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24 results

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  • 8 - Platform Responsibility Reforms

  • Edited by Bhaskar Chakravorti, Tufts University, Massachusetts, Joel P. Trachtman, Tufts University, Massachusetts
  • Book:
    Defeating Disinformation
    Published online:
    30 January 2025
    Print publication:
    06 February 2025, pp 122-142
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  • Summary

    One of the key challenges of regulating internet platforms is international cooperation. This chapter offers some insights into platform responsibility reforms by relying on forty years of experience in regulating cross-border financial institutions. Internet platforms and cross-border banks have much in common from a regulatory perspective. They both operate in an interconnected global market that lacks a supranational regulatory framework. And they also tend to generate cross-border spillovers that are difficult to control. Harmful content and systemic risks – the two key regulatory challenges for platforms and banks, respectively – can be conceptualized as negative externalities.

    One of the main lessons learned in regulating cross-border banks is that, under certain conditions, international regulatory cooperation is possible. We have witnessed that in the successful design and implementation of the Basel Accord – the global banking standard that regulates banks’ solvency and liquidity risks. In this chapter, I will analyze the conditions under which cooperation can ensue and what the history of the Basel Accord can teach to platform responsibility reforms. In the last part, I will discuss what can be done when cooperation is more challenging.

  • 8 - Financial Stability as a Common Concern of Humankind

  • from Part II - Case Studies
  • Edited by Thomas Cottier
  • Edited in association with Zaker Ahmad
  • Book:
    The Prospects of Common Concern of Humankind in International Law
    Published online:
    04 May 2021
    Print publication:
    13 May 2021, pp 400-428

  • Summary

    The progressive globalization of finance over the last forty years has been a blessing and a curse for national financial systems. On the one hand, financial institutions, investors, and consumers benefitted from increased opportunities of credit and investment. On the other hand, financial interconnectedness and the reduction of barriers to capital flows have increased exponentially the risk of global financial crises. Regulatory cooperation among financial regulators through the various Transnational Regulatory Networks has decreased the risk of regulatory loopholes and avoided races to the bottom in financial policymaking. Yet, the global financial crisis of 2008 and the European Sovereign Debt crisis have shown that the current approach to global financial governance presents various flaws. The absence of a binding international legal framework for financial cooperation, coupled with the inherent pressure towards financial nationalism faced by national regulators often leads to failures of cooperation and, ultimately, to international crises. This chapter discusses how public international law and the doctrine of Common Concern can help in addressing the inefficiencies of the current system.

The Logic of Financial Nationalism
  • The Challenges of Cooperation and the Role of International Law
  • Federico Lupo-Pasini
  • Published online:
    31 August 2017
    Print publication:
    18 August 2017
  • Using case studies ranging from cross-border bank resolution to sovereign debt, the author analyzes the role of international law in protecting financial sovereignty, and the risks for the global financial system posed by the lack of international cooperation. Despite the post-crisis reforms, the global financial system is still mainly based on a logic of financial nationalism. International financial law plays a major role in this regard as it still focuses more on the protection of national interests rather than the promotion of global objectives. This is an inefficient approach because it encourages bad domestic governance and reduces capital mobility. In this analysis, Lupo-Pasini discusses some of the alternatives (such as the European Banking Union, Regulatory Passports, and international financial courts), and offers a new vision for the role of international law in maintaining and fostering global financial stability. In doing so, he fills a void in the law and economics literature, and puts forward a solution to tackle the problems of international cooperation in finance based on the use of international law.

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