Edited by Inge Govaere, Reinhard Quick and Marco Bronckers
JOBNAME: Trade and Competitio PAGE: 5 SESS: 10 OUTPUT: Mon Jun 20 16:16:16 2011 3. Challenges in international monetary law Thomas Cottier and Tetyana Payosova 3.1 INTRODUCTION Jacques Bourgeois – as an EC Commission ofﬁcial and a practicing lawyer – has been accustomed all his professional life to dealing with current affairs and burning issues. At the same time – as an academic and a distinguished scholar and professor – he has had a keen interest in the long-term issues of the multilateral trading system and the European Union’s role in it. He has always approached these issues with inspiring enthusiasm, enjoying the intricacies of a particular problem. It is therefore an appropriate homage to him, as a friend and colleague, to address a difﬁcult challenge and issue that is both timely and long-term: the relationship between monetary and exchange rate policies currently being debated,1 and the potential role of the World Trade Organization (WTO) in addressing the subsidizing impact of undervalued currencies within the Agreement on Subsidies and Countervailing Duties. The chapter brieﬂy expounds the current role of the International Monetary Fund (IMF) in monetary affairs and points out existing shortcomings. They run the risk of imposing burdens upon the WTO for which the Organization is not designed. The rule-based system may attract disputes of a magnitude and impact that would need to be addressed within a multilateral monetary system. The chapter makes a number of proposals as to how the IMF should be reformed, learning from...
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