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 develop critical skills for objective analysis of international economic legal and policy issues, and of its interactions with other areas of international law; 4-to provide students with the academic skills required to analyze the activities of international governmental and non-governmental organizations and private economic and trade actors in the field of international financial law.
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.
International Financial Law (IFL) is a set of principles, rules, practices and standards that govern international financial market and cross border transactions. Particularly, IFL affects global financial issues from monetary disputes between States, banking and investments claims by foreign investors against States to countries facing balance of payments crises and seeking financial assistance from international economic organization (International Monetary Fund, World Bank). The aim of this framework is to create international financial stability. This stability has to be created in an environment of national jurisdictions, each pursuing their own national interest constantly threatened by the consequences of increasing globalized, technological development and financial innovation. In the light of the current financial and economic turmoil, particular attention will be paid to the relationship between the sustainable development and the action of the international and regional economic and financial institutions aimed at solving the present crisis. In particular way, the course intends to investigate if it is possible to conciliate the founding principle of international financial law (price stability and equilibrium of balance of payments) with the legal values expressed by the theory of sustainable development, above all in the perspective of human rights' protection. Detailed Programme 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
According to didatic regulation of the Course of Law
Prerequisiti e modalità di esame
For the students who attend the course: there will be an oral exam or paper presentation about a topic analyzed and discussed during the course; For the students who do not attend the course: there will be an oral exam on the whole program.
Materiale didattico e bibliografia
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.