Trade and Competition Law in the EU and Beyond
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Trade and Competition Law in the EU and Beyond

Edited by Inge Govaere, Reinhard Quick and Marco Bronckers

This well-documented book comprises a stellar cast of European and American authors delivering an overview of cutting edge issues in the areas of trade and competition law, arising in the EU and beyond.
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Chapter 3: Challenges in International Monetary Law

Thomas Cottier and Tetyana Payosova


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 the experiences of the rule-based trading system. While litigation on exchange rates policies may be beyond the law, properly speaking, mechanisms of...

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