatory guidance and a legitimacy benchmark
24(7)
B Regulating an increasingly interdependent global economy: contemporary monetary sovereignty as cooperative sovereignty
31(4)
Conclusion
35(2)
2 The Increasing Hybridization of International Monetary Law
37(48)
Introduction
37(1)
I The Diversification of the Legal Regime for International Current and Capital Transactions Across the Three Pillars of International Economic Law
38(26)
A The intersection of international trade, investments, and the related flows of capital and payments
38(7)
B The emergence of an overarching framework promoting the liberalization and protection of international transfers of funds
45(1)
1 The OECD codes on capital liberalization and the economic pressure arising from the eurocurrency markets
45(3)
2 Transfer-of-funds provisions in bilateral investment treaties as an increasingly important material source of international monetary law
48(1)
a The varying scopes of transfer-of-funds provisions in bilateral investment treaties
49(1)
b Different standards of investor protection with respect to the type of currency and the applicable exchange rate
50(2)
3 The WTO framework for trade in services as an essential part of contemporary international monetary law
52(2)
C Balance-of-payments derogations: towards a coherent regime across international economic law?
54(1)
1 Institutional and procedural aspects of IMF---WTO interaction: the scope of the consultation requirement in GATT Article XV:2
55(4)
2 The legal value and role of the findings issued by the IMF upon consultation by the WTO under GATT Article XV:2
59(2)
3 Balance-of-payments derogations across international economic law and the IMF's imperfect lead role
61(3)
II The Evolving Normative Effects of IMF and World Bank Conditionality and the Impact of IMF Surveillance and Technical Assistance
64(12)
A The reshuffle of the conditionality of IMF and World Bank lending: past and current paradigm changes
64(1)
1 Procedural aspects of IMF and World Bank lending and the legal nature of their respective conditionalities
64(4)
2 Implementation techniques as the key vectors of conditionality
68(1)
3 Contemporary monetary sovereignty and the rise and fall of structural conditionality
69(3)
B The shaping of domestic policies through IMF surveillance and technical assistance put into perspective
72(4)
III The Rise in Importance of Transnational Monetary Law and its Implications
76(7)
A Eurocurrencies as private and transnational money
76(3)
B The irresistible emergence of a truly transnational monetary and financial system
79(2)
C Towards a monetary and financial lex mercatoria?
81(2)
Conclusion
83(2)
3 Exchange Rate Misalignment and International Law
85(58)
Introduction
85(5)
I The Code of Conduct in IMF Article IV: 1---An Effective Framework for Securing Systemic Stability?
90(17)
A IMF Article IV: 1 and the struggle for domestic regulatory autonomy
91(3)
B The IMF's 2007 and 2012 reforms of bilateral surveillance and the new combined focus on balance of payments stability and domestic stability
94(7)
C The main scenarios of exchange rate misalignment and their economic impact in the light of international law
101(6)
II Trade Law as an Alternative for Tackling the Maintenance of an Undervalued Real Exchange Rate?
107(24)
A The maintenance of an undervalued real exchange rate as an export subsidy under WTO rules?
107(1)
1 Preliminary remarks on the governmental measures at issue
107(1)
2 Subsidies and subsidized trade under WTO law
108(3)
3 Assessment under the WTO criteria of an export subsidy
111(1)
a Financial contribution or any other form of income or price support
111(2)
b Conferral of a benefit
113(1)
c Specificity
114(3)
B The main legislative proposals in the US for unilateral trade remedies against exchange rate manipulation
117(5)
C The enigmas of GATT Article XV and their impact on the viability of a WTO challenge of an undervalued real exchange rate
122(1)
1 The consultation requirement under GATT Article XV:2
122(1)
2 The exception under GATT Article XV:9(a)
122(6)
