The reform of international economic governance / edited by Antonio Segura Serrano.

Format:

Book

Contributor:

Segura-Serrano, Antonio, editor.

Series:

Global law and sustainable development

Language:

English

Subjects (All):

World Trade Organization.

International law--Economic aspects.

International law.

Corporate governance--Law and legislation.

Corporate governance.

Law reform.

International economic relations.

Financial institutions, International--Law and legislation.

Financial institutions, International.

Global Financial Crisis, 2008-2009.

Local Subjects:

World Trade Organization.

Physical Description:

xvii, 250 pages ; 25 cm.

Place of Publication:

Burlington, VT : Ashgate, 2016.

Summary:

The second half of the twentieth century saw the emergence of international economic law as a major force in the international legal system. This force has been severely tested by the economic crisis of 2008. Unable to prevent the crisis, the existing legal mechanisms have struggled to react against its direst consequences. This book brings together leading experts to analyse the main causes of the crisis and the role that international economic law has played in trying to prevent it, on the one hand, and worsening it, on the other. The work highlights the reaction and examines the tools that have been created by the international legal field to implement international cooperation in an effort to help put an end to the crisis and avoid similar events in the future. The volume brings together eminent legal academics and economists to examine key issues from the perspectives of trade law, financial law, and investment law with the collective aim of reform of international economic governance. Book jacket.

Contents:

Part I Introduction 1

1 Reforming the Trading and Financial Systems / Antonio Segura Serrano Serrano, Antonio Segura 3

Introduction 3

The WTO and Global Governance 4

The Coherence of the Global Financial System 11

Concluding Remarks 18

Part II Finance 21

2 Global Economic Governance and Banking Regulation: Redesigning Regulation to Promote Stakeholder Interests / Kern Alexander Alexander, Kern 23

Introduction 23

Global Financial Governance and the Rise of G10 Committees 24

The Legitimacy of International Financial Standard-Setting 29

Regulatory Capture in Global Financial Governance 32

Post-Crisis International Institutional Reforms 33

Consequences of Global Financial Governance Reform 36

Conclusion 39

3 Do We Need a World Financial Organization? / Rosa Maria Lastra Lastra, Rosa Maria 40

Introduction 40

Why International Regulation? 41

Sovereignty and International Financial Markets 43

National Institutions and International Financial Markets 46

The Emerging Lex Financiera 47

Do We Need a WFO? 48

Concluding Observations 55

4 Critical Reflections on Bank Bail-Ins / Emilios Avgouleas Avgouleas, Emilios, Charles Goodhart Goodhart, Charles 57

Introductory Remarks 57

The Architecture and Mechanics of the Bail-In Process 60

Important Challenges of Bail-In Centred Resolution 67

Implications of Cross-Border Resolution with Bail-In and the SPOE Approach 74

Conclusion 79

5 Staying Global and Neoliberal or Going Somewhere Else? Banking Regulation after the Crisis / Mika Viljanen Viljanen, Mika 82

Local and Global Reactions: Diverging Paths 82

The Basel Strategies 84

Outside Basel 91

The Strategy of Structural Regulation 96

The Remains of Neoliberalism 99

6 State of Necessity and Sovereign Insolvency / Vassilis Paliouras Paliouras, Vassilis 101

Scope of the Necessity Defence under International Law and Sovereign Debt Litigation 101

Origins of the Necessity Defence 103

ICSID Jurisprudence and Substantiation of the Necessity Defence in Sovereign Insolvency 105

Conclusion 115

Part III Trade Law

7 The WTO - A Suitable Case for Treatment? Is It 'Reformable'? / Friedl Weiss Weiss, Friedl 119

Preliminary Remarks 119

Introduction: Concepts and Context 120

Trade and 'Non-Trade 'Concerns 127

Refining the WTO - 'Constitution '? 130

Transparency - Legitimacy: Treaty Provisions, Panel Practice 133

Concluding Remarks 140

8 Interdependence and WTO Law / Chios Carmody Carmody, Chios 142

Introduction 142

From Interface to Interdependence 144

Interdependence in WTO Law 147

Made in the World 153

Conclusion 155

9 Reforming the Law and Institutions of the WTO: The Dangers of Unexpected Consequences / Gregory Messenger Messenger, Gregory 157

Introduction 157

Institutional Reform: Expectations of a Dispute Settlement System 158

Reappraising Article 17.6 ADA: The Zeroing 'Saga' 164

Concluding Remarks: Insights from Expectations 169

10 A History of Success?: Proportionality in International Economic Law / Valentina Vadi Vadi, Valentina 171

Introduction 171

Proportionality: A Cosmopolitan Destiny? 172

Proportionality: The Perils of Success 174

Proportionality in European Union Law 176

Proportionality in Investment Treaty Arbitration 179

Proportionality in International Trade Law 183

A History of Success? 187

Conclusions 191

11 The International Trading Regime and the Regulation of Trade in Energy Resources: Is Reform Necessary and is a New Energy Agreement within the WTO Framework the Way to Go? / Jenya Grigorova Grigorova, Jenya 193

Introduction 193

The 'Sectoral Approach' 194

The Sectoral Approach and Trade in Energy Resources: A New Energy Agreement? 198

Conclusion 207

12 Multilevel Governance in Food Security Regulation: With the Example of Costa Rican Rice / Carolina Palma Palma, Carolina 208

Food Security Approaches and Tools to Tackle Food Insecurity 208

Regulatory Instruments Contributing to Food Security 210

The Role of WTO in Food Security Regulation and the Regime Complex 213

The Example of Rice in Costa Rica: Multilateral Systems - DR-CAFTA - Internal Food Security Policies, and Results 216

Concluding Remarks 219

13 WTO and Renewable Energy: Lessons from the Case Law / Paolo Davide Farah Farah, Paolo Davide, Elena Cima Cima, Elena 221

Introduction 221

Overview of WTO Disputes Involving Subsidies in the Renewable Energy Sector 223

The Disputes Involving Canada and Renewable Energy 226

Conclusions 231

Part IV Investment 233

14 Economic Crises, Sovereign Debt Restructurings and the Shifting Landscape of International Investment Law / Catharine Titi Titi, Catharine 235

Introduction 235

Reform of International Investment Law in Light of Economic Crises and Sovereign Debt Restructurings 236

EU-Led Reform 241

Conclusions 246.

Notes:

Includes bibliographical references and index.

ISBN:

9781472471406

1472471407

9781472471413

1472471415

9781472471420

1472471423

OCLC:

915775183