KAFP 6400 - International financial and monetary law

The 2008 Global Financial Crisis renewed focus on the regulation of money and credit—an issue often revisited during times of crisis. This seminar explores the regulation of money in the modern Western legal tradition, including money creation, central banking, mechanisms to ensure monetary and financial stability and sovereign debt crisis resolution. It also discusses how a state´s capacity to maintain financial and monetary stability depends on global political and economic structures, in particular currency hierarchies. Taking a transnational perspective, it examines how globalization has shifted monetary regulation from national to transnational regimes, involving both public and private actors. Key institutions studied include central banks, the IMF, Basel Committee, Financial Stability Board, and International Capital Markets Association.
Dilara AYDOGUS,Astrid IVERSEN
Cours magistral seul
English
Preparation – specific reading of shorter articles, pieces of legislation, judgments and policy documents – will be indicated in the lecture in the week before.
The course is open to students with no prior experience with studies in law. Before the start of the course, the students should read : Professor Christopher Greenwood, link in the mandatory lectures. Robert Beckman and Dagmar Butte, link in the mandatory lectures. Caroline Cleiner et all, link in the mandatory lectures.
Spring 2025-2026
The students will have one midway assessment and one final assessment The midway assessment will be an in class written assessment. The student will be tested in their basic knowledge of i) legal sources and legal reasoning and ii) terms and definitions related to the regulation of money. The final assessment will take place after the finalization of the course and be a written essay reflecting over regulatory questions discussed throughout the course.
The course will be given in person, not online.
Chapter on Introduction to central bank law in Rosa M Lastra, International Financial and Monetary Law, 2nd ed (Oxford University Press, 2015), section 2.01-2.103 (34 pages).
Chapter on Supervision, regulation and financial stability in Rosa M. Lastra, International Financial and Monetary Law, 2nd ed (Oxford University Press, 2015), Section 3.01-3.39 and section 3.51- 3.79 (approximately 18 pages)
Professor Christopher Greenwood, «Sources of International Law: An Introduction» (5 pages) https://www.google.com/url?sa=t&source=web&rct=j&opi=89978449&url=https://legal.un.org/avl/pdf/ls/greenwood_outline.pdf&ved=2ahUKEwjv3b6TsbeQAxWYT1UIHc6rABcQFnoECA
Robert Beckman and Dagmar Butte, «Introduction to International Law» (12 pages) https://www.google.com/url?sa=t&source=web&rct=j&opi=89978449&url=https://www.ilsa.org/Jessup/Jessup%2520Competitor%2520Resources/intlawintro.pdf&ved=2ahUKEwiXhemhsbeQAxViFhA
Caroline Cleiner et all, White Paper 11, international financial law in the next decades, International Law Association 150 years, 2023, Chapter 1 (p. 17-66) https://www.ilaparis2023.org/wp-content/uploads/2023/08/ADI-ILA-finances-internationales-V02-EN.
Michael McLeay, Amar Radia and Ryland Thomas, «Money in the modern economy: an introduction», Bank og England Quarterly Bulletin 2014 Q1
Michael Ioannidis, Sarah Jane Hlásková Murphy, Chiara Zilioli, The mandate of the ECB: Legal considerations in the ECB's monetary policy strategy review, European Central Bank Occasional Paper Seriers, No 276 / September 2001 https://www.ecb.europa.eu/p
Rosa Lastra, Crisis Management in Lastra, Rosa M., International Financial and Monetary Law, 2nd ed (Oxford University Press, 2015), section A-D.
Caroline Cleiner et all, White Paper 11, international financial law in the next decades, International Law Association 150 years, 2023 (full paper) https://www.ilaparis2023.org/wp-content/uploads/2023/08/ADI-ILA-finances-internationales-V02-EN.pdf
Gregory Shaffer and Michael Waibel, The rise and fall of trade and monetary legal orders: from the interwar periods until todays imbalances, In (Eds.) Gregoire Mallard & Jerome Sgard, Contractual Knowledge: One Hundred Years of Legal Experimentation, Cam
Daniel Franchini, «When finance becomes a weapon: the challenge of central bank sanctions under international law», Journal of International Trade Law and Policy vol 24, No 1 2025.
Francisco J. Quintana, Dollar dominance, de-dollarization, and international law, Journal of International Economic Law, 2025
Chapter on Monetary sovereignty in Rosa M. Lastra, International Financial and Monetary Law, 2nd ed (Oxford University Press, 2015), section 1.01-1.76 (25 pages).
Chapter on History of international monetary cooperation in Rosa M. Lastra, International Financial and Monetary Law, 2nd ed (Oxford University Press, 2015), section 12.01- 12.71 (20 pages)
Chapter on International Financial Architecture, in Rosa M. Lastra, International Financial and Monetary Law, 2nd ed (Oxford University Press, 2015), section 14.01-14.36 and 14.50-14.56 and 14.88- 14.99 and 14.100-14.194. (36 pages) 499-547.