Special Principles of International Currency Law - Currency Law

Special principles of international currency law

An important role in determining the legal nature of international currency law is to be played by its special principles whose aim is to ensure the equal participation of all states in international monetary relations, to facilitate the effective realization of their legal capacity in this sphere, to become a reliable means of ensuring the strength and reliability of interstate currency bonds , to promote the creation of an effective currency control mechanism.

This is especially important in connection with the fact that the leaders of economically weak states repeatedly noted that the principle of justice does not work in the international monetary and financial system. To remedy this situation, it is necessary to improve the mechanism of international legal regulation of cross-border currency relations, to strengthen the effectiveness of the use of special principles of interstate cooperation in the monetary sphere in the implementation of foreign economic relations between states, to increase the effectiveness of the application of international currency law in practice.

It follows from the content of special principles of international currency law that states should not violate the rights of other countries to implement and develop currency relations, to develop norms of national legislation in this field, guided by international standards.

Special principles, due to their importance and high level of regulatory generalization, encompass, with their regulatory influence, the priority currency relations for states. They are the legal basis for the formation and development of international currency law as an institution of international financial law.

The legal content of special principles of international currency law is determined on the basis of an analysis of the relevant international legal acts, which indicates an increase in the systemic, integrated regulation of international monetary relations. Special principles of international currency law act as an internally agreed system, and this quality tends to strengthen, ensuring the internal unity of international currency law, although each of the principles has its own independent legal content.

The normative basis of special principles is strengthened as a result of their repeated confirmation in the contracts and decisions of international organizations.

However, there is a different interpretation of the content of special principles of currency law by different states, since they proceed from their own interests.

Currently, within the framework of international currency law, as a result of its development, there is a certain system of special principles governing international cooperation in the monetary sphere. These include the principles: the development of international monetary relations; liberalization of international monetary relations; obliging States to promote the development of international monetary relations; currency control over currency transactions; non-damage to the economy of states; territoriality of regulation of foreign exchange operations; non-discrimination in the monetary sphere.

Q. M. Shumilov, among special principles of international financial law, singles out the principle of joint actions to prevent financial crises. It should be agreed with him: this principle is indeed the most important principle of international financial (currency) law, as is the principle of providing financial assistance in the event of a financial crisis.

Special principles of international currency law acquire special significance for states in the period of world financial crises.

Oh. A. Safina, as an intrinsic principle of international financial law, singles out the principle of preventing financial crises.

Implementing these principles can help in confronting world financial crises.

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