INTERNATIONAL ECONOMIC LAW
Instructional goals
The course aims not only at providing the students with theoretical knowledge of international economic law (IEL) but also at enabling them to use this knowledge to better interpret the current complex international economic reality. In this context, the first educational objective is to provide students with an analytical knowledge of IEL. Furthermore, considering the impact of historical context on the birth and development of this subject, the course aims at studying each topic under the specific political, social, and economic context, and so at stimulating students’ ability to examine IEL rules and principles in the light of the events they have come from. Finally, by proposing and discussing case studies, the course aims at stimulating understanding of the present international context for the purpose of developing the analytical skills of the students.
Intended learning outcomes
Knowledge and understanding
By analyzing legal phenomena through the study of relevant international rules and practices, students will acquire a specific knowledge of the most important aspects of IEL. This analysis will also be undertaken through seminars and conferences that will involve academics and professionals.
Applying knowledge and understanding
The course will allow students to acquire the necessary skills for the interpretation and application of the rules and principles of IEL to international/transnational economic relations, with a view to enable them to carry out professional activities in the various fields affected by IEL.
Making judgments
Students will acquire the necessary tools to understand and analyze, from a legal standpoint, the main issues relating to IEL; furthermore, students will develop a capacity for autonomous analysis and critical reasoning on problems and practical situations, applying appropriately the relevant rules and principles.
Communication skills
Students will acquire the ability to elaborate their own point of view and effectively communicate the results of its own analysis on issues concerning IEL. Communication skills will be tested through the discussion of case studies in class and during the exam.
Learning skills
The knowledge acquired in class through the lectures, the interaction with colleagues, and the discussion of case studies will provide students with the skills to deepen current phenomena and problems as well as specific aspects of IEL, whose study will be necessary in their future professional activity.
Course Contents
1) The international economic system and the evolution of international economic relations.
2) Distinctive elements, sources, and subjects of IEL.
3) International Trade Law.
4) International Monetary Law and Sovereign Debt.
5) International Financial Law.
6) International Investment Law.
Reference Books
F. Palombino (ed.), Introduction to International Economic Law, G. Giappichelli Editore - Routledge, 2025.
or
M.R. Mauro, Diritto internazionale dell’economia, Edizioni Scientifiche Italiane, 2025.
Supported materials and readings for each class will be made available to students through the course website.
Teaching Methods
The course will consist of lectures, workshops, simulations, seminars, and analysis of case studies.
Assessment Method
Class participation
Final oral exam
Only for attending students: tests may take place during the course, whose mark will contribute to the final exam mark.
The student will be required to show that he/she knows and understands the notions and principles of IEL and that he/she is able to apply them to practical cases. The student is expected to be able to analyze the relevant sources of international law and to use the appropriate technical and legal vocabulary, thus proving that he/she has acquired the study method and the learning ability for carrying on further study of the subject, also independently.
The final mark is expressed in thirtieths. The following evaluation criteria will be taken into account to assign the final mark:
knowledge and understanding of the notions and principles of IEL and ability to apply them to concrete cases;
appropriate use of the technical and legal vocabulary;
skills to analyze and evaluate relevant sources and documents as well as acquisition of the study method.
Insufficient preparation, corresponding to a grade below 18, will lead to failure to pass the exam. Answering all questions correctly, demonstrating an excellent level of preparation and the ability to place what has been learned in the real-world context will determine the attribution of a grade of 30 cum laude/with honors.
Thesis assignment criteria
Passing the exam with a grade no less than 27/30 and a clear interest in researching and writing the thesis on this subject.
Week 1
THE INTERNATIONAL ECONOMIC SYSTEM AND THE EVOLUTION OF INTERNATIONAL ECONOMIC RELATIONS
1. The origins of the current international economic context: from the "first age of globalization" to the Bretton Woods Conference.
