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A ContemporaryConcept of MonetarySovereignty Claus D. Zimmermann2013 год

A Contemporary Concept of Monetary Sovereignty
книга

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Аннотация: This book analyses whether the concept of monetary sovereignty is evolving under the impact of economic globalization and increasing financial integration, and assesses what this implies. Chapter 1 reviews the origins of the concept of monetary sovereignty and concludes that, as a dynamic concept with both positive and normative components, monetary sovereignty cannot become eroded under the impact of legal and economic constraints. Chapter 2 examines the ongoing hybridization of international monetary law arising from changes in the sources of this body of law, from the unsuitability of the categories of "hard" and "soft" law for characterizing all normative evolutions in this field, and from the emergence of transnational monetary law. Chapter 3 scrutinizes the phenomenon of exchange rate misalignment under monetary and trade law. Intrinsically related, it assesses which aspects of the IMF's legal framework should be reformed to tackle contemporary challenges to the stability of the international monetary system, such as global current account imbalances. Chapter 4 analyses the increasing regionalization of monetary sovereignty through monetary union movements. In this context, relevant aspects of the European sovereign debt crisis are examined in detail. It is argued that, as long as transferring sovereign powers to a monetary union is what provides a state's population with maximum monetary and financial stability, the underlying transfers are not a surrender of monetary sovereignty, but its effective exercise under the form of cooperative sovereignty. Finally, chapter 5 looks into the ongoing reorganization of the international financial architecture and assesses whether the experience of the Global Financial Crisis has prompted states to rethink the way sovereign powers in monetary and financial matters are exercised.
Год издания: 2013
Авторы: Claus D. Zimmermann
Ключевые слова: Global Financial Regulation and Crises
Другие ссылки: doi.org (HTML)
Oxford University Research Archive (ORA) (University of Oxford) (PDF)
Oxford University Research Archive (ORA) (University of Oxford) (HTML)