Chapter 26: Financial institutions and social rights: from the Washington Consensus to the Lagarde Concord?
Restricted access

This chapter sets out the social rights obligations of both public financial institutions such as the World Bank and the IMF, and private financial institutions such as banks. Moving beyond doctrinal analysis, it traces how the World Bank and the IMF have in practice over time improved their compliance with social rights. By contrast, the private sector has made little progress. Initiatives such as the Equator Principles turned out to be underwhelming, and the project of a binding treaty might yield modest results only. Nevertheless, there are inherent limitations to social rights in relation to financial institutions. Judicial review faces structural limitations and may only filter the most egregious cases. It is therefore necessary to make social rights an integrated part of decisionmaking in international organizations and include social risks in the calculation of regulatory capital for private financial institutions. This might prepare financial institutions for the possible transition to a postgrowth society.

You are not authenticated to view the full text of this chapter or article.

Access options

Get access to the full article by using one of the access options below.

Other access options

Redeem Token

Institutional Login

Log in with Open Athens, Shibboleth, or your institutional credentials

Login via Institutional Access

Personal login

Log in with your Elgar Online account

Login with you Elgar account
Handbook