1 See Ahdieh, R. B., ‘After the Fall: Financial Crisis and the International Order’, (2010) 24 Emory International Law Review 1Google Scholar, at 4.

2 See Torres, H. R., ‘Reforming the International Monetary Fund – Why its Legitimacy is at Stake’, (2007) 10 Journal of International Economic Law 443CrossRefGoogle Scholar, at 447.

3 See Hudec, R. E., ‘The GATT Legal System: A Diplomat's Jurisprudence’, (1970) 4 Journal of World Trade Law 615Google Scholar; Weiler, J. H. H., ‘The Rule of Lawyers and the Ethos of Diplomats: Reflections on the WTO Dispute Settlement’, in Porter, R. B. et al. (eds.) Efficiency, Equity and Legitimacy: The Multilateral Trading System at the Millenium (2001), at 334Google Scholar.

4 See Dunoff, J. L., ‘The Death of the Trade Regime’, (1999) 10 EJIL 733CrossRefGoogle Scholar, at 752.

5 See Ruggie, J., ‘International Regimes, Transactions and Change: Embedded Liberalism in the Postwar Economic Order’, (1982) 36 International Organization 379CrossRefGoogle Scholar, at 393.

6 See Alvarez, J. E., ‘How Not to Link: Institutional Conundrums of an Expanded Trade Regime’, (2001) 7 Widener Law Symposium Journal 1Google ScholarPubMed.

7 See Marceau, G. and Wyatt, J., ‘Dispute Settlement Regimes Intermingled: Regional Trade Agreements and the WTO’, (2010) 1 Journal of International Dispute Settlement 67CrossRefGoogle Scholar, at 67–8.

8 See Charnovitz, S., ‘Should the Teeth be Pulled? An Analysis of WTO Sanctions’, in Kennedy, D. L. M. and Southwick, J. D. (eds.), The Political Economy of International Trade Law: Essays in Honor of Robert E. Hudec (2002), at 602CrossRefGoogle Scholar.

9 See, e.g., J. H. Jackson, The World Trade Organization: Constitution and Jurisprudence (1998).

10 See Howse, R., ‘Tribute – The House that Jackson Built: Restructuring the GATT’, (1999) 20 Michigan Journal of International Law 107Google Scholar, at 108; Kennedy, D., ‘The International Style in Postwar Law and Policy: John Jackson and the Field of International Economic Law’, (1995) 10 American University Journal of International Law and Policy 671Google Scholar, at 712, who stresses Jackson's strategic epistemology of an imagined trade constitution.

11 See D. Z. Cass, The Constitutionalization of the World Trade Organization (2005), 97.

12 See, e.g., E.-U. Petersmann, Constitutional Functions and Constitutional Problems of International Economic Law (1991). Contra Howse, R. and Alston, P., ‘Resisting the Merger and Acquisition of Human Rights by Trade Law: A Reply to Petersmann’, (2002) 13 EJILGoogle Scholar, at 815.

13 See Walker, N., ‘The EU and the WTO: Constitutionalism in a New Key’, in de Búrca, G. and Scott, J. (eds.), The EU and the WTO: Legal and Constitutional Issues (2001), at 38Google Scholar, stating that constitutionalization language is a form of wish-fulfilment; Howse, R. and Nicolaïdis, K., ‘Legitimacy and Global Governance: Why Constitutionalizing the WTO Is a Step Too Far’, in Porter, R. B. et al. (eds.) Efficiency, Equity and Legitimacy: The Multilateral Trading System at the Millenium (2001), 227Google Scholar at 228, warning against the door-closing function of the constitutionalization conceptualization.

14 See some of the most illustrative examples in D. A. Irwin, Peddling Protectionism: Smoot-Hawley and the Great Depression (2011), at 159.

15 See Madsen, J. B., ‘Trade Barriers and the Collapse of the World Trading System during the Great Depression’, (2001) 67 Southern Economic Journal 848CrossRefGoogle Scholar, at 848.

16 There have been already ten reports, issued on 14 September 2009, 8 March 2010, 14 June 2010, 4 November 2010, 24 May 2011, 25 October 2011, 31 May 2012, 31 October 2012, 17 June 2013, and 18 December 2013. From the third report on, there is a Joint Summary only and, separately, a Trade Report prepared by the WTO and an Investment Report prepared by the OECD and the UNCTAD.

17 See OECD/WTO/UNCTAD, Report on G20 Trade and Investment Measures, 14 September 2009, at 5, <www.wto.org/english/news_e/news09_e/trdev_14sep09_e.htm>.

18 Ibid.

19 See Ruddy, B., ‘The Critical Success of the WTO: Trade Policies of the Current Economic Crisis’, (2010) 13 Journal of International Economic Law 475CrossRefGoogle Scholar, at 481.

20 See OECD/WTO/UNCTAD, Report on G-20 Trade and Investment Measures, 14 September 2009, supra note 17, at 6.

21 See WTO, Report on G-20 Trade Measures (May to mid-October 2011), 25 October 2011, at 1, <www.wto.org/english/news_e/news11_e/igo_26oct11_e.htm>. This Report also conveys a strong concern regarding the possible revival of industrial policies by G20 members, orientated to help national champions. Similarly, there are indications on the use of import substitution measures to back up those policies. All combined may make the situation worsen the crisis ‘by triggering a spiral of tit-for-tat reactions in which every country will lose’.

