10: Law of International Economic Relations Flashcards
content of IEL
production and distribution of goods
international economic and financial transactions
currency and finance
services of all sort
organisation and legal status/functions/missions of participants
what does IEL cover?
international monetary and financial law
- law of the IMF, World Bank, etc.
- World Bank and IMF charged to maintain the administration, control and definition of norms and standards within this domain
international trade law
- circulation of goods and services, liberalisation of international trade, dispute settlement procedures, etc.
international law of the WTO and GATT
international development law
- financial institutions like World bank provide a great diversity of financial loans and international development assistance
international investment law
international labour law
- need to set reasonable rules ensuring reasonable labour conditions
international fiscal law
- cooperation in fiscal matters to avoid double/triple taxation
international economic integration law
- law of the EU, NAFTA, etc.
public vs private IEL
mostly public IL
private IL includes international choice of law, choice of forum, enforcement of judgements
- procedural logistic issue
sources of IEL
international treaties, conventions, bilateral/regional/multilateral agreeemnts
- bilateral agreements among states excluding double taxation
- regional treaties establish customs union like the Schengen area or free trade agreements
- multilateral treaties focus on how states create supranational bodies to administer certain values/interests common to all states
customary law
soft law
- code of conduct/guidelines defined by international organisations or multilateral companies
subsidiary means: judicial decisions
- developed and precise international trade law before the WTO, ECJ and NAFTA
fragmented domain of IEL
- no general single international court and no binding system of precedents
participants of IEL
states as sovereign subjects
- main actors of international economic legal relations
various international groups/international economic organisations
- OECD, G20, G7, etc.
physical and legal persons
- firms and individuals
NGOs
international financial institutions
main focus to manage the global financial system and ensure international monetary cooperation
- financing projects/activities in areas of mutual interest
great power of financial organisations since with financial assistance/loans, you can support activities but also influence international matters of a state and domestic policy
- provide loans but also dictate the conditions
universal IFIs: BW institutions
established after WWII for the reconstruction of Europe and international cooperation to organise the global financial system
IMF
- economic/financial stability and global growth
World Bank
- to fund development projects
universal IFIs: World Bank
2 international organisations with their own legal personality
- International Bank for Reconstruction and Development (IBRD)
- International Development Association (IDA)
universal IFIs: IBRD
primary function to fund development projects (art 3,4)
initially after WWII created to assist reconstruction/development of territories through capital investment
through loan operations to sites or public/private entities within the member’s territory
- loan has to be guaranteed by the member government
- government receives applications from NGOs and private entities, filters through them and passed to World Bank to choose
funding is provided on more favourable terms than loans from commercial sources
serves middle-income countries with capital investment and advisory services
universal IFIs: IDA
assists the worlds’ poorest countries
provides interest-free credits and grants for 20-40 years
objective to boost economic development/productivity, raise living standards and reduce inequalities
universal IFIs: IMF
takes care of economic/financial stability of member states as well as global growth
financial support as lender of last resort
- member state expected to resell funds back to the IMF
