A Contemporary Concept of Monetary Sovereignty

Hardcover | December 19, 2013

byClaus Zimmermann

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Monetary sovereignty is a crucial legal concept dictating that states have sovereignty over their own monetary 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 from an assertion of the former Permanent Court of International Justice in 1929. As a consequence of globalization and increasing financial integration, promoted by organizations such as the European Union and the International Monetary Fund,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 facing the international community.The book examines the 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 ongoinghybridization 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. Finally, it assessesthe role monetary sovereignty can play in the reorganization of international finance following the recent financial crisis.

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Monetary sovereignty is a crucial legal concept dictating that states have sovereignty over their own monetary 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, d...

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 Pantheon-Sorbonne. He has been a visiting researcher in Stanford's John M. Olin Program i...
Format:HardcoverDimensions:330 pagesPublished:December 19, 2013Publisher:Oxford University PressLanguage:English

The following ISBNs are associated with this title:

ISBN - 10:0199680744

ISBN - 13:9780199680740

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Table of Contents

Introduction1. A Revision of the International Law Concept of Monetary Sovereignty2. The Increasing Hybridization of International Monetary Law3. Exchange Rate Misalignment and International Law4. The Increasing Regionalization of Monetary Sovereignty5. The Reorganization of the International Financial Architecture in the Wake of the Great RecessionConclusion