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Atilla Arda
Washington DC area
Counsel for the International Monetary Fund (IMF)
Recent Activity
Bank of England Under UK Parliament Scrutiny
Governance at the Bank of England must be strengthened to reflect its new powers, parliamentarians (MPs) on the Commons Treasury Committee have demanded in a report published this week ('Accountability of the Bank of England'). Main recommendations: The Court of the Bank of England should be transformed into a smaller,... Continue reading
Posted Nov 8, 2011 at Monetary Law Blog
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Legal Vacancy at MIGA/Worldbank
The Multilateral Investment Guarantee Agency is seeking a Counsel for its Legal Affairs and Claims Group in Washington DC. Interested applicants should visit the Worldbank website for the full vacancy information and apply to job #112040 by November 16, 2011. Continue reading
Posted Oct 21, 2011 at Monetary Law Blog
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A Global Central Bank
An International Monetary Policy Committee accountable to world leaders, that is what the Committee on International Economic and Policy Reform proposes in its report Rethinking Central Banking. This International MPC sould comprise representatives of major central banks and report on the aggregate consequences of individual central banks policies. According to... Continue reading
Posted Sep 23, 2011 at Monetary Law Blog
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German Court Upholds Greek Bailout
While upholding the aid to Greece and a euro rescue package, the German Constitutional Court has concluded that for future financial guarantees the Federal Government should obtain prior approval from the German Parliament. On September 7, the Court rejected three constitutional complaints directed against German and European legal instruments and... Continue reading
Posted Sep 7, 2011 at Monetary Law Blog
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German president questions legality of ECB bond buys
Reuters.com reports that German President Christian Wulff questioned the legality of the European Central Bank's bond-buying programme on Wednesday, highlighting the strength of opposition in Germany to the controversial plan. Reportedly, Wulff added his voice to German opposition against the ECB's bond-buying programme citing a Treaty provision prohibiting the ECB... Continue reading
Posted Aug 24, 2011 at Monetary Law Blog
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Legal Vacancy at IMF
The IMF Legal Department is seeking a Counsel to join its Administrative Unit in Washington DC. Interested applicants should visit www.imf.org/jobs for the full vacancy information and apply to job #1100530 by July 25, 2011. Continue reading
Posted Jul 12, 2011 at Monetary Law Blog
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Legal Framework for Eurosystem National Central Banks
by Andres Tupits (Senior Associate at Sorainen) My recent PhD thesis at the University of London analyses legal issues related to the participation in the Eurosystem by a national central bank (NCB). My aim is to develop principles that could be used for a national central bank law for a... Continue reading
Posted Jul 11, 2011 at Monetary Law Blog
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German Constitutional Court to Hear Euro Bailout Challenge
Reuters reports that Germany's highest court will begin hearing a lawsuit against the financial efforts to stem the euro zone crisis on July 5. The lawsuit against euro zone rescue packages, filed last July by a group of five eurosceptics led by economist Joachim Starbatty to Germany's Constitutional Court, says... Continue reading
Posted Jun 10, 2011 at Monetary Law Blog
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Legal Vacancy in IMF
The IMF Legal Department is seeking a Senior Counsel to join the fiscal law team of its Financial and Fiscal Law Unit in Washington DC. Interested applicants should visit www.imf.org/jobs for the full vacancy information and apply to job #1100368 by June 20, 2011. Continue reading
Posted Jun 9, 2011 at Monetary Law Blog
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Econstories.tv: a fun way of teaching economics
Econstories.tv is a place to learn about the economic way of thinking through the eyes of creative director John Papola and creative economist Russ Roberts. Watch for example the music videos Fear the Boom and Bust or Fight of the Century where John Maynard Keynes and F. A. Hayek rap... Continue reading
Posted May 3, 2011 at Monetary Law Blog
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Legal Vacancy in ECB
The European Central Bank is looking for a Counsel in its Legal Advice Division in Frankfurt am Main. Follow this link for more info. Continue reading
Posted May 1, 2011 at Monetary Law Blog
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Legal Vacancy in EBRD
The European Bank for Reconstruction and Development is looking for a Counsel in its Finanical Law Unit in London. Follow this link for more info. Continue reading
Posted Apr 29, 2011 at Monetary Law Blog
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ECB prepares emergency liquidity facility for troubled euro zone banks
