The Rule of Law in Monetary Affairs: World Trade Forum (Paperback)

The global financial crisis and subsequent sovereign debt crisis in Europe demonstrated that the relationship between law and economics in the design of the monetary system must be revisited.

International monetary affairs are usually conducted via domestic monetary policies which are formulated by independent central banks and informed mainly by economics, without much room being left to substantive law.

Based on the 2012 World Trade Forum, this volume brings together leading scholars, practitioners and policy makers in international economic law in order to examine the potential of law and legal methodology to contribute to international monetary stability.

It explores the links between and lessons to be learnt from existing international investment and trading systems and studies some specific policy issues which have a direct impact on monetary affairs, such as exchange rate policy, sovereign debt, taxation, competitiveness, trade imbalances, austerity programmes and human rights.

Table of Contents:

1. Introduction and overview Thomas Cottier, Rosa M. Lastra, Lucia Satragno and Christian Tietje

Part I. Legal Foundations and Evolution of the International Monetary System:
2. The role of law in monetary affairs: taking stock Christian Tietje
3. The international monetary and financial architecture - some institutional aspects Mario Giovanoli
4. The role of central banks in monetary affairs: a comparative perspective Rosa M. Lastra
5. Monetary union and the law: some comments Jean-Victor Louis

Part II. Specific Policy Issues in Monetary Affairs: 6. Global governance of international competitiveness spillovers Bernard Hoekman
7. Global benchmark interest rates: conflicting objectives and increasing hybridization Claus D. Zimmermann
8. Credit rating agencies: regulation and financial stability Iain Macneil
9. Monitoring and surveillance at the international monetary system: what can be learnt from the trade field? Nadia Rendak
10. The impact of sovereign debt on EU monetary affairs Annamaria Viterbo
11. Taxation in times of austerity: a question of political economy Isabel Feichtner

Part III. The Interaction between WTO Law and Monetary Affairs:
12. Towards an equitable integration of monetary and financial matters, trade and sustainable development Robert Howse
13. Trade imbalances and multilateral trade cooperation Juan Marchetti, Michele Ruta and Robert Teh
14. The WTO dispute settlement mechanism in matters involving exchanges rates and trade Gabrielle Z. Marceau and John J. Maughan
15. Monetary affairs in the WTO Trade Policy Review Mathias Kende

Part IV. The Quest for Law in Monetary Policy:
16. The potential of law and legal methodology in monetary affairs Thomas Cottier and Lucia Satragno
17. Framework of analysis: towards multilayered governance in monetary affairs Ernst-Ulrich Petersmann
18. Transparency and monetary affairs Christine Kaufmann and Rolf H. Weber
19. Human rights and austerity programmes Markus Krajewski
20. International economic law and macro-prudential regulation Kern Alexander
21. Relationship between monetary policy and exchange rate policy Francois Gianviti
22. Monetary policy measures in investment law: the uneasy relationship between monetary stability and investment protection Federico Lupo Pasini.