22 See WTO Report on G-20 Trade Measures (mid-October 2011 to mid-May 2012), 31 May 2012, at 1–2, <www.wto.org/english/news_e/news12_e/igo_31may12_e.htm>.

23 The trade coverage of the restrictive measures put in place since October 2008 hit 3.9% of world merchandise imports, see WTO Report on G-20 Trade Measures (mid May 2013 to mid November 2013), 18 December 2013 at 2, <http://www.wto.org/english/news_e/news13_e/g20_wto_report_dec13_e.pdf>.

24 See European Commission, Directorate-General for Trade, Early Warning Report on potentially protectionist measures, February 2009, (Report to the 133 Committee), <www.rijksoverheid.nl/bestanden/documenten-en-publicaties/kamerstukken/2009/03/03/early-warning-report-on-potentially-protectionist-measures/9035715-bijlage3.pdf>.

25 See European Commission, Directorate-General for Trade, Tenth Report on Potentially Trade-Restrictive Measures, 1 May 2012 – 31 May 2013, at 18, <http://trade.ec.europa.eu/doclib/docs/2013/september/tradoc_151703.pdf>.

26 Ibid., at 46.

27 See European Commission, Directorate-General for Trade, Early Warning Report on potentially protectionist measures, supra note 24, at 3.

28 See European Commission, Directorate-General for Trade, Ninth Report on Potentially Trade Restrictive Measures, September 2011 – 1 May 2012, at 3, <http://trade.ec.europa.eu/doclib/docs/2012/june/tradoc_149526.pdf>. In particular, the EU points to the use of restrictive measures as part of new industrialization policies, aimed at shielding domestic markets from international competition, ibid., at 10.

29 See S. J. Evenett (ed.), Resolve Falters As Global Prospects Worsen: The 9th GTA Report (Global Trade Alert, July 2011), at iv, <http://www.globaltradealert.org/9th_GTA_Report>.

30 See S. J. Evenett (ed.), Trade Tensions Mount: The 10th GTA Report (Global Trade Alert, November 2011), at 7, <http://www.globaltradealert.org/gta-analysis/trade-tensions-mount-10th-gta-report>.

31 See S. J. Evenett (ed.), Débâcle: The 11th GTA Report on Protectionism (Global Trade Alert, June 2012), at 1, <http://www.globaltradealert.org/sites/default/files/GTA11_0.pdf>.

32 See WTO, Report on G-20 Trade Measures (May to mid-October 2011), 25 October 2011, supra note 21, at 2–3.

33 See Ruddy, supra note 19, at 485–6. However, the trade coverage of import restrictive measures has increased in the latest period under examination by the WTO, accounting for 3.9% of world merchandise imports, see WTO Report on G-20 Trade Measures (mid May 2013 to mid November 2013), 18 December 2013, supra note 23, at 2.

34 See European Commission, Directorate-General for Trade, Ninth Report on Potentially Trade Restrictive Measures, supra note 28, at 2.

35 See Baldwin, R. and Evenett, S. J. (eds.), The Collapse of Global Trade, Murky Protectionism, and the Crisis: Recommendations for the G20 (2009)Google Scholar.

36 But see Delimatsis, P., ‘Transparent Financial Innovation in a Post-Crisis Environment’, (2013) 16 Journal of International Economic Law 159CrossRefGoogle Scholar, at 197, warning that complaints may still rise in the near future.

37 See Petersmann, supra note 12.

38 See Ismail, F., ‘An Assessment of the WTO Doha Round July – December 2008 Collapse’, (2009) 8 World Trade Review 579CrossRefGoogle Scholar, at 581, underlining that the main reason for the failure of the Doha Round in 2008 was the persistence of protectionism in the major developed country markets together with the marginalization of developing country interests.

39 See S. Cho, ‘Is the WTO Passé?: Exploring the Meaning of the Doha Debacle’, (2009), at 29, <http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1403464>.

40 See Taylor, B. J. and Wilson, J. S., ‘Doha and Trade Facilitation: Lending Specificity to the Multilateral Trade and Development Agenda’, in W. Martin and A. Mattoo (eds.), Unfinished Business? The WTO's Doha Agenda (2013), at 213Google Scholar.

41 See WTO, ‘Days 3, 4 and 5: Round-the-clock consultations produce “Bali Package”’, at 2, <http://www.wto.org/english/news_e/news13_e/mc9sum_07dec13_e.htm>. See also ‘WTO Reaches First Global Trade Deal’, New York Times, 7 December 2013, at <http://www.nytimes.com/2013/12/08/business/international/wto-reaches-first-global-trade-deal.html?_r=0>.

42 See Hoekman, B., Martin, W., and Mattoo, A., ‘Conclude Doha. It Matters!’, (2010) 9 World Trade Review 505CrossRefGoogle Scholar, at 506, submitting that the liberalization that the Doha Round implies is very important in the present context of economic crisis, as it would provide an improvement to world demand in a period in which many countries will be seeking to diminish fiscal stimulus measures.

