Lecture 11: International Economic Law and Envirionmental Law Flashcards
(22 cards)
What does international economic law regulate?
It governs international economic relations and transboundary economic conduct by states and international organizations.
What are two major sectors of international economic law?
Monetary relations and the regulation of trade in goods and services.
What were the two organizations created by the 1944 Bretton Woods Conference?
The International Monetary Fund (IMF) and the International Bank for Reconstruction and Development (IBRD, or World Bank).
What was the goal of the Bretton Woods system?
To create multilateral rules and institutions for managing balance of payments, exchange rates, and international liquidity post-WWII.
What is the IMF’s main goal?
Ensuring stability of the international financial system.
Name three core functions of the IMF.
Monitoring, technical assistance, and lending (as lender of last resort).
What are the five institutions within the World Bank Group?
IBRD, IDA, IFC, ICSID, and MIGA.
What does “World Bank” typically refer to?
IBRD and IDA.
What is the WTO’s main purpose?
To ensure the free flow of global trade by reducing trade barriers and coordinating policies.
What are the three core organs of the WTO?
Ministerial Conference, General Council, and Secretariat.
Name three major agreements under the WTO framework.
GATT, GATS, and TRIPS.
Who oversees dispute settlement in the WTO?
The Dispute Settlement Body (DSB), comprising all WTO members.
What power does the DSB hold?
It can create expert panels, adopt rulings, and authorize retaliation.
What are three key GATT principles that may be breached?
Most-favoured-nation (Art. I), national treatment (Art. III), and elimination of quantitative restrictions (Art. XI).
What are two main exceptions under GATT?
General exceptions (Art. XX) and customs unions/free trade areas (Art. XXIV).
What is the GATT “chapeau”?
It requires that exceptions must not be arbitrary, unjustifiable discrimination, or disguised restrictions.
What are four key principles of international environmental law?
No-harm principle, Environmental Impact Assessment, Polluter Pays Principle, Precautionary Principle.
What does the ICJ handle?
Disputes between states.
What does the ICC handle?
Crimes committed by individuals (e.g., genocide, war crimes).
What document outlines the rules for state responsibility?
Draft Articles on Responsibility of States for Internationally Wrongful Acts.
What two key concepts are necessary to establish state responsibility?
Attribution (Art. 4/5) and breach of obligation (Art. 12+).
Where are exceptions to state responsibility found?
Chapter 5 of the ILC Articles (e.g., Art. 20).
