This book chapter looks at the law governing sovereign bonds in the context of the historical shift from an implied domestic governing law for all sovereign debt and in light of the traditional distinction between domestic and external bonds based on the place of issuance. Instead, it proposes...

As a result of worldwide decentralization, subnational debt is rising. Subnational debt crises in major developing countries in the 1990s have led to strengthened regulatory frameworks for subnational borrowing and insolvency. With the fragility of the global recovery and increasing public debt,...

Creditor-debtor engagement in one form or another has been a feature of many sovereign debt restructurings. In some cases, debtor-creditor engagement has been formalized and took the specific form of creditor committees. Views differ considerably on the merits and demerits of CCs, and on the...

This chapter examines the domestic origins of the canons of construction used in treaty interpretation. It shows that these canons typically draw on domestic principles for statutory and contractual interpretation. Section I surveys general themes emerging from specific canons of construction,...

This essay underscores the importance of background understandings in general international law for interpreting brief, open-ended clauses such as MFN clauses. Contrary to Batifort and Heath's claim, I suggest that often interpreters of MFN clauses cannot limit themselves to the text, context,...

As a hybrid provision, the much-discussed withdrawal provision in Article 50 of the TEU is part of European Union law yet also anchored in public international law. Due to this anchoring of EU law, the UK's withdrawal raises important questions of public international law that are the focus of...

This Article studies how the status and the liability regime of credit rating agencies (CRAs) have evolved and argues that CRAs lost their regulatory and judicial "quasi-immunity" over the last decade. Until the 1980s, libel lawsuits rarely threatened CRAs because their ratings were akin to...

Monetary policy for those Members whose currency is the Euro is one of European Union's few formally exclusive competences. Yet despite formal allocation of monetary policy competence to the Union, this chapter argues that the practice of monetary policy decision-making reflects the EU's...

In Certain German Interests in Polish Upper Silesia, the Permanent Court of International Justice (PCIJ) said: 'A treaty only creates law as between the States which are parties to it; in case of doubt, no rights can be deduced from it in favour of third States'. This is the classic statement of...

In light of proposals for Eurobonds, this article explores central legal features of the Eurobond proposals. Section I focuses on the development of the law governing sovereign bonds and assesses the potential, but limited role of international law to Eurobonds. Section II considers the equal...