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This book introduces the fundamental monetary law problems of
cross-border economic activity and the solutions thereto in
international monetary law, and in EU law. After decades of having
been neglected by legal scholars, international and European
monetary law has attracted increasing attention in recent years.
With the European Economic and Monetary Union (EMU), a full-fledged
monetary union between sovereign States has been established for
the first time in history. Its construction is primarily a work of
law, with the Treaties on European Union (TEU) and on the
Functioning of the European Union (TFEU) together with a number of
protocols forming the constitutional basis. Yet, European monetary
Integration has never taken place in isolation from international
developments. Moreover, international monetary law, namely the
Articles of Agreement of the International Monetary Fund (IMF) has
always played a role - initially as the external monetary addition
to the internal market project, after the breakdown of the Bretton
Woods System in the 1970s as one of the major driving forces for
monetary Integration within the EU. On a fundamental basis,
international and European monetary law address the same principled
problems of monetary cooperation: how to proceed with financial
transactions cross-border where no global currency exists. The
present work describes the different approaches and relations and
interplay between the two legal regimes.
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