International Legal Mechanisms for Breaking International Financial Mismatches

   The article explores the role of international law in overcoming the imbalances of the world monetary system in the emerging multipolar world order. The principles of freedom of pricing and the formation of the national currency exchange rate in the foreign exchange markets in the constituent acts of international financial organizations contributed to the emergence of a gap in international monetary law, since this approach does not provide for the streamlining of the monetary policy of central banks. This problem is compounded by the principle of free movement of capital. Based on functional and structural analysis, this study reveals the gap itself in international monetary law at the global level. Comparative legal analysis identifies ways to overcome it in the constituent acts of regional organizations, and also shows a split in approaches to regulating interaction between such organizations. The author comes to the conclusion that the constituent acts of regional organizations fix not only the provisions on the currency obligations of the states that are members of such organizations, but also the principles of streamlining the monetary policy of central banks. Moreover, the principles of international legal regulation of the interaction of these regional organizations within the framework of BRICS have been formed in the world, which are fundamentally different from the approach of the collective West.

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