A book review of international economic policy

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A book review of international economic policy

There are heroes on both sides. In a stunning move, populists have swept several political scenes. They claim emergency competences to restore power to ordinary peoplethus far restrained in accordance with the principle of the Rule of Law.

Decay of International Investment Law and Schism in the ISDS Order As globalisation has not delivered on all the promisescriticism of it has gradually transformed into an anti-globalisation movement for complex reform of the socioeconomic order.

Subsequently, these early challenges to international cooperation served as fertile ground for all sorts of populists, claiming we can backtrack on globalisation by re-empowering the nation-state.

A book review of international economic policy

The interference of both waves wreaks havoc in western democracies. It also translated into a general backlash against investment arbitration ISDSwith the same arguments echoed in various states, regardless of the differences between the applicable investment regimes. To be clear, investment arbitration did depart from its original mission to depoliticise disputes that would otherwise be ignored or elevated to an inter-state level through the espousal of claims.

While IIL has its shortcomings—some even trace post-colonialism deep structures in IIL —the explosive growth of investment arbitration attracted the unprecedented attention of legal practitioners, notably with a private law background. This was neither surprising nor unjustified, given that ISDS largely followed commercial arbitration design.

This came at a price though. As a result, distrust in IIL strengthened and the very matter evolved from an issue interesting only to a handful of specialist to one polarising both academia and the general public.

Whether the reasons for questioning ISDS were right or wrong, they resulted in a very real legitimacy crisis that needs to be addressed.

Here, the paradox of the intersection of these waves has been fully revealed. Accordingly, there are safeguards, both in investment treaties and in domestic legislation, to shield public interests and state activity in pursuit thereof from arbitral tribunals.

And yet, whereas such clauses were originally intended to protect the domestic legal order against the discretionary powers of tribunals, now, as we are now witnessing a systemic assault on the Rule of Law, their function could reverse and protect states against themselves.

As for treaty law, although the normative contents of the public order clause in international investment law is ephemeral, they were commonly included from the very first Friendship, Commerce and Navigation FCN treatiesnowadays taking various normative embodiments BIT exceptions, interpretation declarations.

More elements of the RoL can be traced in other substantive clauses see below ; however, at this point, we shall differentiate between them and the adaptive characteristics of the public order clause.

On procedural grounds, in accordance with the New York Conventiona court may refuse to recognise or enforce an arbitral award ex officio if it find out that doing otherwise would be contrary to the public policy of that country [article V 2 b ]; by contract, an ICSID award can be annulled only due to a serious departure from a fundamental rule of procedure [ICSID Convention, article 52 1 dArbitration Rules 50 1 c iii ].

A judgment shall also not be recognized under the Brussels Convention if such recognition would be contrary to public policy in the state in which it is sought art. Public order safeguards are more robust in domestic laws.

A book review of international economic policy

Under Polish CCP, integrity of the legal order is protected through provisions on setting aside art. A court may also set aside an award ex officio if it is contrary to the fundamental principles of the Polish legal order CCP, art. The latter encompasses both substantive and procedural breaches, i.

The assessment is performed ad casu, with respect to a particular award given the circumstances. Some even claim that the public order clause is relative; hence, its normative contents evolve in time and space. Fundamental principles of legal order with respect to economic activity include pacta sunt servanda, freedom of contract, compensatory nature of damages i.Working within the Federal Reserve System, the New York Fed implements monetary policy, supervises and regulates financial institutions and helps maintain the nation's payment systems.

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This is from the Law Faculty of Maastricht University: The Law Faculty of Maastricht University will be hosting a colloquium on 17 December , focusing on a key challenge facing the international trading system, namely the rapidly eroding trust in trade liberalisation and economic integration, as embodied in the rules of the World Trade .

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