43 See R. Baldwin, ‘WTO agreement: The Bali Ribbon’, at 1, <http://www.voxeu.org/article/wto-agreement-bali-ribbon>.

44 See C. Boonekamp, ‘Simplify and Complete the DDA’, in S. J. Evenett and A. Jara (eds.), Building on Bali: A Work Programme for the WTO (2013), at 37.

45 See G. Aldonas, ‘Trade, Global Value Chains and the World Trade Organization’, in Evenett, ibid., at 53.

46 See Baldwin, supra note 43, at 1.

47 See Pauwleyn, J., ‘New Trade Politics for the 21^st Century’, (2008) 11 Journal of International Economic Law 559CrossRefGoogle Scholar, at 565, 571, who stresses the need to adopt an ‘embedded liberalism’ (that combines economic globalization with the ‘flanking policies’) and the need to abandon the ‘economic straight-jacket’ of the Washington consensus in the 1990s (free trade, fiscal austerity, no capital controls). See also Mattoo, A. and Subramanian, A., ‘Multilateralism Beyond Doha’, in Martin, W. and Mattoo, A. (eds.), Unfinished Business? The WTO's Doha Agenda (2013), at 393Google Scholar, submitting that the international trade architecture cannot ignore critical international policy areas such as environmental protection or financial security.

48 See contra McGinnis, J. O. and Movsesian, M. L., ‘Against Global Governance in the WTO’, (2004) 45 Harvard International Law Journal 353Google Scholar, at 354.

49 See Cottier, T. et al., ‘Fragmentation and Coherence in International Trade Regulation: Analysis and Conceptual Foundations’, in Cottier, T. and Delimatsis, P. (eds.), The Prospects of International Trade Regulation: From Fragmentation to Coherence (2011), 1CrossRefGoogle Scholar at 12.

50 See M. Koskenniemi, Fragmentation of International Law: Difficulties Arising from the Diversification and Expansion of International Law, Report of the Study Group of the International Law Commission, UN Doc. A/CN.4/L.682 (2006), para. 37.

51 See Pauwelyn, J., ‘The Role of Public International Law in the WTO: How Far Can We Go?, (2001) 95 AJIL, at 535CrossRefGoogle Scholar; J. Pauwelyn, Conflict of Norms in Public International Law: How WTO Relates to Other Rules of International Law (2004).

52 See Trachtman, J. P., ‘The Domain of WTO Dispute Resolution’, (1999) 40 Harvard International Law Journal, 333Google Scholar, at 342; Trachtman, J. P., ‘Institutional Linkage: Transcending “Trade and . . .”’, (2002) 96 AJIL 77CrossRefGoogle Scholar, at 88, highlighting the limited role of the WTO dispute settlement system.

53 See Palmeter, D. and Mavroidis, P. C., ‘The WTO Legal System: Sources of Law’, (1998) 92 AJIL 398CrossRefGoogle Scholar, at 399; Schoenbaum, T., ‘WTO Dispute Settlement: Praises and Suggestions for Reform’, (1998) 47 ICLQ 647CrossRefGoogle Scholar; Bartels, L., ‘Applicable Law in WTO Dispute Settlement Proceedings’, (2001) 35 Journal of World Trade 499CrossRefGoogle Scholar.

54 See Marceau, G., ‘A Call for Coherence in International Law: Praise for Prohibition Against ‘Clinical Isolation’ in WTO Dispute Settlement’, (1999) 33 Journal of World Trade Law 87Google Scholar, at 113.

55 See Howse and Nicolaïdis, supra note 13, at 244, ‘stating that ‘[r]eference to interpretative norms of general public international law enhances the legitimacy of the dispute settlement organs in adjudicating competing values’; Howse, R., ‘From Politics to Technocracy – and Back Again: The Fate of the Multilateral Trading Regime’, (2002) 96 AJIL 94CrossRefGoogle Scholar, at 110.

56 See Appellate Body Report, United States – Standards for Reformulated and Conventional Gasoline, adopted 20 May 1996, WT/DS2/AB/R, at 17; Appellate Body Report United States – Import Prohibition of Certain Shrimp and Shrimp Products, adopted 6 November 1998, AB-1998–4, WT/DS58/AB/R, para. 130; Appellate Body Report Korea – Measures Affecting Government Procurement, adopted 19 June 2000, WT/DS163/R, para. 7.96.

57 See Appellate Body Report, EC – Measures Concerning Meat and Meat Products (Hormones), adopted 13 February 1998, WT/DS26/AB/R and WT/DS48/AB/R, para. 123; see Panel Report, European Communities – Measures Affecting the Approval and Marketing of Biotech Products, adopted 21 November 2006, WT/DS291–3/R, paras. 7.88–7.89.

58 See McGrady, B., ‘Fragmentation of International Law or “Systemic Integration” of Treaty Regimes: EU – Biotech Products and the Proper Interpretation of Article 31(3)(c) of the Vienna Convention on the Law of Treaties’, (2008) 42 Journal of World Trade 589Google Scholar; Cottier, supra note 49, at 18.

