WTO Scholars' Forum: Monetary Measures and Trade – Do GATT Articles XV:4 and XV:9(a) Open the Door for Non-Violation Nullification or Impairment Complaints?
Wednesday, February 13, 2013 at 6:00 PM (GMT)
London, United Kingdom
UCL's WTO Scholars' Forum presents
Monetary Measures and Trade – Do GATT Articles XV:4 and XV:9(a) Open the Door for Non-Violation Nullification or Impairment Complaints?
on Wednesday 13 February, from 6-7pm
About this talk:
Over the recent years, there has been much academic debate on the extent to which contested exchange rate practices, such as the maintenance of an undervalued real exchange rate, could be challenged successfully under WTO law, most notably as a prohibited export subsidy. The focus of this paper is different as it examines the extent to which non-violation nullification or impairment complaints under GATT Article XXIII:1(b) could be brought against contested monetary measures in light of the interaction between the provisions enshrined in GATT Article XV:4 and GATT Article XV:9(a). This paper provides a detailed analysis of the precise legal value of these two provisions and their legal relationship. It emerges that GATT Article XV:4 could not serve as an independent basis for a violation complaint against monetary measures according to GATT Article XXIII:1(a). However, the complex interaction between GATT Articles XV:4 and XV:9(a) may well have the effect of opening the door to non-violation nullification or impairment complaints under GATT Article XXIII:1(b) against monetary measures that impact on trade flows.
About the speaker:
Dr Zimmermann is an associate in Sidley Austin’s international trade and arbitration practice in Geneva. He holds a DPhil in Public International Law from the University of Oxford, a PhD in Economics from the University Paris 1 “Panthéon-Sorbonne” as well as an LLM from Yale Law School. He has been a visiting researcher in Stanford's John M. Olin Program in Law and Economics and a visiting fellow at the Institute of International Economic Law at Georgetown University as well as at Harvard's Department of Government. His monograph “A Contemporary Concept of Monetary Sovereignty” is forthcoming with Oxford University Press later this year.
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