COLLOQUIUM: 2(b) OR NOT 2(b): FIFTY YEARS OF QUESTIONS -- THE PRACTICAL IMPLICATIONS OF ARTICLE VIII SECTION 2(b). * Skip over navigation
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Copyright (c) 1994 Fordham Law Review
Fordham Law Review

COLLOQUIUM: 2(b) OR NOT 2(b): FIFTY YEARS OF QUESTIONS -- THE PRACTICAL IMPLICATIONS OF ARTICLE VIII SECTION 2(b). *



* Address given by Dr. Gerhard Wegen on February 24, 1994 as part of the Fordham University School of Law Graduate Colloquium 1993-1994.

May, 1994

62 Fordham L. Rev. 1931

Author

GERHARD WEGEN **

Excerpt

INTRODUCTION

FEW aspects of the Articles of Agreement of the International Monetary Fund 1 (the "Bretton Woods Agreement" or "the Agreement") fit as well with the theme of this symposium as does the practical application of Article VIII, section 2(b) of the Agreement. Particularly from the point of view of a German legal scholar and practitioner, section 2(b) presents some very interesting and complex problems not only of public international law, but also of national law and in particular conflict of laws.

This essay first traces the origin and framework of section 2(b), and then examines some of the main issues involved in interpreting the section. After delving into the main elements of section 2(b), it discusses German law, which has a certain specific jurisprudence with regard to section 2(b). Finally, it concludes with some new directions.

I. THE NATURE OF SECTION 2(b)

Interpretation of section 2(b) is greatly complicated by the fact that the clause is contained in a multilateral agreement under public international law that was drafted in a very short period of time, and then only in the English language, which is uncommon with multilateral documents. I believe that it was drafted within two or three days, and in a peculiar type of language which resembles neither that of the common law lawyer nor that of the continental lawyer. The first sentence of section 2(b) states:

Exchange contracts which involve the currency of any member and which are contrary to the exchange control regulations of that ...
 
 
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