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INTERNATIONAL ECONOMIC LAW SERIES GeneralEditor:JOHN H. JACKSON International Law in Financial Regulation and Monetary Affairs This page intentionally left blank International Law in Financial Regulation and Monetary Affairs Editedby THOMAS COTTIER, JOHN H. JACKSON, and ROSA M. LASTRA 1 3 GreatClarendonStreet,Oxford,OX26DP, UnitedKingdom OxfordUniversityPressisadepartmentoftheUniversityofOxford. ItfurtherstheUniversity’sobjectiveofexcellenceinresearch,scholarship, andeducationbypublishingworldwide.Oxfordisaregisteredtrademarkof OxfordUniversityPressintheUKandincertainothercountries #Theseveralcontributors,2012 Themoralrightsoftheauthorhavebeenasserted FirstEditionpublished2012 Impression:1 Allrightsreserved.Nopartofthispublicationmaybereproduced,storedin aretrievalsystem,ortransmitted,inanyformorbyanymeans,withoutthe priorpermissioninwritingofOxfordUniversityPress,orasexpresslypermitted bylaw,bylicenceorundertermsagreedwiththeappropriatereprographics rightsorganization.Enquiriesconcerningreproductionoutsidethescopeofthe aboveshouldbesenttotheRightsDepartment,OxfordUniversityPress,atthe addressabove Youmustnotcirculatethisworkinanyotherform andyoumustimposethissameconditiononanyacquirer CrowncopyrightmaterialisreproducedunderClassLicence NumberC01P0000148withthepermissionofOPSI andtheQueen’sPrinterforScotland BritishLibraryCataloguinginPublicationData Dataavailable ISBN 978–0–19–966819–9 PrintedinGreatBritainby CPIGroup(UK)Ltd,Crydon,CR04YY LinkstothirdpartywebsitesareprovidedbyOxfordingoodfaithand forinformationonly.Oxforddisclaimsanyresponsibilityforthematerials containedinanythirdpartywebsitereferencedinthiswork. ’ General Editor s Preface Theglobalfinancialcrisishasprofoundlyaffectedthelivesandlifestylesofagreat number of people. This has led individuals in all sections of society—including academia,government,andbusiness—toinquireintothecausesandprogressionof the crisis. It has also prompted reflection on potential reforms that could prevent suchacatastrophefromhappeninginthefuture. Motivated by these concerns and mindful of the complexity (as well as the perplexity) of the activities in international financial markets, a number of the JournalofInternationalEconomicLaw’seditorsdiscussedwhethertheJournalcould makeapertinentcontributiontotherelevantpolicydebates. As the Editor-in-Chief of the Journal, I was thrilled when Professors Thomas Cottier and Rosa Lastra agreed to my request to take on the formidable task of SpecialEditorsforthisproject.ThomasandRosaacceptedtheprincipalresponsi- bility for constructing an appropriate outline of topics as well as selecting and inviting authors to participate. With a few necessary exceptions, the authors discussed these drafts at a fascinating conference held at Georgetown University’s CenterforTransnationalLegalStudiesinLondonon21May2010.ASpecialIssue of the Journal, published in September 2010, entirely devoted to the issues implicatedinthecrisis,wastheresultofthesediscussions. Following the publication of the Special Issue it was agreed with Oxford University Press that it would be beneficial to release an updated volume that tookintoaccountsomeoftherecentlegaldevelopmentsininternationalfinancial regulation and monetary policy. This book is the result with each chapter newly updated, where appropriate, to take into account relevant developments while ensuring that the fundamental concepts raised by each contributor remain intact. Inadditiontheamendedintroductionandadditionalconclusionhighlightsomeof the major events that have occurred in the field since the Special Issue was first published. Whiletheeditorsdecidedthattheycouldmakeaworthycontributiontocurrent