Titlebook: International and European Monetary Law; An Introduction Christoph Herrmann,Corinna Dornacher Book 2017 The Author(s) 2017 International Mo

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,The International Monetary Constitution: The IMF Articles of Agreement—Substantive Legal Obligationership in the IMF comes not only with benefits but also with obligations. Its objectives (Art. I IMF Articles of Agreement) can only be achieved, if all members fulfill certain requirements and comply with a certain standard, enabling the envisaged system to function. To this end, the Articles of Ag

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IMF Lending (Financial Assistance),bership. Art. V IMF Articles of Agreement authorises the Fund to perform financial assistance and to develop suitable policies for its lending activities in order to remedy actual or potential balance of payment problems of member states. Yet unlike banks, development organizations or private credit

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,The Legal Framework of EMU post Lisbon—Institutional Setup,ate. This peculiarity is reflected in its legislation as well as in the design of its institutions that are more often than not based on complex, multi-layered structures. They represent the growing importance of the Union and the residual sovereignty of the member states. Naturally, the institution

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Economic Policy Coordination in EMU,he WTO and European Commissioner for Trade, captures the asymmetry between monetary and economic integration in EMU nicely. In retrospect, arguably, some of the key policy decisions taken when drafting the treaties or secondary law appear short-sighted or strategically unsound.

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Christoph Herrmann,Corinna Dornacherroblem of competitiveness within this stream of economic theory is mainly approached as the need to find the answers why some countries develop faster and become richer than others, i.e. how an economy gains the ability of sustainable growth, which makes it more competitive than others. In contrast