International Monetary System Based on the Rules of Reasonable Policy
Abstract
This article is devoted to the analysis of central bank (CB) activities’ interdependence. This interdependence is caused not only by the influence of the international financial system’s conditions on CB activities, but also by some CBs actions’ influence on the monetary policy conduct in other countries. Accordingly, there is a need to explore a new legal field in international monetary law – international monetary policy conducts. This field also requires the adoption of practical measures by the international community, or rather, the creation of both general rules for the conduct of monetary policy by central banks and rules of their interaction at the intergovernmental level. In view of this, the article uses the deductive method for the research. The existence of an international monetary policy and the absence of its comprehension, as well as the formation of a legal framework, requires the development of a concept for regulating this sphere. The author concludes that the rules for the implementation of international monetary policy can find a balance between the independence of the CB in the conduct of monetary policy on the one hand, and creating conditions for preventing destabilization of the global financial system on the other, through the harmonization of legal and monetary regimes within national jurisdiction.
About the Author
M. G. Mekhtiyev
Institute of Legislation and Comparative Law under the Government of the Russian Federation
Russian Federation
Russian Federation
Postgraduate Student, Researcher of the Department of Scientific Support for the Secretariat of the Russian Delegation to the European Commission for Democracy through Law (Venice Commission)
22/24 Bolshoy Kharitonyevskiy Lane, Moscow, 107078
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For citations:
Mekhtiyev M.G. International Monetary System Based on the Rules of Reasonable Policy. ECONOMICS. LAW. SOCIETY. 2019;(1):88-94. (In Russ.)
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