Sources of IFL Plan: 1. International Treaties as Sources of IFL 2. Agreement on the IMF 3....

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Sources of IFL Plan: 1. International Treaties as Sources of IFL 2. Agreement on the IMF 3. Multilateral Treaties in the IFS 4. Statements of International Organizations

Transcript of Sources of IFL Plan: 1. International Treaties as Sources of IFL 2. Agreement on the IMF 3....

Page 1: Sources of IFL Plan: 1. International Treaties as Sources of IFL 2. Agreement on the IMF 3. Multilateral Treaties in the IFS 4. Statements of International.

Sources of IFLPlan:

1. International Treaties as Sources of IFL2. Agreement on the IMF3. Multilateral Treaties in the IFS4. Statements of International Organizations

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1. International treaties as sources of IFLThe sources of IFL (as well as the entire IL) are mainly international treaties and international customs. 

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International treaties, this might include:

a) the interstateb) inter-governmentalc) cross-agency

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By the treaty are also sources of IFL constituent agreements (statutes), international organizations, in particular contracts for the International Monetary Fund (IMF) and International Bank for Reconstruction and Development (IBRD)

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The main source of the IFL at the universal level is the Treaty on the International Monetary Fund, which is in fact the charter of this organization. The agreement was signed - together with the Treaty of IBRD - in July 1944 and came into force in December 1945.

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2. Treaty on the International Monetary Fund.The contract consists of an introduction and 31

articles, as well as several add-ons (applications), each article has the following sections.

In the original text of the treaty changes several times on the basis of resolutions of the Board of Governors amended, which entered into force in July 1969, to April 1, 1978, in November 1992.

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Description of the main articles concerning certain mutual rights and obligations of the Fund and the states - membersArticles I-III are devoted to the

objectives of the IMF membership Article IV of the IMF establishes the

right to exercise control over the international monetary system

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Articles V - VII of the Treaty on the IMF concerning the operations, which carries out the IMF, including transfers of currency and ex-IMF's currency reserves.

Article VIII relates to general obligation of States Parties.

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Article IX-XIV of the Treaty on the IMF to focus on the legal ¬ Proposition IMF, its immunities, privileges, relations with other international organizations, countries that are not the members of the IMF on the internal organization and governance, the transitional provisions.

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The next series of articles of the Treaty (XV-XXV) is devoted to the Special Drawing Rights - SDR and all aspects of the functioning of this mechanism in the IMF

Article XXVI-XXXI of the Treaty relating to release of the IMF, the elimination of the IMF, the amendments to the Agreement and its interpretation, the terminology used and the final provisions.

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3. Multilateral Treaties in the IFS. 

In addition to the Treaties on the IMF and World Bank, multilateral treaties are widely used, subject to a variety of content and the parties of the spatial scope in the international financial system.

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In the field of international relations to the sources of the calculated the IFL in particular, include:

• Geneva Convention providing a Uniform Law on Bills and Notes, 1930;

• Geneva Convention, which seeks to permit some Conflicts of Laws Bills and Notes1930;

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• Geneva Convention relating to a Uniform Law for Cheques1931;

• Geneva Convention relative to the Stamp Collection on reserve and simple notes in 1930.

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4. Acts of international organizations

Acts of international organizations are, as a rule, the nature of the acts, or acts of recommendations enforcement nature.

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The sources of IFL can be considered, such as the Charter of Economic Rights and Duties of States in 1974 (in the form adopted by the UN General Assembly Resolution 120 votes "for" with 6 "against" and 10 abstentions). The Declaration, in particular, fixed: the right of states "to join in the organization of producers of goods for the development of its national economy and achieving sustainable funding for its development ..." (Article 5)

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The sources of IFL also include regulatory (precedent) the decisions of international courts, acts of domestic law of international financial institutions.