It is followed by a description of the emerging doctrine and eventual principle of Common Concern as a valuable method to deal with collective action problems. To address the main issues associated with this trade-off, this chapter starts by exploring the concept of monetary stability as a local and also a global public good. 3 This state of affairs makes the case for the application of the emerging doctrine of common concern of humankind (Common Concern) 4 as an adequate methodological approach to cope with the underprovision of the gpg of international monetary stability and the debate about global cooperation and unilateral measures in monetary affairs. 2Ĭonsequently, it is contended that the main causes of this imbalance are attributable to the current design of the international monetary order, a system mainly based on monetary sovereignty attributes of the states and soft international governance. As discussed in the previous chapter, this situation raised a trade-off between domestically-oriented policies and the stability of the global monetary order.
1 Notwithstanding that, since the collapse of the rule-based system of ‘Bretton Woods’ in the 1970’s, policies on national and regional levels have prevailed over multilateral and international solutions.
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Therefore, there are overlapping jurisdictions dealing with monetary stability at the different levels of governance. Monetary stability is indisputably a public good at the domestic level and an essential global public good ( gpg) for the international community.
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