Lucía Satragno, Ph.D. (2020), University of Bern, is a Research Fellow at the CBFL, National University of Singapore. She has published book chapters and journal articles, including ‘International Monetary Stability as a Common Concern of Humankind’ in Thomas Cottier (ed), The Prospects of Common Concern of Humankind in International Law (2021).

• AcknowledgmentsAbbreviations and AcronymsTable of Cases and LegislationIntroduction1 The International Monetary System in the Post-Crisis Era1 Definition and Purpose of the International Monetary System2 The Global Financial Crisis and the Fragility of the International Monetary System3 Key Aspects of the Core Elements of the International Monetary System3.1 First Element – Exchange Rates3.2 Second and Third Elements – International Payment System and International Capital Movements3.3 Fourth Element – Monetary Reserves and Access to Liquidity4 Conclusion2 Monetary Stability Competing Policy Objectives and Trade-Offs1 Monetary Sovereignty Today2 A Revision of the Concept of Monetary Stability at the Different Levels of Governance2.1 Domestic Monetary Stability2.2 International Monetary Stability3 International Spillovers of Monetary Policy and Their Impact on Monetary Stability4 Conclusion3 A Common Concern of Humankind Approach to Monetary Stability1 Monetary Stability as a Global Public Good2 Common Concern of Humankind – Review of Literature and Evolution of the Principle2.1 Expression in Treaties and Scholarly Work2.2 Foundations and Evolution of the Principle3 Common Concern of Humankind – Process of Claims and Responses3.1 The Duty to Cooperate3.2 Obligation to Do Homework3.3 Securing Compliance3.4 Arguments in Support of the Principle of Common Concern of Humankind4 Monetary Stability as a Common Concern of Humankind – A Preliminary Assessment5 Conclusion4 The Duty To Cooperate – The Fund’s Role and Cooperation among States1 Top-Down Approach – International Level of Governance1.1 The International Financial Architecture – Governance Aspects1.2 The Fund’s Role1.3 International Standard-Setting and Soft Law2 Bottom-Up Approach – Central Banking Cooperation2.1 The Evolution of Central Banking Cooperation2.2 Diplomacy and Coordination2.3 Responses to the gfc and Its Aftermath3 Common Concern as a Guide to Enhanced Cooperation in Monetary Affairs3.1 imf Mandatory Based Surveillance3.2 Improved gfsn3.3 Harness the Commitments Assumed at the Government Networks4 Conclusion5 Domestic Obligations Concerning Monetary Stability The Special Role of Central Banks1 Domestic Obligations – The Special Role of Central Banks1.1 Internal Dimension of Monetary Stability – Price Stability1.1.1 Institution of a State1.1.2 Issuance of Money1.1.3 Privately Issued Virtual Currencies and Central Bank Issued Virtual Currencies1.1.4 Conduct of National Monetary Policy1.2 External Dimension of Monetary Stability – Exchange Rate Stability1.2.1 Administration of a System of Exchange Control1.2.2 Management of a Country’s Foreign Reserves2 Conclusion6 Domestic Obligations Concerning Monetary Stability Unilateral Reactions and Securing Compliance1 Domestic Obligations – Unilateral Reactions1.1 Exchange Restrictions1.2 Capital Controls1.3 Exchange Rate Manipulation1.4 Other Reactions2 Securing Compliance – Monetary Stability Considerations3 ConclusionConclusionsBibliographyIndex