59 See A. Lang, World Trade Law After Neoliberalism: Re-Imagining the Global Economic Order (2011), at 150–3.

60 See Wilkinson, R. and Hughes, S., ‘International Labour Standards and World Trade: No Role for the World Trade Organisation?’, (1998) 3 New Political Economy 375Google Scholar; see, contra, Charnovitz, S., ‘Triangulating the World Trade Organization’, (2002) 96 AJIL 28CrossRefGoogle Scholar.

61 See S. A. Aaronson and J. M. Zimmerman, Trade Imbalance: The Struggle to Weigh Human Rights Concerns in Trade Policymaking (2008), at 133–5 and 163 ff.

62 See Alvarez, supra note 6, at 4, opting for explicit provisions in order to clarify the question of the status of WTO Agreements vis-à-vis other conventions.

63 See, e.g., Choudhury, B. et al., ‘A Call for a WTO Ministerial Decision on Trade and Human Rights’, in Cottier, T. and Delimatsis, P. (eds.), The Prospects of International Trade Regulation: From Fragmentation to Coherence (2011), at 323Google Scholar.

64 See Tarasofsky, R., ‘The WTO in Crisis: Lessons Learned from the Doha Negotiations on the Environment’, (2006) 82 International Affairs 899CrossRefGoogle Scholar, at 905.

65 See Hoekman, B. M. and Mavroidis, P. C., The World Trade Organization (2007), at 14Google Scholar, stating that the formal objective of the WTO is not free trade (trade is a means to achieve the objectives listed in the Preamble of the WTO Agreement); von Bogdandy, A., ‘Law and Politics in the WTO – Strategies to Cope with a Deficient Relationship’, (2001) 5 Max Planck Yearbook of United Nations Law 609Google Scholar, at 659.

66 See Bronckers, M., ‘More Power to the WTO?’, (2001) 4 Journal of International Economic Law 41CrossRefGoogle Scholar, at 53.

67 See Howse and Nicolaïdis, supra note 13, at 235; see also Thomas, C., ‘The WTO and Labor Rights: Strategies of Linkage’, in Joseph, S., Kinley, D., and Waincymer, J. (eds.), The World Trade Organization And Human Rights – Interdisciplinary Perspectives (2009), 257Google Scholar, at 276.

68 See J. P. Trachtman, The Future of International Law: Global Government (2013), at 249.

69 See Howse, supra note 55, at 113–14.

70 See Guzman, A. T., ‘Global Governance and the WTO’, (2004) 45 Harvard International Law Journal 303Google Scholar, at 309, introducing an institutional reform of the WTO consisting of the setting of a new departmental structure; see Bogdandy, supra note 65, at 632, highlighting the possibilities that the impressive institutional framework of the WTO currently offers.

71 See McGinnis, J. O. and Movsesian, L. M., ʻThe World Trade Constitutionʼ, (2000) 114 Harvard Law Review 511CrossRefGoogle Scholar, at 566.

72 See Lester, S., ʻThe Role of the International Trade Regime in Global Governanceʼ, (2011) 16 UCLA Journal of International Law & Foreign Affairs 209Google Scholar, at 272.

73 See McGinnis and Movsesian, supra note 71, at 589.

74 See Lester, supra note 72, at 270.

75 See Howse, R., ‘Adjudicative Legitimacy and Treaty Interpretation in International Trade Law: The Early Years of WTO Jurisprudence’, in Weiler, J. H. H. (ed.), The EU, The WTO and the NAFTA: Towards a Common Law of International Trade (2000), 36Google Scholar, at 37, stating that values other than liberal trade have not been privileged by legal and institutional arrangements of globalization.

76 See Lang, supra note 59, at 135, 347. According to this author, the several reform projects aimed at achieving the proper balance between trade values and other social values do not serve to the objective of re-imagining the world trading system in terms of a new legitimating collective purpose. See also Kennedy, D., ‘The Politics of the Invisible College: International Governance and the Politics of Expertise’, (2001) 1 EHRLR 463Google Scholar, at 467 ff.

77 See Faundez, J. and Tan, C., ‘Introduction’, in Faundez, J. and Tan, C. (eds.), International Economic Law, Globalization and Developing Countries (2010), 1Google Scholar at 2.

78 See Cho, S., ‘The Demise of Development in the Doha Round Negotiations’, (2010) 45 Texas International Law Journal 573Google Scholar, at 574.

79 See S. E. Rolland, Development at the WTO (2012), at 59.

80 Ibid., at 251.

81 See WTO, ‘Days 3, 4 and 5: Round-the-clock Consultations Produce “Bali Package”’, supra note 41, at 3.

82 The Bali Ministerial Declaration refers to four decisions whose texts remained unchanged from their Geneva versions: Preferential Rules of Origin for Least-Developed Countries; Operationalization of the Waiver Concerning Preferential Treatment to Services and Service Suppliers of Least-Developed Countries; Duty-Free and Quota-Free Market Access for Least-Developed Countries; and Monitoring Mechanism on Special and Differential Treatment; ibid, at 2–3.

