Monetary Law

The Road to Monetary Union in East Africa

Keynote address by Prof Emmanuel Tumusiime-Mutebile, Governor of the Bank of Uganda, at the Validation Workshop of the Draft Final Report of the Monetary Union Study: 18-20 January 2010, Kampala

Standards for payment, clearing and settlement systems: review by CPSS-IOSCO

The Committee on Payment and Settlement Systems (CPSS) and the Technical Committee of the International Organization of Securities Commissions (IOSCO) have launched a comprehensive review of their existing standards for financial market infrastructures such as payment systems, securities settlement systems and central counterparties.

There are three sets of standards involved, namely:
• the 2001 Core principles for systemically important payment systems
• the 2001/2 Recommendations for securities settlement systems
• the 2004 Recommendations for central counterparties

Read more on the BIS website.

Monetary Unions; lessons from Europe

Article in Euredia 2009/3 (p. 419-440):

Other Monetary Unions: are there lessons to be learned from the European experience?, by Antonio Sáinz de Vicuña

International Representation of the Euro Area

Article in Euredia 2009/2 (p. 297-333):

International representation of Europe in the area of economic and monetary union: legal issues and practice in the first ten years of the Euro, by René Smits

Withdrawal and expulsion from the EU and EMU

While some editorials are discussing a possible breakup of the euro area because of Greece's budgetary problems, the ECB has published a legal paper with "some reflections" on "Withdrawal and expulsion from the EU and EMU" authored by Phoebus Athanassiou.

The Wall Street Reform and Consumer Protection Act (draft)

The US House of Representatives has adopted the Wall Street Reform and Consumer Protection Act.

Tags: regulatory+reform, wall+street+reform+and+consumer+protection+act

Glossary of Payment, Clearing and Settlement Terms

The ECB has published a glossary of payment, clearing and settlement terms.

The legal duty to consult the European Central Bank

The ECB has published a Legal Working Paper on the duty to consult the European Central Bank on draft legislation within its fields of competence. This duty applies to both European and national authorities.

The legal duty to consult the European Central Bank – National and EU consultations (ECB Legal Working Paper #9) authored by Simona Elena Lambrinoc.

IMF Seminar: "Restoring Financial Stability—the Legal Response"

The 10th Seminar on Monetary and Financial Law will be held at IMF Headquarters in Washington, D.C. on November 30-December 3, 2009. The theme of the 2009 seminar will be "Restoring Financial Stability—the Legal Response."

In the wake of the financial crisis, the seminar will examine the legal and regulatory reforms that are needed, at the international and national levels, to both minimize the risk of future financial crises and limit the damage they cause.

Attendance by participants from member countries and international financial institutions will be by invitation. It is envisaged that the participants will be drawn from central banks, ministries of finance, and bank supervisory agencies, and will be predominantly lawyers.

This seminar will be co-hosted by the IMF Legal Department and the Japanese Ministry of Finance, the Japan Financial Services Agency, and Bank of Japan.

Financial reforms: what are the common lessons for prudential supervisors?

Speech given by Mr Jaime Caruana, General Manager of the BIS, at the IAIS Annual Conference on “Insurance as a means of socio economic development: financial crisis and the future of insurance markets”, Rio de Janeiro, 22 October 2009