The lead article in the July 2011 issue of the American Journal of International Law is by one of our current DPhil students, Claus D. Zimmermann. Below is the abstract of the article 'Exchange Rate Misalignment and International Law':
'Efforts to control exchange rate manipulation through international law face substantial barriers. Disregarding problems of proof, the relevant IMF standards are legally ineffective; WTO actions based on illegal export subsidies would have a weak legal foundation; potential U.S. legislation, if enacted, would likely violate the WTO Agreement; and the uncertain interface of the WTO and IMF would compromise any WTO claim based on maintaining an undervalued real exchange rate. Ongoing problems concerning exchange rate manipulation will be solved, if at all, through politcal cooperation, not international law.'