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A Contemporary Concept of Monetary Sovereignty

A Contemporary Concept of Monetary Sovereignty

Author: Claus D. Zimmermann
Publisher: Oxford University Press
ISBN: 9780199680740
Published In: November 2013
Format: Hardback , 304 pages
Jurisdiction: International ? Disclaimer:
Countri(es) stated herein are used as reference only

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Sets out the development of the concept of monetary sovereignty in international law
Features an innovative analysis of that concept in the present day financial system
Investigates how the key values of monetary sovereignty are being used to strengthen global financial stability after the financial crisis

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.

Readership: Scholars and students of international financial law and international economic law; practitioners working in international financial law; economists

Introduction
1: A Revision of the International Law Concept of Monetary Sovereignty
2: The Increasing Hybridization of International Monetary Law
3: Exchange Rate Misalignment and International Law
4: The Increasing Regionalization of Monetary Sovereignty
5: The Reorganization of the International Financial Architecture in the Wake of the Great Recession
Conclusion

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.