In 1973, Hans Blix and Jirina Emerson edited the Treaty Maker’s Handbook to help newly emerging States appreciate, post-decolonization, the intricacies of treaty-making as a matter of both domestic and international law. One of the work’s lasting legacies was the inclusion of sample provisions drawn from existing treaties on various treaty topics such as participation, entry into force, reservations, and...
It won't save his job, for reasons Julian mentioned a week or so ago, but it's still good news: Spain's top court acquitted renowned judge Baltasar Garzon on Monday of abuse of power by trying to investigate Franco-era atrocities, in a case that exposed deep wounds dating back to the civil war. Six members of the seven-strong Supreme Court...
All is proceeding as my colleague Anna Gelpern has foreseen. Indeed. Years ago, she mentioned to me in passing that the markets seemed remarkably unaware, or anyway remarkably sanguine, about the question of whether local law (e.g., Greek law) or foreign law (e.g., English law) governed as the choice-of-law clause for the vast tonnage of European sovereign debt. Today, we find...
I don't see how this is going to go as planned: More than 160 German financial services executives are willing to come to Greece in order to strengthen the Greek tax mechanism, according to a report to be published in the German magazine 'Wirtschafts Woche' ...
The Wall Street Journal's "Heard on the Street" column yesterday made an interesting comparison between sovereign bonds and corporate bonds. It pointed out that although in ordinary times, developed country sovereign debt is typically considered safer than corporate bonds of the same jurisdiction - the risk free rate of return, and the sovereign power to be able to tax, etc....
The New York Times Magazine has a story that is oddly depressing, on the one hand, and counter-intuitively optimistic, on the other - a report by Russell Shorto called simply, The Way Greeks Live Now (February 13, 2012). At the macro-level, things look unremittingly bleak; even if the latest deal reached last night holds, I don't think anyone believes it...
One issue I don't understand in the Greece-Eurozone crisis is the legal basis on which Greece can either be forced out of the Eurozone, or else can leave it voluntarily. I'd be grateful if someone knowledgeable could explain in the comments, and give the relevant treaty references, for how the process works. One reason I ask is that I thought...
As readers of [Eutopia blog] know well, the FCC has played, and will continue to play, a critical role in defining the constitutional parameters of Germany’s role in the ongoing struggle to resolve the Eurozone crisis. The Court’s jurisprudence will necessarily loom large as long as Germany serves as the Eurozone’s paymaster, and as long as the Court insists, as a matter of domestic constitutional law, on two conditions related to that function: first, that Germany’s financial participation in any bailouts must be determinate and not open-ended (i.e., no Eurobonds or other instruments amounting to joint and several liability); and second, that the national legislature must, consistent with historically grounded yet evolving conceptions of parliamentary democracy, be given an effective voice in approving the extent of Germany’s financial participation. The FCC views these two conditions as essential to preserving Germany’s democratic sovereignty in the face of the evident functional demands of the crisis, even as the Court otherwise permits, indeed even encourages, further European integration. In the current environment, these parameters will be critical because the resolution of the crisis will almost certainly demand some very costly sacrifices by the German taxpayer.A second post from Lindseth, following the French credit downgrade, asks two key questions about German governance institutions:
I had the good fortune yesterday to spend the afternoon at the Museum of Modern Art in New York. To my great surprise, I experienced my first encounter with treaties as art. A special exhibit on display through March 26, 2012 of the work of Sanja Iveković entitled Sweet Violence focuses on the plight of women in post-Communist...
(Professor Kenneth A. Armstrong is professor of European Law at Queen Mary University, London; this comment was posted in response to KA's framing questions on European governance, and we are delighted to bring it up to the main page. We welcome short or long comments on this topic; I'll choose to bring some to general attention in a separate post;...
Last fall, I posted about possible governance effects of eurozone crisis on the EZ and, more broadly, the EU. I raised questions not as an expert on European institutions, law, or governance, but as someone with a long interest in governance and legitimacy questions for the international system. They elicited some very interesting responses, particularly from University of Connecticut’s Peter...
