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Central banks and international law

Awarded: NOK 80,000

The two day seminar and the subsequent publication of papers in a special edition jounral of European business law review, forms part of the project funded by Finansmarkedsfondet “Central banks expanding role in financial markets” 315503. More specifically it is part of the implementation of the projects third pillar concerning international law drivers and hinders to central banking. Two topics will be discussed: Day one: Central banks, sanctions and immunity. The topic of sanctions and immunity of central banks is an area of law that is developing fast. The past six months after Russia’s invasion of Ukraine, we have seen comprehensive and almost global implementation sanctions against the Russian central bank. These sanctions have consequences not only for the Russian central bank, but for its domestic financial market and financial market actors globally.The legal framework at the European Union level and across jurisdiction in Europe is continuously developed and challenged. The seminar will contribute to examine these developments and discuss the legal basis, legitimacy of the legal framework and the consequences for the broader financial system. Day two: Central banks and financial supervisory authorities’ implementation of International climate obligations Central banks and financial supervisory authorities’ responsibility of implementing state’s international climate obligations is another essential topic in financial regulation. Lawsuits against central banks, amongst other in Belgium on the basis of the lack of climate considerations in their policies seems to be on the rise. The second day of the seminar will therefore analyse the central banks’ and Financial supervisory authorities’ responsibility under international law and EU law and the risk of lawsuits against said institutions.

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