Home | Databases | WorldLII | Search | Feedback Edited Legal Collections Data

Cottier, Thomas; Payosova, Tetyana --- "Challenges in International Monetary Law" [2011] ELECD 770; in Govaere, Inge; Quick, Reinhard; Bronckers, Marco (eds), "Trade and Competition Law in the EU and Beyond" (Edward Elgar Publishing, 2011)

Book Title: Trade and Competition Law in the EU and Beyond

Editor(s): Govaere, Inge; Quick, Reinhard; Bronckers, Marco

Publisher: Edward Elgar Publishing

ISBN (hard cover): 9780857935663

Section: Chapter 3

Section Title: Challenges in International Monetary Law

Author(s): Cottier, Thomas; Payosova, Tetyana

Number of pages: 13

Extract:

3. Challenges in international
monetary law
Thomas Cottier and Tetyana Payosova

3.1 INTRODUCTION

Jacques Bourgeois ­ as an EC Commission official and a practicing lawyer
­ has been accustomed all his professional life to dealing with current
affairs and burning issues. At the same time ­ as an academic and a
distinguished scholar and professor ­ he has had a keen interest in the
long-term issues of the multilateral trading system and the European
Union's role in it. He has always approached these issues with inspiring
enthusiasm, enjoying the intricacies of a particular problem. It is therefore
an appropriate homage to him, as a friend and colleague, to address a
difficult challenge and issue that is both timely and long-term: the relation-
ship between monetary and exchange rate policies currently being
debated,1 and the potential role of the World Trade Organization (WTO) in
addressing the subsidizing impact of undervalued currencies within the
Agreement on Subsidies and Countervailing Duties. The chapter briefly
expounds the current role of the International Monetary Fund (IMF) in
monetary affairs and points out existing shortcomings. They run the risk of
imposing burdens upon the WTO for which the Organization is not
designed. The rule-based system may attract disputes of a magnitude and
impact that would need to be addressed within a multilateral monetary
system. The chapter makes a number of proposals as to how the IMF
should be reformed, learning from the experiences of the rule-based trad-
ing system. While litigation on exchange ...