In 2014, the global economic system celebrates two anniversaries:
Seventy years ago, on 22 July 1944 at Bretton Woods, New Hampshire,
the Articles of Agreement of the International Monetary Fund (IMF)
and the Articles of Agreement of the International Bank for
Reconstruction and Development (Worldbank) were adopted. Since then
the global financial and monetary system underwent significant
policy changes, but the institutional framework remained the same.
More recently, twenty years ago, on 15 April 1994, the Final Act of
the Uruguay Round of Multilateral Trade Negotiations was signed and
its key component, the Agreement establishing the World Trade
Organization, entered into force on 1 January 1995. Even though the
beginning of the multilateral trading system dates back to the late
1940s, the founding of the WTO constitutes a significant
institutional reform which marks the beginning of a new era.
Anniversaries are usually moments of celebration. However, even a
superficial observer will notice that neither the current
international financial and monetary regime nor the international
trade regime is in a stage which invites celebration. Instead, both
are facing difficult and fundamental challenges to their very
existence from the outside but also from within. So while there may
be no time to celebrate, anniversaries are also often used for
reflection about the past and the future. Hence, EYIEL 5 (2014)
considers these two anniversaries ample moments to reflect on the
legacy and the current status of the main two pillars of
International Economic Law in its Part one. Part two of EYIEL 5
(2014) brings together contributions on the EU's Deep Trade Agenda,
on Current Approaches to the International Investment Regime in
South America, on the Multilayered System of Regional Economic
Integration in West Africa and on the Tripartite Free Trade Area,
as well as on India and her Trade Agreements. Part three contains
treatises of developments in the World Customs Organization, the
World Intellectual Property Organization and in International
Investment Law. After the book reviews in Part four, EYIEL 5 (2014)
is complemented with an Annex containing the Case (on exchange-rate
manipulation and crisis-caused guarantees to financial
institutions) and the Best Submissions of the 11th EMC2 ELSA WTO
Moot Court Competition (of the Harvard team for the complainant and
the Leuven team for the respondent). The case not only addresses
issues of current interest but also links the subjects of our two
special focusses nicely together.
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