International Investment Law and the Global Financial Architecture
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International Investment Law and the Global Financial Architecture

Edited by Christian J. Tams, Stephan W. Schill and Rainer Hofmann

This book explores whether investment law should protect against such regulatory measures, including where these have the support of multilateral institutions. It considers where the line should be drawn between legitimate regulation and undue interference with investor rights and, equally importantly, who draws it.
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Chapter 13: International financial institutions in investment law and arbitration

Michael Wolfgang Müller

Abstract

A substantial change in the global financial architecture in recent years concerns the strengthened role of international financial institutions. Examples include the institutionalisation of financial assistance and the creation of supranational resolution authorities. The chapter assesses the implications of this trend with regard to international investment law and arbitration. It affirms that while the current framework of investment law does not bind international organisations, mechanisms in investor-state-arbitration allow for international institutions’ rationale in order for action to be taken into consideration. The chapter argues that reliable frameworks of international financial institutions’ responsibility under international investment law may help to maintain a high level of investment protection while simultaneously taking the changing structures of the global financial architecture into account. Keywords: international financial institutions, lending conditionality, sovereign debt restructuring, bank resolution, amicus curiae participation, EU Regulation on financial responsibility linked to investor-to-state dispute settlement tribunals

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