International Economic Law after the Global Crisis: A Tale of Fragmented Disciplines
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This collection explores the theme of fragmentation within international economic law as the world emerges from the 2008 global financial crisis, the subsequent recession and the European sovereign debt crisis which began in early 2010. The post-crisis 'moment' itself forms a contemporary backdrop to the book's focus on fragmentation as it traces the evolution of the international economic system from the original Bretton Woods design in the aftermath of the Second World War to the present time. The volume covers issues concerning monetary cooperation, trade and finance, trade and its linkages, international investment law, intellectual property protection and climate change. By connecting a broad, cross-disciplinary survey of international economic law with contemporary debate over international norm and authority fragmentation, the book demonstrates that this has been essentially a fragmented and multi-focal system of international economic regulation.
Responding to the ever growing pressure for more bank and sovereign bailouts the European Commission initiated the establishment of institutions that would support the use of funds from the European Stability Mechanism (ESM)91 for bank bailouts, leading to the establishment of a more integrated banking union in the EMU.92 Other important measures that could lead to the resolution of the Eurozone’s banking and sovereign debt crisis are the ECB’s decision to signal its readiness to undertake
national action in response to China’s currency policies which ought to be permitted is one which is justiﬁed by the kinds of rule arrangements we have. Without either counselling action against or attempting to defend China, this chapter argues that (4) of all the trade law arguments which are available against the backdrop of a fragmented international economic system, antidumping action is what global rules are most likely to permit. Framing the issue as a dumping issue, coupled with the
welfare-reducing effects. ‘Rule tolerance’, in the sense of admitting gaps in legal regulation, is therefore different from countenancing harmful rule-breaking. The reason we have rule tolerance, or admit that the currency issue involves reading the darker pages of the GATT text, is because global law matters. Nineteenth-century fears of Russian circumvention of US. sugar tariffs by subsidizing Russian exporters led to the ﬁrst anti-subsidy rules,87 but – still relying on our hypothesis that
with the 1982 debt crisis, during which Mexico and Brazil could no longer service their loans, and in successive crises, not least during the 1990s.34 Today, the IMF is viewed mainly as a lending institution and the line between what it does and what the World Bank does has become blurred. In this regard, the IMF functions as a credit union in addition to its function of facilitating international monetary cooperation and regulation, and in maintaining exchange rate stability. This system of a US
Rules on Domestic Regulation’, in Sauvé and Mattoo (eds.), Domestic Regulation and Services Trade Liberalization (Washington, DC: World Bank, 2003), 63. Krajewski and Engelke ‘Article XVII GATS’, 408. 170 an hertogen soon as either the service or the service supplier is like its domestic counterpart. WTO Panels seem to have chosen the third interpretation by asserting that ‘to the extent that entities provide . . . like services, they are like service suppliers’.39 As a result, trade