83 See Rolland, supra note 79, at 331; see also Ismail, F., ‘Mainstreaming Development in the World Trade Organization’, (2005) 39 Journal of World Trade 11Google Scholar.

84 See Lee, Y.-S., ‘World Trade Organization and Developing Countries – Reform Proposal’, in Lee, Y.-S. et al. (eds.), Law and Development Perspective on International Trade Law (2011), 105Google Scholar, at 108, submitting the creation of a Council for Trade and Development within the WTO; see also Trachtman, J. P., ‘Legal Aspects of a Poverty Agenda at the WTO: Trade Law and “Global Apartheid”’, (2003) 6 Journal of International Economic Law 3CrossRefGoogle Scholar, at 19–20, advising the assessment of poverty reduction within the Trade Policy Review Mechanism, although this author warns that this proposal could be regarded as a form of interventionism or even neo-colonialism.

85 See Lowenfeld, A. F., ‘The International Monetary System: A Look Back over Seven Decades’, (2010) 13 Journal of International Economic Law 575CrossRefGoogle Scholar, at 581.

86 See C. Reinhart and K. S. Rogoff, This Time is Different: Eight Centuries of Financial Folly (2011).

87 See G20, Declaration of the Summit on Financial Markets and the World Economy, Washington DC, 15 November 2008, para. 8, at <www.g20.utoronto.ca/2008/2008declaration1115.html>.

88 See Ohler, C., ‘International Regulation and Supervision of Financial Markets After the Crisis’, (2010) European Yearbook of International Economic Law 3Google Scholar, at 16.

89 See Reinhart and Rogoff, supra note 86, stating that most of the historical crises were preceded by financial liberalization by which financial entities or instruments were under-regulated or not regulated at all.

90 See D. Carreau and P. Juillard, Droit International Économique (2010), at 577.

91 See Pan, E., ‘Challenge of International Cooperation and Institutional Design in Financial Supervision: Beyond Transgovernmental Networks’, (2010) 11 Chicago Journal of International Law 243Google Scholar, at 244.

92 See Brummer, C., ‘Why Soft Law Dominates International Finance – and not Trade’, (2010) 13 Journal of International Economic Law 623CrossRefGoogle Scholar, at 627.

93 Other bodies are the Committee on the Global Financial System, the Committee on Payment and Settlement Systems, the International Association of Insurance Supervisors, and the International Accounting Standards Board. See Giovanoli, M., ‘The Reform of the International Financial Architecture After the Global Crisis’, (2009) 42 New York University Journal of International Law and Politics 81Google Scholar, at 100, providing a table with the bodies that make up the international financial architecture.

94 See A. Viterbo, International Economic Law and Monetary Measures (2012), 107.

95 See Zaring, D., ‘International Law by Other Means: The Twilight Existence of International Financial Regulatory Organizations’, (1998) 33 Texas International Law Journal 281Google Scholar; see also the seminal work A.-M. Slaughter, A New World Order (2004), on ‘government networks’.

96 See Giovanoli, M., ‘The International Financial Architecture and Its Reform After the Global Crisis’, in Giovanoli, M. and Devos, D. (eds.) International Monetary and Financial Law (2010) 3Google Scholar at 5; Liberi, J., ‘The Financial Stability Forum: A Step in the Right Direction . . . Not Far Enough’, (2003) 24 University of Pennsylvania Journal of International Economic Law 549Google Scholar.

97 See Alexandern, K., ‘Global Financial Standard Setting, G10 Committees, and International Economic Law’, (2009) 34 Brooklyn Journal of International Law 861Google Scholar, at 879.

98 See Brummer, C., ‘How International Financial Law Works (and How It Doesn’t)’, (2011) 99 Georgetown Law Journal 257Google Scholar, at 262.

99 See A. Lowenfeld, International Economic Law (2008), at 845.

100 See K. Alexander, R. Dhumale, and J. Eatwell, Global Governance of Financial Systems: The International Regulation of Systemic Risk (2005), 153.

101 See Toope, S. J., ‘Emerging Patterns of Governance and International Law’, in Byers, Michael (ed.), The Role of Law in International Politics: Essays in International Relations and International Law (2000), 91Google Scholar, at 96–7; Raustiala, K., ‘The Architecture of International Cooperation: Transgovernmental Networks and the Future of International Law’, (2002) 43 Virginia Journal of International Law 1Google Scholar, at 24–5. See also Alston, P., ‘The Myopia of the Handmaidens: International Lawyers and Globalization’, (1997) 8 EJIL 435CrossRefGoogle Scholar, at 446; Kennedy, D., ‘When Renewal Repeats: Thinking against the Box’, (2000) 32 New York University Journal of International Law and Politics 335Google Scholar, at 412. More recently, see J. Black, Constructing and Contesting Legitimacy and Accountability in Polycentric Regulatory Regimes, (2008) LSE Law, Society and Economy Working Papers 2/2008, at 13, <http://eprints.lse.ac.uk/23040/1/WPS2008–02_Black.pdf>.