The European Central Bank is putting together a lending facility for troubeled euro zone banks. Reuters quotes a source saying that "this will replace the ELA (Emergency Liquidity Assistance) that is currently being provided by the Irish central bank." Reportedly, the plan will initially be tailored for Irish banks and... Continue reading
Posted Mar 26, 2011 at Monetary Law Blog
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Macro-Financial Stability in the New Normal (IMF Conference)
Posted Mar 25, 2011 at Monetary Law Blog
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US Supreme Court Orders More Bailout Transparency
On Monday the US Supreme Court let stand a lower-court ruling compelling the Fed to reveal the names of banks that borrowed money at the so-called discount window during the financial crisis. This court order in Bloomberg LP vs Federal Reserve Board of Governors requires additional information including names of... Continue reading
Posted Mar 23, 2011 at Monetary Law Blog
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MonetaryLaw.Net
Our new address is monetarylaw.net. This gives expression to the wider range of topics covered compared to the original focus on the EU's monetary union. The 'net' domain also underlines that we're a network--soon we'll start publishing posts by guest bloggers as well. For the time-being the old address will... Continue reading
Posted Mar 21, 2011 at Monetary Law Blog
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What Role for the New Financial Stability Board?
"Under any scenario, then, it is clear that the FSB is likely to have an important future in international regulatory politics. If the political support behind strengthening the international standards regime holds up, the FSB will certainly have its hands full, including with the tasks of addressing the challenges outlined... Continue reading
Posted Mar 19, 2011 at Monetary Law Blog
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When Money Dies
"...if you wish to destroy a nation you must corrupt its currency. Thus must sound money be the first bastion of a society's defence." That is how Adam Fergusson, historian, journalist and former European Parliament member, ends the prologue to his book 'When Money Dies: The Nightmare of the Weimar... Continue reading
Posted Mar 14, 2011 at Monetary Law Blog
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Spanish Town 'Reintroduces' Peseta
Posted Mar 12, 2011 at Monetary Law Blog
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The Global Economic Crisis: Central Banking at the Centre of Power
The following is an excerpt of a chapter by Andrew Gavin Marshall from the new book by Global Research Publishers, "The Global Economic Crisis: The Great Depression of the XXI Century." Introduction To understand the historical context of the current crisis, it is pivotal to address the nature of the... Continue reading
Posted Mar 9, 2011 at Monetary Law Blog
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Did central banks do enough to properly tackle the Great Recession?
That's bascially the argument between The Economist bloggers Free Exhange and Buttonwood--read latest post. The question to central bank lawyers would be "does your central bank have all necessary legal authority?" Well, does it? Continue reading
Posted Feb 19, 2011 at Monetary Law Blog
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A more complicated game for central banks
"The West’s financial crisis has shaken public confidence in its leading central banks. Yet it has also led to an expansion of their duties and powers. ...In a sense, central banks have returned to their roots. The first central banks were created to handle the sovereign’s financial affairs and issue... Continue reading
Posted Feb 18, 2011 at Monetary Law Blog
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The role of central banks after the crisis
"The current crisis will have far-reaching consequences for the role and responsibilities of central banks. They will need to pay greater and more symmetric attention to financial considerations in framing their monetary policy. They will also need to play an important role in any macroprudential policy framework that is set... Continue reading
Posted Jan 29, 2011 at Monetary Law Blog
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FCIC: "Financial crisis could have been prevented"
The US Financial Crisis Inquiry Commission (FCIC) has concluded that the crisis of 2007-2009 was avoidable—the result of human actions, inactions, and misjudgments. Warnings were ignored. “The greatest tragedy would be to accept the refrain that no one could have seen this coming and thus nothing could have been done.... Continue reading
Posted Jan 28, 2011 at Monetary Law Blog
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ELA: An Emperor without Clothes?
Emergency liquidity assistance (ELA) by the Irish central bank (CBI) is the subject of a recent Citigroup Global Markets' note authored by Willem Buiter, Jürgen Michels, and Ebrahim Rahbari. They comment, from a legal and economic perspective, on CBI's ELA to Irish banks against the backdrop of the euro area's... Continue reading
Posted Jan 25, 2011 at Monetary Law Blog
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