Monetary Stability as a Common Concern in International Law

Policy Cooperation and Coordination of Central Banks


The open access publication of this book has been published with the support of the Swiss National Science Foundation.

In Monetary Stability as a Common Concern in International Law, Lucía Satragno argues that monetary stability is a global public good that must be promoted and protected at all levels of governance. In doing so, the book accomplishes two tasks. On one hand, it provides an up to date analysis of the role of law and institutions in the international monetary field since the collapse of the Bretton Woods system. On the other hand, it applies the methodological approach proposed by the novel doctrine of Common Concern of Humankind to monetary stability as a case study. Accordingly, the book examines not only the status quo of the international monetary system, but also looks at the ‘new and different realism’ that would be envisaged in monetary affairs in the case of a fully-fledged principle of Common Concern.
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Lucía Satragno, Ph.D. (2020), University of Bern, is a Research Fellow at the CBFL, National University of Singapore. She has published book chapters and journal articles, including ‘International Monetary Stability as a Common Concern of Humankind’ in Thomas Cottier (ed), The Prospects of Common Concern of Humankind in International Law (2021).

Abbreviations and Acronyms

Table of Cases and Legislation


1The International Monetary System in the Post-Crisis Era
 1 Definition and Purpose of the International Monetary System

 2 The Global Financial Crisis and the Fragility of the International Monetary System

 3 Key Aspects of the Core Elements of the International Monetary System
 3.1 First Element – Exchange Rates

 3.2 Second and Third Elements – International Payment System and International Capital Movements

 3.3 Fourth Element – Monetary Reserves and Access to Liquidity

 4 Conclusion

2Monetary Stability Competing Policy Objectives and Trade-Offs
 1 Monetary Sovereignty Today

 2 A Revision of the Concept of Monetary Stability at the Different Levels of Governance
 2.1 Domestic Monetary Stability

 2.2 International Monetary Stability

 3 International Spillovers of Monetary Policy and Their Impact on Monetary Stability

 4 Conclusion

3A Common Concern of Humankind Approach to Monetary Stability
 1 Monetary Stability as a Global Public Good

 2 Common Concern of Humankind – Review of Literature and Evolution of the Principle
 2.1 Expression in Treaties and Scholarly Work

 2.2 Foundations and Evolution of the Principle

 3 Common Concern of Humankind – Process of Claims and Responses
 3.1 The Duty to Cooperate

 3.2 Obligation to Do Homework

 3.3 Securing Compliance

 3.4 Arguments in Support of the Principle of Common Concern of Humankind

 4 Monetary Stability as a Common Concern of Humankind – A Preliminary Assessment

 5 Conclusion

4The Duty To Cooperate – The Fund’s Role and Cooperation among States
 1 Top-Down Approach – International Level of Governance
 1.1 The International Financial Architecture – Governance Aspects

 1.2 The Fund’s Role

 1.3 International Standard-Setting and Soft Law

 2 Bottom-Up Approach – Central Banking Cooperation
 2.1 The Evolution of Central Banking Cooperation

 2.2 Diplomacy and Coordination

 2.3 Responses to the gfc and Its Aftermath

 3 Common Concern as a Guide to Enhanced Cooperation in Monetary Affairs
 3.1 imf Mandatory Based Surveillance

 3.2 Improved gfsn

 3.3 Harness the Commitments Assumed at the Government Networks

 4 Conclusion

5Domestic Obligations Concerning Monetary Stability The Special Role of Central Banks
 1 Domestic Obligations – The Special Role of Central Banks
 1.1 Internal Dimension of Monetary Stability – Price Stability

 1.1.1 Institution of a State

 1.1.2 Issuance of Money

 1.1.3 Privately Issued Virtual Currencies and Central Bank Issued Virtual Currencies

 1.1.4 Conduct of National Monetary Policy

 1.2 External Dimension of Monetary Stability – Exchange Rate Stability

 1.2.1 Administration of a System of Exchange Control

 1.2.2 Management of a Country’s Foreign Reserves

 2 Conclusion

6Domestic Obligations Concerning Monetary Stability Unilateral Reactions and Securing Compliance
 1 Domestic Obligations – Unilateral Reactions
 1.1 Exchange Restrictions

 1.2 Capital Controls

 1.3 Exchange Rate Manipulation

 1.4 Other Reactions

 2 Securing Compliance – Monetary Stability Considerations

 3 Conclusion




The proposed volume will be relevant to international economic law community of professionals, academics and students and especially in the fields of international monetary and financial law. It will also appeal the broader community of international public law scholars as it engages with the emerging doctrine of Common Concern.
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