A Global Leviathan Emerges: The Federal Reserve, COVID-19, and International Law
American Journal of International Law, Vol. 114, No. 4, 2020
12 Pages Posted: 8 Nov 2020 Last revised: 11 Dec 2021
Date Written: October 20, 2020
The COVID-19 pandemic highlights the importance of the Federal Reserve as a leading actor in global economic governance. As a creature of U.S. domestic law with an international presence and operational independence, the Fed wields authority without a well-defined international legal status, international legal standards to guide its conduct, or accountability to those around the world affected by its decisions. This Essay explores three conceptual approaches that could be used to develop norms, standards, and principles to address this gap.
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