The sixth Plenary Panel turned to the future of global monetary cooperation at a time of intensifying geopolitical competition and growing financial fragmentation.
The discussion examined how the return of geopolitics is reshaping the legal and institutional foundations of monetary cooperation. From the role of central banks, the IMF and the BIS to the use of financial infrastructure as a strategic tool, the panel explored the pressures facing the principles of multilateralism, non-discrimination and technocratic independence that have long supported the global monetary order.
Particular attention was given to the future of crisis management and liquidity support, including central bank swap lines and international financial surveillance, as well as the ability of the IMF and BIS to adapt to changing geopolitical realities while preserving their core functions.
The panel also considered the legal architecture underpinning the international role of the US dollar and emerging efforts towards de-dollarization, including regional payment systems, central bank digital currencies and alternative reserve arrangements.
The panel was convened by Michael Waibel, Professor of International Law at the University of Vienna and Co-Editor-in-Chief of the European Journal of International Law, and featured Rosa Maria Lastra, Sir John Lubbock Chair in Banking Law at Queen Mary University of London; Yan Liu, General Counsel and Director of the Legal Department of the International Monetary Fund; Pierre-Hugues Verdier, Sullivan and Cromwell Professor of Law at the University of Virginia Law School; and Prof Dr Chiara Zilioli, Director General of Legal Services of the European Central Bank and Chair of MOCOMILA.
