Sources of IFL
Plan:
1. International Treaties as
Sources of IFL
2. Agreement on the IMF
3. Multilateral Treaties in the IFS
4. Statements of International
Organizations
1. International treaties as
sources of IFL
The
sources of IFL (as well as
the entire IL) are mainly
international treaties and
international customs.
International treaties, this might
include:
a)
the interstate
b) inter-governmental
c) cross-agency
 By
the treaty are also sources of
IFL constituent agreements
(statutes), international
organizations, in particular
contracts for the International
Monetary Fund (IMF) and
International Bank for
Reconstruction and Development
(IBRD)
 The
main source of the IFL at the
universal level is the Treaty on the
International Monetary Fund,
which is in fact the charter of this
organization. The agreement was
signed - together with the Treaty of
IBRD - in July 1944 and came into
force in December 1945.
2. Treaty on the International
Monetary Fund.
 The
contract consists of an introduction and
31 articles, as well as several add-ons
(applications), each article has the following
sections.
 In the original text of the treaty changes
several times on the basis of resolutions of
the Board of Governors amended, which
entered into force in July 1969, to April 1,
1978, in November 1992.
Description of the main articles concerning
certain mutual rights and obligations of the
Fund and the states - members
 Articles
I-III are devoted to the objectives
of the IMF membership
 Article IV of the IMF establishes the
right to exercise control over the
international monetary system
 Articles V - VII
of the Treaty on the
IMF concerning the operations,
which carries out the IMF, including
transfers of currency and ex-IMF's
currency reserves.
 Article VIII relates to general
obligation of States Parties.
 Article
IX-XIV of the Treaty on the
IMF to focus on the legal ¬
Proposition IMF, its immunities,
privileges, relations with other
international organizations, countries
that are not the members of the IMF
on the internal organization and
governance, the transitional
provisions.
 The
next series of articles of the Treaty
(XV-XXV) is devoted to the Special
Drawing Rights - SDR and all aspects of
the functioning of this mechanism in the
IMF
 Article XXVI-XXXI of the Treaty
relating to release of the IMF, the
elimination of the IMF, the amendments
to the Agreement and its interpretation,
the terminology used and the final
provisions.
3. Multilateral Treaties in the IFS.
 In
addition to the Treaties on the
IMF and World Bank, multilateral
treaties are widely used, subject
to a variety of content and the
parties of the spatial scope in the
international financial system.
In the field of international
relations to the sources of the
calculated the IFL in particular,
include:
• Geneva Convention providing a
Uniform Law on Bills and Notes, 1930;
• Geneva Convention, which seeks to
permit some Conflicts of Laws Bills
and Notes
1930;
• Geneva
Convention relating to
a Uniform Law for Cheques
1931;
• Geneva Convention relative to
the Stamp Collection on
reserve and simple notes in
1930.
4. Acts of international
organizations
Acts
of international
organizations are, as a rule, the
nature of the acts, or acts of
recommendations enforcement
nature.
 The
sources of IFL can be considered, such
as the Charter of Economic Rights and
Duties of States in 1974 (in the form
adopted by the UN General Assembly
Resolution 120 votes "for" with 6 "against"
and 10 abstentions). The Declaration, in
particular, fixed: the right of states "to join
in the organization of producers of goods
for the development of its national economy
and achieving sustainable funding for its
development ..." (Article 5)
 The
sources of IFL also include
regulatory (precedent) the
decisions of international courts,
acts of domestic law of
international financial
institutions.