3 Role and legal value of GATT Article XV:4---an independent basis for a WTO claim?
128(3)
III Overarching Conceptual Issues and the Underlying Challenge to Systemic Stability
131(11)
A The conceptual differences between the IMF and WTO legal frameworks and their implications
131(4)
B The G-20's ongoing efforts to reduce global current account imbalances put into perspective
135(7)
Conclusion
142(1)
4 The Increasing Regionalization of Monetary Sovereignty
143(48)
Introduction
143(1)
I The Increasing Regionalization of Monetary Sovereignty: Economic Rationale and Legal Characteristics
144(13)
A The sovereign decision to enter a monetary union in light of the constraints of the `Inconsistent Quarret'
145(3)
B An overview of the internal and external monetary competences of eurozone and non-eurozone EU member states
148(4)
C Key features of existing monetary unions and of plans for such unions in Africa, the Caribbean, South America, and the Gulf region
152(1)
1 Existing monetary unions in Africa
152(2)
2 Plans for additional monetary unions in Africa
154(1)
3 Monetary union in the Eastern Caribbean
154(1)
4 Plans for a monetary union in the Gulf region
155(1)
5 Plans for a monetary union within the Bolivarian Alliance for the Americas
156(1)
II Adapting the EU Legal Framework to the Impact of Domestic Economic and Fiscal Policies on Regional Economic Stability
157(14)
A Until 2011: loose coordination and surveillance of domestic policies under a constantly weakened Stability and Growth Pact
157(4)
B The various reforms of the EU legal framework undertaken since 2010 in order to strengthen fiscal governance
161(1)
1 The strengthened SGP resulting from the 2011 Six-Pack
162(4)
2 The Treaty on Stability, Coordination and Governance
166(1)
3 Further strengthened fiscal governance: the Two-Pack
167(1)
C The EU's new legal framework for strengthened macroeconomic governance
168(3)
III Overarching Legal and Conceptual Challenges Exposed by the Potential Sovereign Default of Monetary Union Members
171(18)
A The legal techniques and mechanisms developed to avoid or at least delay the sovereign default of members of the eurozone
171(1)
1 The arrangements devised by the Troika in 2010 to assist Greece with its sovereign debt crisis
171(3)
2 The creation of institutionalized crisis resolution mechanisms in 2010-2011 and their use to support Ireland, Portugal, and again Greece
174(4)
3 The European Stability Mechanism as a permanent crisis resolution mechanism for the eurozone
178(4)
B Fighting imbalances instead of taking decisive steps towards fiscal union: the EU's technique to avoid a new logical inconsistency
182(3)
C The increasing regionalization of monetary sovereignty: surrender or effective exercise of monetary sovereignty?
185(4)
Conclusion
189(2)
5 The Reorganization of the International Financial Architecture in the Wake of the Global Financial Crisis
191(38)
Introduction
191(2)
I The G-20: The Self-Appointed Steering Board of the Contemporary International Financial Architecture and its Achievements
193(9)
A Origins, mandate, and legitimacy of the G-20
193(3)
B The G-20's main initiatives aimed at strengthening global financial stability
196(6)
II The Financial Stability Board: The New Key Institution in the Reorganized International Financial Architecture?
202(9)
A The shift from the FSF to the FSB: greater inclusiveness, a broadened mandate, and evolving challenges
202(5)
B The FSB and its relationship with the IMF put into perspective
207(1)
1 The underlying division of labour
207(1)
2 The joint FSB-IMF Early Warning Exercise
208(1)
3 The FSB's Key Standards for Sound Financial Systems
209(2)
III The Evolving Role of an Evolving IMF in the International Financial Architecture
211(15)
A The Fund's work on global financial stability: key features and recent reforms put into perspective
211(1)
1 Ensuring the continued relevance of the IMF's and the World Bank's work on standards and codes
211(3)
2 The Financial Sector Assessment Program and its 2009 reform in reaction to the Global Financial Crisis
214(2)
3 The 2010 reform of the Financial Sector Assessment Program as a vital part of the Fund's revision of its surveillance mandate
216(5)
B The 2008 and 2010 overhauls of IMF governance: increasing the Fund's legitimacy and effectiveness in fulfilling its evolving role
221(5)
Conclusion
226(3)
Concluding Remarks 229(6)
Bibliography 235(18)
Index 253
Dr. Claus D. Zimmermann is both a lawyer and an economist. He holds a doctorate in public international law from the University of Oxford, an LL.M. from Yale Law School as well as master's degrees in economics and law from the University of Paris Panthéon-Sorbonne. He has been a visiting researcher in Stanford's John M. Olin Program in Law and Economics and a visiting fellow at the Institute of International Economic Law at Georgetown University as well as at Harvard's Department of Government.

During his time at Oxford, Dr. Zimmermann taught European competition law and policy and public international law. Dr. Zimmermann is currently working as an associate for the international trade and arbitration practice of Sidley Austin LLP in Geneva. He advises governments and private stakeholders on international trade matters, with a particular emphasis on dispute settlement under the auspices of the World Trade Organization. In addition, he focuses on European trade and competition law and policy.

His prior experience in the practice of international law includes working for the WTO Appellate Body Secretariat, the IMF Legal Department, UNCITRAL, the International Treaties Division of the German Federal Ministry of Justice and the Permanent Representation of Germany to the European Union. Dr. Zimmermann's research on international economic law has been published in leading journals such as the American Journal of International Law and the European Journal of International Law.
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