102 See Verdier, P. H., ‘Transnational Regulatory Networks and Their Limits’, (2009) 34 Yale Journal of International Law 113Google Scholar, at 120–30. Verdier stresses that regulators participating in TRNs are accountable to their domestic political interests which makes TRNs effective only when there are pure co-ordination games. However, when international regulatory co-operation encompasses distributive and enforcement problems (the most likely scenario) it is very unlikely that TRNs would promote international co-operation for its own sake: dominant national interests within TRNs ‘may clash over alternative rules, attempt to resist or dilute international standards, and resist compliance’, ibid. at 121. See also the critique made by Anderson, K., ‘Squaring the Circle? Reconciling Sovereignty and Global Governance through Global Government Networks’, (2005) 118 Harvard Law Review 1255Google Scholar, at 1276.

103 See Giovanoli, supra note 93, at 119–20.

104 However, it is true that, pursuant to Article IV of the IMF Agreement, this organization might carry a surveillance activity of financial systems with more teeth than has been the case until now, see Brummer, supra note 98, at 318.

105 See Report of the Commission of Experts of the President of the United Nations General Assembly on Reforms of the International Monetary and Financial System (Stiglitz Report), New York, 21 September 2009, at 96.

106 See Verdier, P. H., ‘The Political Economy of International Financial Regulation’, (2013) 88 Indiana Law Journal 1405Google Scholar. According to Verdier ‘national regulators value some international cooperation, but also want to preserve their extensive domestic authority and resist binding rules and international oversight. The financial industry is willing to support some regulatory harmonization to facilitate cross-border activity, but resists costly prudential regulations. For their part, the great powers typically prefer fragmented and informal international governance over strong collective institutions where they can less easily wield their influence [. . .] As a result, most of IFR is simply the lowest common denominator of what these actors are willing to do (or tolerate)’; ibid., at 1408.

107 Ibid., at 1439 ff.

108 See among others: Lastra, R. M. and Wood, G., ‘The Crisis of 2007–09: Nature, Causes, and Reactions’, (2010) 13 Journal of International Economic Law 531CrossRefGoogle Scholar, at 537–8; N. Roubini and S. Mihm, Crisis Economics: A Crash Course in the Future of Finance (2010); Charnovitz, S., ‘Addressing Government Failure Through International Financial Law’ (2010), 13 Journal of International Economic Law 743Google Scholar, at 746.

109 See E. Avgouleas, Governance of Global Financial Markets (2012), 89; Viterbo, supra note 94, at 6; Ohler, supra note 88, at 6.

110 See J. de Larosière, High-Level Group on Financial Supervision in the EU (2009), at 11–12, <http://ec.europa.eu/internal_market/finances/docs/de_larosiere_report_en.pdf>.

111 See Giovanoli, supra note 96, at 6.

112 See Troberg, P., ‘Global Capital Markets and National Reporting: International Regulation but National Application?’, in Klabbers, J. and Piiparinen, T. (eds.), Normative Pluralism and International Law (2013), at 301Google Scholar, providing a recent empirical assessment regarding International Financial Reporting Standards.

113 See Avgouleas, supra note 109, at 110; Stiglitz Report, supra note 105, at 48.

114 See Larosière Report, supra note 110, at 11; Follak, K. P., ‘The Basel Committee and EU Banking Regulation in the Aftermath of the Credit Crisis’, in Giovanoli, M. and Devos, D. (eds.) International Monetary and Financial Law (2010), 177Google Scholar at 179.

115 See Larosière Report, supra note 110, at 9 and 11–12.

116 See Zaring, D., ‘International Institutional Performance in Crisis’, (2010) 10 Chicago Journal of International Law 475Google Scholar, at 478; see also Pan, supra note 91, at 244.

117 See Pan, supra note 91, at 264.

118 See R. H. Weber, ‘Legitimacy of the G-20 as Global Financial Regulator’, (2012) Society of International Economic Law (SIEL), Third Biennial Global Conference, Working Paper No. 2012/13, at 10, <http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2088315>.

119 See Cho, S. and Kelly, C. R., ‘Promises and Perils of New Global Governance: A Case of the G20’, (2012) 12 Chicago Journal of International Law 491Google Scholar, at 553.

120 See Backer, L. Catá, ‘Private Actors and Public Governance Beyond the State: The Multinational Corporation, the Financial Stability Board and the Global Governance Order’, (2011) 18 Indiana Journal of Global Legal Studies 751CrossRefGoogle Scholar.

121 See FSB Charter Art. 16 stating that the Charter does not create any legal rights or obligations. See, contra, Viterbo, supra note 94, at 120, who considers FSB member state obligations as ‘unilateral promises’.

122 Although limited to those 25 jurisdictions deemed to host systemically important financial institutions.

123 See Hagan, S., ‘Enhancing the IMF's Regulatory Authority’, (2010) 13 Journal of International Economic Law 955CrossRefGoogle Scholar, at 963.

124 See Pan, supra note 91, at 246.

125 See M. Hellwig, ‘Capital Regulation after the Crisis: Business as Usual?’, (2010) Max Planck Institute for Research on Collective Goods Pre-print, No. 2010/31, <http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1645224##>, providing a criticism of the new Basel Accord because, as the previous Basel II, it is based on risk-calibrated capital requirements, in particular under the model-based approach which may again lead to the undercapitalization of banks witnessed in the 2008 financial crisis. That is why Basel II has been qualified as a new failure of TRNs, see Cho and Kelly, supra note 119, at 532.