discourses,theywerecautiousnottoventureoutsideofthemissionandexpertiseof theJournal.Thereisanever-increasingamountofpublishedmaterialdealingwith allfacetsofthecrisis.Theeditorsconsciouslydecidedthatthecontributionswould focus (insofar as feasible)on those aspects ofthe crisis most suited toanalysis and studyby(international)legalscholars.AsarevisionoftheoriginalSpecialIssuethis volume follows suit and is directed at regulation and how regulatory activity and reform might best be approached. While other major policy problems—such as recession, stimulus, and bail outs—might be better examined by experts from disciplines other than law, the editors also conceded that those issues could not alwaysbedetachedfromthecomplexandinterrelated‘lawyers’agenda’. vi GeneralEditor’sPreface Therolethatinternationallawplaysinfinancialregulationandmonetarypolicy remains at the forefront of governments and international bodies policy agendas and will continue to do so for the foreseeable future. The contributions in this volumewillserveasaplatformforfutureanalysisandwillremainaguideforpolicy makers,professionals,andacademicslookingtotacklethecomplexissuesdiscussed. JohnH.Jackson Contents ListofAbbreviations x ListofContributors xiii Introduction 1 ThomasCottierandRosaM.Lastra I. THE CRISIS OF 2007–2009: NATURE, CAUSES, AND REACTIONS 1. TheCrisisof2007–09:Nature,Causes,andReactions 9 RosaM.LastraandGeoffreyWood II. ARCHITECTURE AND CONCEPTUAL ISSUES 2. SystemicRegulationofGlobalTradeandFinance:ATaleof TwoSystems 31 R.MichaelGadbaw 3. TheInternationalMonetarySystem:ALookBackOver SevenDecades 52 AndreasF.Lowenfeld 4. TowardsaNewArchitectureforFinancialStability:SevenPrinciples 72 LuisGaricanoandRosaM.Lastra 5. WhySoftLawDominatesInternationalFinance—andnotTrade 95 ChrisBrummer 6. The‘SantiagoPrinciples’forSovereignWealthFunds:ACase StudyonInternationalFinancialStandard-SettingProcesses 114 JosephJ.Norton III. FINANCIAL MARKET REGULATION 7. TheRoleandProspectsofInternationalLawinFinancial RegulationandSupervision 133 ChristianTietjeandMatthiasLehmann 8. MultilayeredGovernanceinInternationalFinancialRegulation andSupervision 151 RolfH.Weber viii Contents 9. BorderProblems 171 CharlesA.E.GoodhartandRosaM.Lastra 10. TheInternationalLawofFinancialCrisis:Spillovers,Subsidiarity, FragmentationandCooperation 183 JoelP.Trachtman 11. AddressingGovernmentFailurethroughInternational FinancialLaw 205 SteveCharnovitz 12. ReducingSystemicRiskthroughtheReformofCapitalRegulation 222 HalS.Scott 13. TheRoleofTransparencyinFinancialRegulation 237 ChristineKaufmannandRolfH.Weber 14. GlobalSecuritiesRegulationaftertheFinancialCrisis 254 DonaldC.Langevoort IV. TRADE, COMPETITION, AND TAX- RELATED ASPECTS 15. WhatRoleforNon-DiscriminationandPrudentialStandardsin InternationalFinancialLaw? 271 ThomasCottierandMarkusKrajewski 16. FinancialServicesTradeAftertheCrisis:PolicyandLegal Conjectures 288 PanagiotisDelimatsisandPierreSauvé 17. WTOSubsidiesDisciplineDuringandAftertheCrisis 307 GaryN.HorlickandPeggyA.Clarke 18. TheRoleofCompetitionandStateAidPolicyinFinancial andMonetaryLaw 321 PhilipMarsdenandIoannisKokkoris 19. InternationalRegulatoryReformandFinancialTaxes 337 KernAlexander V. MONETARY REGULATION 20. TheRoleofInternationalLawinMonetaryAffairs 357 ErnstBaltenspergerandThomasCottier 21. FinancialStabilityandMonetaryPolicy:NeedforInternational Surveillance 382 GaryHufbauerandDanielDanxiaXie 22. EnhancingtheIMF’sRegulatoryAuthority 396 SeanHagan Contents ix VI. CONCLUSIONS Conclusions 411 ThomasCottierandRosaM.Lastra Bibliography 427 Index 439

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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
