International Economic Law Interest Group

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Amsterdam Research Forum

ESIL IEL IG Side Event

5th ESIL Research Forum, Amsterdam, 23rd-25th May 2013

Workshop Programme

23 May 2012,  13:00 - 16:00 (Oudemanhuispoort 4, Room A009)

5th ESIL Conference Programme



International Economic Law, Sovereign Debt and Bilateralism

at the occasion of the ESIL Biennial Conference, University of Valencia, Spain, 13‐15 September 2012

The International Economic Law Interest Group (IEL IG) of the ESIL has selected six papers to be presented on two core themes of international economic law: “The Regulatory Answers to the Sovereign Debt Crisis” and “The reach and impact of bilateralism as a tool for fragmentation or de‐fragmentation in IEL”. The goal of the first panel is to encourage research effort on the different legal instruments created both in the European Union and at the international level to solve the financial problems brought about by the sovereign debt crisis. On the second subject we will deal with fragmentation in a very wide sense, including trade and natural resources law.

Workshop Programme

Thursday, 13 September 2012
09:00‐12:00

Welcome
Peter‐Tobias Stoll (ESIL IEL IG co‐chair 2010‐12)


Panel 1: The Regulatory Answers to the Sovereign Debt Crisis
(09:00‐10:30)
Chair: Luis Hinojosa (University of Granada)

 

The sovereign debt crisis in Europe and the United States has raised a number of legal challenges that are likely to foster significant reforms to the traditional methods of sovereign debt restructuring and International Monetary Fund conditionality. Besides, other issues are being reviewed as a result of the present convulse period of financial instability, such as the role of Central Banks in the regulation of international capital markets, the international regulation of the activities of credit agencies, or the strengthening of the cooperation between supervisory authorities. Soft law initiatives, such as the UNCTAD’s Principles on Responsible Sovereign Borrowing and Lending also contribute to design the legal framework articulated to solve this crisis. The present sovereign debt problem has also fueled the institutional debate, as many commentators question the composition and functions of the IMF, the G‐20 or the Financial Stability Board. Additionally, this Agora would welcome contributions dealing with the legal implications of the European Stability Mechanism or the European Financial Stability Facility.

 

Angelos Dimopoulos (Tilburg University)
The EU sovereign debt crisis and the use of “extra‐EU” institutions

 

Matthias Goldmann and Armin von Bogdandy (Max Planck Institute for Comparative Public Law and International Law)
Sovereign Debt Restructurings as Exercises of International Public Authority: Towards a Decentralized Sovereign Insolvency Law

 

Annamaria Viterbo and Francesco Costamagna (University of Torino)
Multi‐regionalism in the Context of the EU Sovereign Debt Crisis: Current Legal Challenges and the Way Forward


Discussant: August Reinisch (University of Vienna)

 

Coffee Break
(10:30‐10:45)


Panel 2: The reach and impact of bilateralism as a tool for fragmentation or de‐fragmentation in IEL
(10:45‐12:00)
Chair: Marion Panizzon (University of Bern)

 

International economic law at its core deals with the liberalization and regulation of cross‐border trade relations and inter‐state commerce. Yet with globalization, markets have integrated and the costs of doing cross‐border business or to move to more promising markets have decreased sufficiently for other issue areas, like investment, natural resources and migration to dock onto trade relations, i.e. the core issue area of IEL. However, unlike international trade, which is regulated and liberalized through the multilateral trading system of the WTO, these two issue areas, but also others at the fringes of IEL, such as energy or commodities trading, are primarily governed by bilateral agreements. This agora thus queries why the failure to act collectively has not yet been overcome by a multilateral regime in these fringe areas of IEL and what their may be their future in terms of multilateralism vs bilateralism: will these dock onto the WTO trading system and be governed by embedded multilateralism or will the prospect be one of seeking a particular multilateralism of their own or is bilateralism here to stay. Whereas trade is a global public good, like climate change, certain aspects of international migration, notably the mobility of the highly skilled and foreign direct investment relations are private goods, and thus scarce resources over which there is a global competition among states to exclude others from these benefits. The agora will want to analyze to what extent public goods approaches can help explain the rise of bilateralism in investment, migration, natural resources disciplines and understand why the success of multilateralism in trade relations can or cannot be so easily replicated in other fields.

 

Lorand Bartels (University of Cambridge) Sacha Silva (WTI Advisors) Hadil Hijazi (WTI Advisors), Hannes Schloemann (WTI Advisors) and Thomas Cottier
Re-Thinking Reciprocity: A New Framework for WTO Disciplines on North-South Regional Trade Agreements

 

Chien‐Huei Wu (IEAS, Academia Sinica, Taipei)
The Fragmentation of the Multilateral Trading System: the Case of Trading Rules on Export Restrictions

 

Lars Schönwald (University of Passau)
The Need for a Global Resource Agreement and its Regulatory Framework


Discussant: Edna del Carmen Ramirez Robles (Graduate Institute of International and Development Studies)