Using case studies ranging from cross-border bank resolution to sovereign debt, the author analyzes the role of international law in protecting financial sovereignty, and the risks for the global financial system posed by the lack of international cooperation.
Despite reforms, international financial law is still mainly based on financial nationalism, which is an inefficient approach because it encourages bad domestic governance and reduces capital mobility.
In this analysis, Lupo-Pasini discusses some of the alternatives (such as a European Banking Union, binding international law and international financial courts), and offers a new vision for the role of international law in maintaining and fostering global financial stability.
In doing so, he fills a void in the law and economics literature, and puts forward a solution to tackle the problems of international cooperation in finance based on the use of international law.
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