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INTERNATIONAL ECONOMIC LAW SERIES GeneralEditor:JOHN H. JACKSON International Law in Financial Regulation and Monetary Affairs This page intentionally left blank International Law in Financial Regulation and Monetary Affairs Editedby THOMAS COTTIER, JOHN H. JACKSON, and ROSA M. LASTRA 1 3 GreatClarendonStreet,Oxford,OX26DP, UnitedKingdom OxfordUniversityPressisadepartmentoftheUniversityofOxford. ItfurtherstheUniversity’sobjectiveofexcellenceinresearch,scholarship, andeducationbypublishingworldwide.Oxfordisaregisteredtrademarkof OxfordUniversityPressintheUKandincertainothercountries #Theseveralcontributors,2012 Themoralrightsoftheauthorhavebeenasserted FirstEditionpublished2012 Impression:1 Allrightsreserved.Nopartofthispublicationmaybereproduced,storedin aretrievalsystem,ortransmitted,inanyformorbyanymeans,withoutthe priorpermissioninwritingofOxfordUniversityPress,orasexpresslypermitted bylaw,bylicenceorundertermsagreedwiththeappropriatereprographics rightsorganization.Enquiriesconcerningreproductionoutsidethescopeofthe aboveshouldbesenttotheRightsDepartment,OxfordUniversityPress,atthe addressabove Youmustnotcirculatethisworkinanyotherform andyoumustimposethissameconditiononanyacquirer CrowncopyrightmaterialisreproducedunderClassLicence NumberC01P0000148withthepermissionofOPSI andtheQueen’sPrinterforScotland BritishLibraryCataloguinginPublicationData Dataavailable ISBN 978–0–19–966819–9 PrintedinGreatBritainby CPIGroup(UK)Ltd,Crydon,CR04YY LinkstothirdpartywebsitesareprovidedbyOxfordingoodfaithand forinformationonly.Oxforddisclaimsanyresponsibilityforthematerials containedinanythirdpartywebsitereferencedinthiswork. ’ General Editor s Preface Theglobalfinancialcrisishasprofoundlyaffectedthelivesandlifestylesofagreat number of people. This has led individuals in all sections of society—including academia,government,andbusiness—toinquireintothecausesandprogressionof the crisis. It has also prompted reflection on potential reforms that could prevent suchacatastrophefromhappeninginthefuture. Motivated by these concerns and mindful of the complexity (as well as the perplexity) of the activities in international financial markets, a number of the JournalofInternationalEconomicLaw’seditorsdiscussedwhethertheJournalcould makeapertinentcontributiontotherelevantpolicydebates. As the Editor-in-Chief of the Journal, I was thrilled when Professors Thomas Cottier and Rosa Lastra agreed to my request to take on the formidable task of SpecialEditorsforthisproject.ThomasandRosaacceptedtheprincipalresponsi- bility for constructing an appropriate outline of topics as well as selecting and inviting authors to participate. With a few necessary exceptions, the authors discussed these drafts at a fascinating conference held at Georgetown University’s CenterforTransnationalLegalStudiesinLondonon21May2010.ASpecialIssue of the Journal, published in September 2010, entirely devoted to the issues implicatedinthecrisis,wastheresultofthesediscussions. Following the publication of the Special Issue it was agreed with Oxford University Press that it would be beneficial to release an updated volume that tookintoaccountsomeoftherecentlegaldevelopmentsininternationalfinancial regulation and monetary policy. This book is the result with each chapter newly updated, where appropriate, to take into account relevant developments while ensuring that the fundamental concepts raised by each contributor remain intact. Inadditiontheamendedintroductionandadditionalconclusionhighlightsomeof the major events that have occurred in the field since the Special Issue was first published. Whiletheeditorsdecidedthattheycouldmakeaworthycontributiontocurrent