Seminar on Monetary Policy

On May 25 and 26 the Laboratory of Law and Development held an international review seminar as part of the ongoing research project on the institutional and regulatory framework of money and finance, and their impact on monetary sovereignty.

The research seminar's aim was to critically analyse the modern monetary and financial systems in terms of monetary sovereignty and to assess the viability of proposals for their reform. The discussion touched on a wide range of topics, including the structure of the national monetary, banking and financial systems, as well as the structure of the current international financial system. In particular, in the context of national regulation, the legal basis for the creation and circulation of national currencies was discussed, and the functioning of payment systems, and financing for public and private operational and capital expenditures. Speaking on international aspects, the experts present discussed the role of foreign currency in the monetisation of the national economies, as well as the issue of foreign debt denominated in foreign currency.

 

The discussion was attended by a number of prominent scholars of law and economics in the field of monetary and financial systems: Dr. Leopold Specht, LL.M, S.J.D. (Harvard), who is Supervisor of the Laboratory, a partner of the Specht-Partner Rechtsanwalt GmbH, professor at the University of Turin; Professor Jan Kregel, Senior Fellow and Program Director of the Levy Economics Institute, USA; Dennis Davis, Judge of the Supreme Court of Western Cape, Professor Emeritus of the University of Cape Town, South Africa; Janos Koka, CEO of Cellum Global, Minister of Economy and Transport of Hungary (2004-2006); Fadhel Kabub, Professor, University of Dennison, USA, Researcher at the Levy Economics Institute; Isabelle Feyhtner, Professor at Goethe University, Frankfurt, Germany; Yannis Drossos, Professor at Cambridge University and Athens State University. Also, a report was made by Senior Researcher at the Laboratory, Oleg Medvedev.

 

The seminar was the launch event for discussion and upcoming formation of policy proposals that can resolve issues inherent in the modern monetary and financial system, and thus strengthen monetary sovereignty. The participants agreed to take part in shaping the agenda for future research in the field of monetary systems, with particular attention to the EU and the Eurasian Union.