2. The three pillars: IMF, World Bank, and ITO.
3. The birth of new independent States and the rise of economic colonialism.
4. The 1980s: the relaunch of international economic cooperation.
5. The economic and financial crisis of 2007-2010 and new protectionist attitudes.
6. The crisis of multilateralism.
7. The impact of the Covid 19 pandemic and the war between Russia and Ukraine on international economic relations.
8. The rise of “State capitalism”.
9. The future challenges of global economic governance.
Week 2
INTERNATIONAL ECONOMIC LAW (IEL)
1. Origins and distinctive features of IEL.
2. The sources of IEL: customary international law; treaty international law (multilateral agreements; regional and sectoral treaties; bilateral agreements); soft law instruments; international contracts; company codes of conduct.
Week 3
INTERNATIONAL ECONOMIC LAW (IEL)
1. The “formal” subjects of IEL: States and international organizations
2. The non-institutionalized forums of international cooperation: economic summits and sovereign wealth funds.
3. The role of private actors: NGOs, multinational companies, and individuals.
Week 4
NATURAL RESOURCES AND SOVEREIGNTY
1. Natural resources and sovereignty.
2. Permanent sovereignty over natural resources.
3. The international legal regime of “shared resources”
4. The common heritage of humanity.
5. The concept of sustainable development.
6. Conflicts between States and the promotion of sustainable management of natural resources.
7. Exploitation of natural resources and international economic law.
INTERNATIONAL TRADE LAW
1. The Havana Charter and the International Trade Organization
2. The GATT 1947: principles; normative and institutional developments.
Week 5
INTERNATIONAL TRADE LAW
1. From GATT 1947 to the WTO system: the outcomes of the Uruguay Round.
2. The WTO: structure, functions, and membership.
3. The Main WTO agreements.
4. The WTO dispute settlement system.
Week 6
INTERNATIONAL MONETARY LAW
1. The International Monetary Fund: origins and developments.
2. Membership, quotas and decision-making system
3. The structure
4. The purposes and financial resources
5. The functions
6. Critical aspects of the system and prospects for reform.
INTERNATIONAL DEVELOPMENT LAW AND SOVEREIGN DEBT
1.The right to development.
2. Sovereign debt: main international legal issues.
3. International initiatives and instruments for the management of sovereign debt crises.
Week 7
INTERNATIONAL FINANCIAL LAW
1. The World Bank Group
2. The IBRD: origins, purposes and evolution of the mandate
3. Membership, quotas, and decision-making system
4. The structure
5. Resources and activities
6. The functions
7. IDA, IFC and MIGA
8. Operational Policies and the Inspection Panel
9. Regional development banks
Week 8
International investment law 1/6:
The juridical nature of investment treaty arbitration. Characterising the rights and interests of investors and States and why it matters. Comparisons with diplomatic protection, human rights and other international legal regimes.
International investment law 2/6:
The procedural mechanism for investment treaty arbitration and how an arbitration agreement is constituted. The significance of adopting principles and rules from commercial arbitration. How an investment arbitration typically unfolds. The leading arbitral institutions involved in investment treaty arbitration (ICSID and PCA).
Week 9
International investment law 3/6:
The concept of an investment as the gateway to international treaty protection. The laws applicable to determining the existence and scope of an investment. The problem of illegality in the making an investment and its proper characterisation (jurisdiction, admissibility or merits).
Week 10
International investment law 4/6:
Challenging the regulatory measures of States in investment treaty arbitration. The concept of legitimate expectations as part of the fair and equitable standard of treatment. The appropriate level of deference to the regulatory imperatives and policy choices of States. The role of fault.
Week 11
International investment law 5/6:
The problem of distinguishing between contract claims and treaty claims. The significance of exclusive jurisdiction clauses in contracts with State agencies or enterprises. Umbrella clauses. Problems of attribution and the circumstances in which a State is responsible for interference with a contract.
Week 12
International investment law 6/6:
Judicial review of investment treaty awards. The role of the New York Convention and the ICSID Convention. The problem of state immunity. Non-recognition of awards due to incompatibility with EU law.