discourses,theywerecautiousnottoventureoutsideofthemissionandexpertiseof theJournal.Thereisanever-increasingamountofpublishedmaterialdealingwith allfacetsofthecrisis.Theeditorsconsciouslydecidedthatthecontributionswould focus (insofar as feasible)on those aspects ofthe crisis most suited toanalysis and studyby(international)legalscholars.AsarevisionoftheoriginalSpecialIssuethis volume follows suit and is directed at regulation and how regulatory activity and reform might best be approached. While other major policy problems—such as recession, stimulus, and bail outs—might be better examined by experts from disciplines other than law, the editors also conceded that those issues could not alwaysbedetachedfromthecomplexandinterrelated‘lawyers’agenda’. vi GeneralEditor’sPreface Therolethatinternationallawplaysinfinancialregulationandmonetarypolicy remains at the forefront of governments and international bodies policy agendas and will continue to do so for the foreseeable future. The contributions in this volumewillserveasaplatformforfutureanalysisandwillremainaguideforpolicy makers,professionals,andacademicslookingtotacklethecomplexissuesdiscussed. JohnH.Jackson Contents ListofAbbreviations x ListofContributors xiii Introduction 1 ThomasCottierandRosaM.Lastra I. THE CRISIS OF 2007–2009: NATURE, CAUSES, AND REACTIONS 1. TheCrisisof2007–09:Nature,Causes,andReactions 9 RosaM.LastraandGeoffreyWood II. ARCHITECTURE AND CONCEPTUAL ISSUES 2. SystemicRegulationofGlobalTradeandFinance:ATaleof TwoSystems 31 R.MichaelGadbaw 3. TheInternationalMonetarySystem:ALookBackOver SevenDecades 52 AndreasF.Lowenfeld 4. TowardsaNewArchitectureforFinancialStability:SevenPrinciples 72 LuisGaricanoandRosaM.Lastra 5. WhySoftLawDominatesInternationalFinance—andnotTrade 95 ChrisBrummer 6. The‘SantiagoPrinciples’forSovereignWealthFunds:ACase StudyonInternationalFinancialStandard-SettingProcesses 114 JosephJ.Norton III. FINANCIAL MARKET REGULATION 7. TheRoleandProspectsofInternationalLawinFinancial RegulationandSupervision 133 ChristianTietjeandMatthiasLehmann 8. MultilayeredGovernanceinInternationalFinancialRegulation andSupervision 151 RolfH.Weber viii Contents 9. BorderProblems 171 CharlesA.E.GoodhartandRosaM.Lastra 10. TheInternationalLawofFinancialCrisis:Spillovers,Subsidiarity, FragmentationandCooperation 183 JoelP.Trachtman 11. AddressingGovernmentFailurethroughInternational FinancialLaw 205 SteveCharnovitz 12. ReducingSystemicRiskthroughtheReformofCapitalRegulation 222 HalS.Scott 13. TheRoleofTransparencyinFinancialRegulation 237 ChristineKaufmannandRolfH.Weber 14. GlobalSecuritiesRegulationaftertheFinancialCrisis 254 DonaldC.Langevoort IV. TRADE, COMPETITION, AND TAX- RELATED ASPECTS 15. WhatRoleforNon-DiscriminationandPrudentialStandardsin InternationalFinancialLaw? 271 ThomasCottierandMarkusKrajewski 16. FinancialServicesTradeAftertheCrisis:PolicyandLegal Conjectures 288 PanagiotisDelimatsisandPierreSauvé 17. WTOSubsidiesDisciplineDuringandAftertheCrisis 307 GaryN.HorlickandPeggyA.Clarke 18. TheRoleofCompetitionandStateAidPolicyinFinancial andMonetaryLaw 321 PhilipMarsdenandIoannisKokkoris 19. InternationalRegulatoryReformandFinancialTaxes 337 KernAlexander V. MONETARY REGULATION 20. TheRoleofInternationalLawinMonetaryAffairs 357 ErnstBaltenspergerandThomasCottier 21. FinancialStabilityandMonetaryPolicy:NeedforInternational Surveillance 382 GaryHufbauerandDanielDanxiaXie 22. EnhancingtheIMF’sRegulatoryAuthority 396 SeanHagan Contents ix VI. CONCLUSIONS Conclusions 411 ThomasCottierandRosaM.Lastra Bibliography 427 Index 439

Description:
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
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