International Monetary Stability as a Common Concern of Humankind

Lucia Satragno

doi:10.1017/9781108878739.010

7 - International Monetary Stability as a Common Concern of Humankind

from Part II - Case Studies

Published online by Cambridge University Press: 04 May 2021

Lucia Satragno

Edited by

Thomas Cottier

Edited in association with

Zaker Ahmad

Show author details

Thomas Cottier: Affiliation:
World Trade Institute
Zaker Ahmad: Affiliation:
World Trade Institute

Book contents

Get access

Summary

This chapter argues that international monetary stability is an underprovided global public good under the current design of the International Monetary System. It proposes to apply the emerging doctrine of Common Concern of Humankind (Common Concern) as a methodological approach. This chapter starts by exploring the concept of monetary stability at the different levels of governance. It is followed by a description of the doctrine of Common Concern. It continues with an analysis of the three-dimensional approach proposed by this doctrine starting with the duty to cooperate in monetary affairs both from a top-down approach (international level of governance) and a bottom-up approach (central banking cooperation). The chapter continues by examining domestic obligations concerning monetary stability with an emphasis on the special role of the central banks and also by examining some cases of unilateral actions and issues of extraterritoriality in the pursuit of monetary stability. Lastly, it offers some remarks on the most controversial aspect of the doctrine that relates to securing compliance with the obligations that may emerge from an accepted Common Concern of international monetary stability.

Keywords

International monetary law monetary stability monetary policy global public goods International Monetary Fund capital flows exchange intervention balance of payments central banks Common Concern of Humankind.

Type: Chapter
Information: The Prospects of Common Concern of Humankind in International Law , pp. 347 - 399

DOI: https://doi.org/10.1017/9781108878739.010 [Opens in a new window]

Publisher: Cambridge University Press

Print publication year: 2021

Access options

Get access to the full version of this content by using one of the access options below. (Log in options will check for institutional or personal access. Content may require purchase if you do not have access.)

References

Select Bibliography

Bummer, C. (2011). Soft Law and the Global Financial System: Rule Making in the 21st Century (Cambridge: Cambridge University Press).CrossRef Google Scholar

Camdessus, M. ‘International Financial and Monetary Stability: A Global Public Good?’, www.imf.org/en/News/Articles/2015/09/28/04/53/sp052899.Google Scholar

Cottier, T. (2011). ‘Towards a Five Storey House’, in Joerges, C. and Petersmann, E. U. (eds.), Constitutionalism, Multilevel Trade Governance and International Economic Law (Oxford: Hart).Google Scholar

Cottier, T., Aerni, P., Karapinar, B., Matteotti, S., de Sépibus, J. and Shingal, A. (2014). ‘The Principle of Common Concern and Climate Change’, Archiv des Völkerrechts (AVR), 52.CrossRef Google Scholar

Cottier, T., Jackson, J. H. and Lastra, R. M. (eds.) (2010). International Law in Financial Regulation and Monetary Affairs (Oxford: Oxford University Press).Google Scholar

Cottier, T., Lastra, R. M., Tietje, C. and Satragno, L. (eds.) (2014). The Rule of Law in Monetary Affairs (Cambridge: Cambridge University Press).CrossRef Google Scholar

Dorrucci, E. and McKay, J. (2011). ‘The International Monetary System after the Financial Crisis’, ECB Occasional Paper Series No. 123.Google Scholar

Gianviti, F. (2001). ‘Evolving Role and Challenges for the International Monetary Fund’, International Lawyer, 35(4).Google Scholar

Giovanoli, M. and Devos, D. (eds.) (2010). International Monetary and Financial Law: The Global Crisis (Oxford: Oxford University Press).Google Scholar

IMF, Articles of Agreement of the International Monetary Fund, www.imf.org/external/pubs/ft/aa/.Google Scholar

IMF, (2010). The Fund’s Mandate: The Legal Framework, www.imf.org/external/np/pp/eng/2010/022210.pdf.Google Scholar

IMF, (2016). Strengthening the International Monetary System: A Stocktaking, www.imf.org/external/np/pp/eng/2016/022216b.pdf.Google Scholar

Lastra, R. M. (1996). Central Banking and Banking Regulation (London: London School of Economics and Political Science).Google Scholar

Lastra, R. M. (2015). International Financial and Monetary Law (3rd ed., Oxford: Oxford University Press).Google Scholar

Palais-Royal Initiative (2011). Reform of the International Monetary System: A Cooperative Approach for the Twenty First Century, http://global-currencies.org/smi/gb/telechar/news/Rapport_Camdessus-integral.pdf.Google Scholar

Mohan, R. and Kapur, M. (2014). ‘Monetary Policy Coordination and the Role of Central Banks’, IMF Working Paper 14/70, www.imf.org/external/pubs/ft/wp/2014/wp1470.pdf.Google Scholar

Proctor, C. (2012). Mann on the Legal Aspect of Money (7th ed., Oxford: Oxford University Press).Google Scholar

Steil, B. (2014). The Battle of Bretton Woods: John Maynard Keynes, Harry Dexter White, and the Making of a New World Order (Princeton, NJ: Princeton University Press).Google Scholar

Viterbo, A. (2012). International Economic Law and Monetary Measures (Cheltenham, UK: Edward Elgar).Google Scholar

Zimmermann, C. D. (2013). A Contemporary Concept of Monetary Sovereignty (Oxford: Oxford University Press).CrossRef Google Scholar