Economic Development

Page 1 of 2

Filter category

Feature post image

The Credit Suisse Crisis and International Law II: We Live in a Swap Line World

May 1, 2023

Immediately after the public announcement of the emergency takeover of Credit Suisse (CS) by UBS on 19 March 2023, six of the world’s major central banks announced a coordinated action to prevent a global liquidity crisis in reaction to the CS collapse. The Federal Reserve (Fed), the European Central Bank (ECB), the Bank of England (BoE), the Bank of Japan (BoJ), the Swiss National Bank (SNB), and the Bank of Canada (BoC), together the “C6”, announced that the US-dollar drawing central banks among them had agreed to offer US dollar operations no longer on a weekly, but on a daily basis to commercial banks in their respective jurisdictions. They did so to improve the effectiveness of the swap arrangements between them. A network of standing swap arrangements based on bilateral agreements between the C6 operates at the center of the international monetary system that has emerged in the aftermath of the 2008 global financial crisis (GFC). The renewed strengthening of this network on 19 March has so far been the…

Read more

The EU’s Inconsistent Approach towards Sustainability Treaties: Due diligence legislation v. trade policy

November 9, 2022

In February 2022 the European Commission launched a proposal for an EU corporate sustainability due diligence directive (‘CSDDD proposal’). Companies will be mandated, under threat of sanctions, to monitor adverse impacts that may arise throughout their value chain from violations of a series of sustainability treaties: that is, treaties on human rights, labor and the environment. These…

Read more

Right to Development in Today’s Draft Convention: Retransformation into a State’s Right?

March 21, 2022

From 22 to 26 November 2021, the 22nd session of the Intergovernmental Working Group on the Right to Development (IGWG) was held at the Human Rights Council (HRC). At this forum, States, international organizations and NGOs discussed and elaborated upon the Draft Convention on the Right to Development (DCRTD). As two IGWG sessions have been held…

Read more

Energy Lessons from the Ukraine Crisis

February 24, 2022

It is a cliché that wars are fought over energy access.  It is just as trite to point out the illegality of military action to secure energy resources for oneself or to deny energy access to adversaries.  As sanctions against Russia and against Ukrainian separatist regions come into focus, energy access again comes front and center.  Germany’s…

Read more

Will the Morocco-Nigeria Bilateral Investment Treaty Transform Sustainable Development into Hard Law?

January 27, 2022

The SDGs have now received virtually global endorsement. At the same time, new BITs have emerged which incorporate both the SDGs and the concept of sustainable development. This includes Morocco-Nigeria BIT 2016 (‘the Treaty’) which may prove to be the IIA that transforms sustainable development from a ‘mere’ political commitment or soft law into a hard legal obligation…

Read more