The proliferation of preferential trade agreements (PTAs) has resulted in a heterogeneous regime of trade rules applicable among WTO Members. The interplay between PTA and WTO rules has several implications, including risks of legal tensions and incoherence between both regimes, as well as...

One innovation submitted for the review of the Dispute Settlement Understanding (DSU) has been to extend the interim review to the appeal procedure before the Appellate Body. The proposal seeks to enhance Members control over the outcome of the dispute settlement proceeding. In contrast,...

Rules governing monetary state financing vary across jurisdictions. The mainstream rationale for bans of state financing rests on the empirical assumption that monetary financing undermines fiscal discipline. We address the plausibility of this assumption by estimating panel vector...

Numerous scholars have argued that economic governance in the European Union (EU) has undergone an undemocratic shift as part of the crisis, with accountability moving from parliamentary to executive powers. This paper challenges this view, arguing that the crisis has led to a shift from...

Consent as cornerstone of international law has been under pressure in recent years. Non-consensual forms of cooperation exist across many issue areas. The pattern and persistence of this trend, however, do not evolve at the same pace, prompting discussions on the driving factors behind this...

While the Court of Justice of the European Union has approved the European financial assistance schemes, the haircut of public creditors appears as a possible next step of escalation in the euro debt crisis. This article explores the legal boundaries set by the EU Treaty on such debt...

Controversies surrounding the European sovereign debt crisis loom prominent in the public debate. From a legal perspective, the no-bailout rule and the ban on monetary financing constitute the main principles governing the legality review of financial assistance and liquidity measures....

The controversy about sovereign debt cuts loomed prominently throughout crisis in the European Union (EU), as the EU legal rules were viewed to impose strict limitations on debt restructuring involving public creditors due to moral hazard concerns enshrined in the legal ban on bailouts. This...

Liquidity supply by a Lender of Last Resort (LOLR) can be pivotal for both the conduct of monetary policy and safeguard of financial stability. During the financial crisis, the importance of liquidity provision has significantly increased at both the macro-level – through the European Central...

The European Central Bank's (ECB) bond purchase program — possibly the most effective anti-crisis tool yet — is compatible with EU law. Proceedings against the ECB's bond purchases have been brought both before the General Court of the Court of Justice of the European Union and the German...