Current Developments in Monetary and Financial Law, Volume 2

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International Monetary Fund, Oct 20, 2003 - Business & Economics - 867 pages
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The papers published in this volume are based on an IMF seminar held in 2000 that covered a broad range of topics on monetary and financial law, such as the liberalization of capital movements, data dissemination, responsibilities of central banks, and the IMF’s goals in financial surveillance and architecture. Participants addressed recent issues in the financial sector, including those related to payment systems and supervision of financial institutions. Updates dealt with Internet banking, bank secrecy, and currency arrangements-including dollarization. Participants discussed the recent activities of the other international financial institutions, which included the European Central Bank and the International Finance Corporation. Prevention of financial crises was also discussed, with reference to the distinct roles of the IMF and the private sector.
 

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Contents

Provision of Information to the
16
Its Legal Nature and Principal
33
International Financial Institutions and Their Discontents
71
Recent Developments in the European Central Bank
79
History and Current
101
Competencies of the European Community
109
An Overview of the Public
151
Involving the Private Sector in the Avoidance and Resolution
167
Assessing the Case for Unified Financial Sector Supervision
463
Supervision of Financial Institutions in the United
489
Converging Standards for Evaluating Banking Supervision
518
Key Legal Aspects of Bank Restructuring
541
Five Observations About Banking Failures
571
Impact of Bank Secrecy on the Rule of Law in the World
579
Some Recent Legal Developments
591
A Primer
613

Role of the IMF in Promoting Fiscal Transparency
181
Legal Aspects of the IMFs Code of Good Practices
204
A Possible Role
217
A Dozen Things to Love or Hate About Capital Flows
233
Tax Aspects of Offshore Financial Centers
263
Central Banks and International Financial Volatility
284
Comment
311
Responsibility of Central Banks for Stability in Financial
317
Central Bank Responsibility for Exchange Rate Policy
341
Current Challenges in Foreign Exchange Reserves
357
Legal Issues Incident to Holding Central Bank Assets Abroad
447
Dollarization and Euroization
629
Strongly Anchored Currency Arrangements
641
Common Currencies Single Currency and Other Forms
657
A Notion Associated with Payment
679
CPSS Core Principles for Payment Systems
691
TransEuropean Automated RealTime Gross
751
Summary Review of the Claims Resolution Tribunal
799
The Role of Governance
813
Code of Good Practices on Transparency in Monetary
833
Biographical Sketches
853
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Page 23 - To give confidence to members by making the general resources of the Fund temporarily available to them under adequate safeguards, thus providing them with opportunity to correct maladjustments in their balance of payments without resorting to measures destructive of national or international prosperity.
Page 23 - To facilitate the expansion and balanced growth of international trade, and to contribute thereby to the promotion and maintenance of high levels of employment and real income and to the development of the productive resources of all members as primary objectives of economic policy.
Page 11 - Each member shall notify the Fund, within thirty days after the date of the second amendment of this Agreement, of the exchange arrangements it intends to apply in fulfillment of its obligations under Section 1 of this Article, and shall notify the Fund promptly of any changes in its exchange arrangements.

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