International Economic Law and Monetary Measures
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International Economic Law and Monetary Measures

Limitations to States’ Sovereignty and Dispute Settlement

Annamaria Viterbo

The 2007–2010 global financial crisis re-opened the debate on the reform of the international monetary and financial system. This well-argued book demonstrates the strategic role of international economic law in ensuring international monetary stability and global financial stability.
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Chapter 3: The Global Financial Architecture: Towards a Strengthened Institutional Framework for Global Financial Stability?

Annamaria Viterbo


INTRODUCTION This chapter analyses the global financial architecture (GFA), describing how it emerged from the ashes of Bretton Woods and how it was reshaped in response to the 2007–2010 global financial crisis. The notion of GFA encompasses three interrelated elements. First, it builds upon the economic models that describe the functioning of the international monetary and financial system. Second, the GFA operates primarily through a set of soft law measures aimed at preventing, managing and solving crises. The third element of the GFA is its governance structure: apart from the various ‘Gs’ groups of leading countries that drive the GFA political agenda, a growing number of international standard-setting bodies has been involved over time with the design of international financial standards.1 The governance of the current GFA therefore comprises international organizations, intergovernmental fora, international standard-setting bodies and national authorities (central banks, finance ministries, supervisors and regulators) charged with guaranteeing the effective functioning and the stability of the global financial system. The role of the G20, the foundation of the Financial Stability Board (FSB) and its relationship with the International Monetary Fund (IMF), as well as their respective roles in the supervision of the financial sector are some of the key issues that are discussed hereinafter. The effectiveness 1 For a first definition of ‘international financial architecture’ see Giovanoli, Mario (2000), ‘A New Architecture for the Global Financial Market: Legal Aspects of International Standard Setting’, in Mario Giovanoli (ed.), International Monetary Law, Issues for the New Millennium, Oxford: Oxford University...

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