International and European Financial Law and Sustainable Development
A.Y. 2023/2024
Learning objectives
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.
Lesson period: Second semester
Assessment methods: Esame
Assessment result: voto verbalizzato in trentesimi
Single course
This course can be attended as a single course.
Course syllabus and organization
Single session
Responsible
Lesson period
Second semester
Course syllabus
The program of the course is based on four parts-unit, as follows:
Unit 1: The international financial law:
- Concept and characteristics
- Subjects
- Principles and Sources of law
- Application
Unit 2: The International financial relations.
- The current international economic and financial system
- The process of globalization of financial services.
- The digitalization and tokenization of finance
- The cryptocurrencies and the CBDC
- The new economic and financial actors, the case of: rating agencies, hedge funds and sovereign wealth funds, investment banks and the hybrid networks.
- The influence of the principle of sustainable development on the international financial system and its regulation.
- The sustainable finance and the UN Agenda 2030
- The economic and financial stability as a global public good and common concern
- Towards a new international financial law order?
Unit 3: The international monetary and financial system:
- Economic groups, financial and monetary fora and the international financial institutions:
- The International Monetary Fund (IMF)
- The World Bank Group (WB).
- The Financial Stability Board (FSB)
- 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
- Principle of solidarity among States in the field of economic and financial relations
- Fundamental economic and social rights
- Implementation of the economic and social human rights in front 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
Unit 1: The international financial law:
- Concept and characteristics
- Subjects
- Principles and Sources of law
- Application
Unit 2: The International financial relations.
- The current international economic and financial system
- The process of globalization of financial services.
- The digitalization and tokenization of finance
- The cryptocurrencies and the CBDC
- The new economic and financial actors, the case of: rating agencies, hedge funds and sovereign wealth funds, investment banks and the hybrid networks.
- The influence of the principle of sustainable development on the international financial system and its regulation.
- The sustainable finance and the UN Agenda 2030
- The economic and financial stability as a global public good and common concern
- Towards a new international financial law order?
Unit 3: The international monetary and financial system:
- Economic groups, financial and monetary fora and the international financial institutions:
- The International Monetary Fund (IMF)
- The World Bank Group (WB).
- The Financial Stability Board (FSB)
- 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
- Principle of solidarity among States in the field of economic and financial relations
- Fundamental economic and social rights
- Implementation of the economic and social human rights in front 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 EU law and 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 material will be uploaded on the Website on the Ariel the learning platform of the University of Milan and it will be discussed among students.
Assessment methods and Criteria
The exam takes place orally. However, alternative methods illustrated in class, will be considered for students who attend at least 75% of the lessons.
The oral exam is aimed at verifying the students' knowledge of notions, their capacity of addressing and solving legal issues through the re-elaboration of the knowledge acquired and, for attending students, the comprehension and capacity of analysis of the cases examined during classes.
The oral exam is aimed at verifying the students' knowledge of notions, their capacity of addressing and solving legal issues through the re-elaboration of the knowledge acquired and, for attending students, the comprehension and capacity of analysis of the cases examined during classes.
Educational website(s)
Professor(s)