126 See <http://www.financialstabilityboard.org/list/fsb_publications/tid_177/index.htm>.

127 The Non-Cooperative Jurisdictions Initiative promoted by the G20 and carried by the FSB in order to oblige those jurisdictions to comply with prudential standards raises some problems of legitimacy, i.e., the legal basis of G20 members to force third countries to abide by standards not legally binding on G20 member States in the first place, see Giovanoli, supra note 93, at 122.

128 See Viterbo, supra note 94, at 128.

129 See Helleiner, E., ‘A Bretton Woods Moment? The 2007–2008 Crisis and the Future of Global Finance’, (2010) 86 International Affairs, 619CrossRefGoogle Scholar, at 632.

130 See Verdier, supra note 106, at 1461–62. According to Verdier, in the post-crisis reform scenario regulators retain considerable control over the process of raising prudential standards; great powers maintain their discretion to address failures on an ad hoc basis; and surveillance is reinforced only in a formal not a substantive way, ibid., at 1463–70.

131 See Helleiner, E. and Pagliari, S., ‘Crisis and the Reform of International Financial Regulation’, in Helleiner, E., Pagliari, S., and Zimmermann, H. (eds.), Global Finance in Crisis (2009), 1Google Scholar, at 4, 6–8.

132 See Giovanoli, supra note 93, at 90–91, 99, and 101.

133 See Cho and Kelly, supra note 119, at 526, highlighting that the G20 initial political impetus appears to be waning. Moreover, at the outbreak of the financial crisis in 2008, there were two meetings of the G20 per year. Nowadays, these meetings have been reduced to one per year, see <http://www.g20.utoronto.ca/summits/index.html>.

134 See Pan, supra note 91, at 245.

135 See J. Eatwell and L. Taylor, Global Finance at Risk: The Case for International Regulation (2000), 208 ff. According to these authors, the WFA could be created from an expanded Bank for International Settlements (BIS) (expanded authority, remit, role and membership); an alternative could be to place the WFA function within the IMF, ibid., at 235–7.

136 See C. Reinhart and K. Rogoff, ‘Regulation should be International’, Financial Times, 18 November 2008, at 13; B. Eichengreen, ‘Not a Bretton Woods, but a New Bretton Woods process’, in B. Eichengreen and R. Baldwin (eds.), What G20 Leaders Must Do to Stabilise Our Economy and Fix the Financial System (2008), at 25, <www.voxeu.org/sites/default/files/file/G20_Summit.pdf>; Garicano, L. and Lastra, R. M., ‘Towards a New Architecture for Financial Stability: Seven Principles’, (2010) 13 Journal of International Economic Law 597CrossRefGoogle Scholar, at 619; Boone, P. and Johnson, S., ‘Will the Politics of Global Moral Hazard Sink Us Again?’, in Turner, A. et al., The Future of Finance (2010), 247Google Scholar, at 269.

137 Independent panels of experts would have the task of determining whether countries are in compliance with their obligations as members of the new organization, see B. Eichengreen, ‘International Financial regulation after the Crisis’, (2010) Daedalus, 107, at 113–14.

138 See B. Eichengreen, ‘Out of the Box Thoughts About the International Financial Architecture’ (2009), IMF Working Paper No. 09/116, at 19, <http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1415173>.

139 See Alexander et al., supra note 100, at 163, speaking of a Global Financial Governance Council.

140 See Avgouleas, supra note 109, at 429 ff. The ‘Treaty-established governing council’ would oversee the work of four authorities under it: a global macro-prudential supervisor (a revamped IMF); a global micro-prudential authority (a reconstituted and expanded FSB); a global financial policy, regulation and risk knowledge authority (the OECD together with the research division of BIS); and a brand new global resolution authority. This global prudential (systemic risk) authority would be in a position to face those problems that the recent reform has not properly addressed, namely, the cross-border supervision of very big financial institutions, the management of emerging and unpredictable risks, and the resolution of cross-border financial groups.

141 See Stiglitz Report, supra note 105, at 87, discussing the advantages of establishing a Global Economic Co-ordination Council.

142 See Kingsbury, B., Krisch, N., and Stewart, R. B., ‘The Emergence of Global Administrative Law’, (2005) 68 Law and Contemporary Problems 15Google Scholar.

143 See Lord Adair Turner, The Turner Review: A Regulatory Response to the Global Banking Crisis (2009), Financial Services Authority, at 9, Recommendation 25, <http://www.fsa.gov.uk/pubs/other/turner_review.pdf>.

144 See Pan, supra note 91, at 273–5. See also Aldford, D., ‘Supervisory Colleges: The Global Financial Crisis and Improving International Supervisory Coordination’, (2010) 24 Emory International Law Review 57Google Scholar.

145 See R. M. Lastra, ‘The Role of the IMF as a Global Financial Authority’, (2011) European Yearbook of International Economic Law 121, at 122.

