The course seeks to provide participants with in-depth knowledge and critical understanding of the institutions, rules and principles of the international financial system, as well as of key legal and policy issues arising from the phenomenon of economic and financial globalization of the World, above all, in light of the current economic and financial crisis. The objectives of the International Financial Law course are: 1) to study some of the major trends in the legal regime governing interstate relationships in the monetary, economic and financial sectors; 2) to offer a theoretical and practical introduction to the main legal issues arising from the globalisation of the world economy and its current crisis; 3) to analyze the activities of international governmental and non-governmental organizations and private economic and trade actors in the field of international financial law.
Expected learning outcomes
At the end of the course students will - have an advanced knowledge of the topics analysed during the lectures; - have a profitable understanding of the subject and its fundamental principles; - develop critical skills for objective analysis of international economic legal and policy issues, and of its interactions with other areas of international law; - acquire method of reasoning suitable to develop, in an autonomous way, more articulated and complex legal questions in the field of the International financial and economic-monetary law in view of the legal and economic emerging principles connected to the phenomenon of sustainable development.
Unit 1: International financial relations. - The current international economic and financial system - The process of globalization of financial services. - The new economic and financial actors, the case of: rating agencies, hedge funds and sovereign wealth funds. - The influence of the sustainable development on the international financial regulation
Unit 2: The international financial law: - Concept and characteristics - Subjects - Sources - Application
Unit 3: The international monetary and financial system: - Economic groups and financial and monetary fora - The international financial institutions: - The International Monetary Fund (IMF) - The World Bank. - The Financial Stability Board - The Bank for International Settlement (BIS) and the Basel Committee - The European Central Bank and the European Committee on Systemic Risk - The Prudential Oversight and Supervisory Mechanism of Markets Participants - The regulation of international financial and capital movements. - An overview of types of international financial transactions
Unit 4: Sustainable Development Cooperation - Fundamental economic and social rights - Implementation of the economic and social human rights in time of economic and financial crisis - The human rights approach according to the principles of the sustainable development, from - Areas: - Universal: United Nations System - Regional European Union Prerequisites for admission To benefit fully from this course students should have a good knowledge of International public law. Teaching methods Lectures (42 hours), in classroom. Attendance is not mandatory but strongly encouraged. In classroom reflections and/ or practical exercises on case-studies will be organized. Teaching Resources Lectures will be mainly based on specific reading materials indicated prior to each lesson. The will be uploaded on the Website of the Project and also on the Ariel e learning platform of the University of Milan and it will be discussed among students. Assessment methods and Criteria The final exam is oral. The students will be asked to answer to three open questions, which are organized as follows: the first one is a wide question, the second is a more specific one, the third one is a reflection on a case-study. Evalutation criteria: knowledge of the subject, mastery of language and ability to critically analyse the topic proposed in the reflection