Contemporary Concept of Monetary Sovereignty

Monetary sovereignty is a crucial legal concept dictating that states have sovereignty over their own monetary financial and fiscal affairs. However it does not feature as part of any key instruments of international law including the Articles of Agreement of the International Monetary Fund. Rather it has remained a somewhat separate notion developed under contemporary international law from an assertion of the former Permanent Court of International Justice in 1929. As a consequence of globalization and increasing financial integration and a worldwide trend towards the creation of economic and monetary unions the principle of monetary sovereignty has undergone significant change. This book examines this evolution in detail and provides a conceptual framework to demonstrate what this means for the legal and economic challenges faced by the international community.