146 See Eatwell and Taylor, supra note 135, at 236.

147 See Lastra, supra note 145, at 122–3.

148 See Arner, D. W. and Taylor, M. W., ‘The Global Financial Crisis and the Financial Stability Board: Hardening the Soft-Law of International Financial Regulation?’, (2009) 32 University of New South Wales Law Journal, at 488Google Scholar. According to these authors, both supervision and crisis management arrangements for cross-border international financial institutions are issues that truly demand hard law regime answers; ibid., at 490, 496.

149 Ibid., at 490. See also D. Schoenmaker and A. Siegmann, ‘Can European Banks Bailouts Work?’, (2013) Journal of Banking and Finance, at 4, <http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2134066>, analysing the European context and submitting that, after a supranational approach, a second best solution would be a binding rule among national governments to share the burden of failing banks in order to maintain financial stability.

150 See Baxter, L. G., ‘Exploring the WFO Option for Global Banking’, in Boulle, L. (ed.), Globalisation and Governance (2011), 113Google Scholar, at 116, stating that the WFO idea is misconceived and doomed to failure. See also Brummer, supra note 98, at 312.

151 However, a coherent intellectual framework that promotes a complete overhaul of financial regulation is still very much needed, see F. Allen, A. Babus, and E. Carletti, Financial Crisis: Theory and Evidence, at 29–30, <http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1422715>.

152 See Avgouleas, supra note 109, at 431, highlighting the expected opposition of big stakeholders like the US and the EU to a supra-national governance system.

153 See Gadinis, S., ‘The Politics of Competition in International Financial Regulation’, (2008) 49 Harvard International Law Journal 447Google Scholar, at 450, highlighting that domestic interest groups’ preferences have a direct influence on national policies, especially in a dominant state like the U.S., towards international co-ordination in financial regulation.

154 See Eatwell and Taylor, supra note 135, at 219.

155 Ibid., at 220.

156 See Reinhart and Rogoff, supra note 136, at 13.

157 See Kennedy, D., ‘Law and the Political Economy of the World’, (2013) 26 LJIL 7CrossRefGoogle Scholar, at 20.

158 See D. Rodrik, ‘A Plan B for Global Finance’, The Economist, 12 March 2009, at 3, <http://www.economist.com/node/13278147>.

159 See Stiglitz Report, supra note 105, para. 204. See also J. D. Ostry et al., ‘Capital Inflows: The Role of Controls’, (2010) IMF Staff Position Note No. 10/04, conveying a real change in the IMF's stance towards the use of capital controls.

160 See Ferran, E. and Alexander, K., ‘Can Soft Law Bodies be Effective? The Special Case of the European Systemic Risk Board’, (2010) 35 European Law Review 751Google Scholar, at 761, noting the institutional weaknesses of the Lamfalussy framework in place within the EU before the GFC broke.

161 See Moloney, N., ‘EU Financial Market Regulation after the Global Financial Crisis: “More Europe” or More Risks?’, (2010) 47 Common Market Law Review 1317Google Scholar, at 1325.

162 Ibid., at 1319, 1326. In the new institutional structure, the European Systemic Risk Board, which monitors macro-prudential risk, together with the three European Supervisory Authorities (the European Banking Authority, the European Securities and Markets Authority, and the European Insurance and Occupational Pensions Authority) form the European System of Financial Supervisors.

163 But see Hertig, G., Lee, R., and McCahery, J. A., ‘Empowering the ECB to Supervise Banks: A Choice-Based Regulation’, (2010) 7 European Company and Financial Law Review 171CrossRefGoogle Scholar, at 172–3, submitting that the national authorities would still have substantial supervisory discretion and that additional supervisory centralization was needed.

164 See Council Regulation (EU) No. 1024/2013, of 15 October 2013, conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions, DO L 287, 29.10.2013, at 63.

165 See Lastra, R. M., ‘Banking Union and Single Market: Conflict or Companionship?’, (2013) 36 Fordham International Law Journal 1190Google Scholar; See also T. Beck (ed.), Banking Union for Europe: Risks and Challenges (2012).

166 See, e.g., L. Zingales, ‘Is the US Capital Market Losing its Competitive Edge?’, (2007) ECGI - Finance Working Paper No. 192/2007, at <http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1028701>.

167 See Moloney, supra note 161, at 1356.

168 See Cottier, T. and Krajewski, M., ‘What Role for Non-Discrimination and Prudential Standards in International Financial Law’, (2010) 13 Journal of International Economic Law 817CrossRefGoogle Scholar, at 823.

169 See Mavroidis, P. C., ‘Free Lunches? WTO as Public Good, and the WTO's View of Public Goods’, (2012) 23 EJIL 731CrossRefGoogle Scholar, underlining the idea that the public good is not free trade but instead the WTO understood as a forum that is necessary to address (negative) external effects stemming from the unilateral definition of trade policies.

170 See Shaffer, G., ‘International Law and Global Public Goods in a Legal Pluralist World’, (2012) 23 EJIL 669CrossRefGoogle Scholar, at 683, who highlights the role of international organizations in the provision of global public goods. See generally Symposium, ‘Global Public Goods and the Plurality of Legal Orders’ in the same issue.

171 See Trachtman, supra note 68, at 277.