Chapter 7: Conclusions
CONCLUSIONS The quick growth of sovereign wealth funds, only temporarily slowed down by the economic crisis of 2008, is one of the most interesting recent matters of international law, for a series of reasons: because it is new; because it reverses the usual trend of financial flows and investments between states (so far mostly one-way) and therefore calls for more insight on the actual implementation of the mechanisms of reciprocity that have so far remained theoretical; because it poses questions that cannot be adequately answered by the multilateral agreements now in force, that are showing all their inadequacy; because it brings international law back to the ‘primeval’ state of bilateral relationships between states and demands a review of national law systems as well; because it demonstrates the inseparable cross-relationship between international law and national law, with actions in one system that have direct consequences in another, and with actions brought indifferently before national and international courts as the expression of a ‘global’ law; because it forces experts and international institutions into unconvincing connections between legal and ethical obligations, whereby states and SWFs are supposed to abide by voluntary codes of ethics that do not provide for material sanctions; because it is an example of the way in which states regain their financial sovereignty at international level to prevent, or at least to handle global and quickly evolving phenomena faster than the political path would; because it converts states from regulators of domestic economy into international operators, players in markets they...
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