OVERCOMING THE HARD LAW/SOFT LAW DICHOTOMY IN TIMES OF (FINANCIAL) CRISES

Journal of Governance and Regulation

Rolf H. Weber¹ 

关键词: Hard Law;    Soft Law;    Dichotomy;    Financial Markets;    Global Financial Crisis;   

DOI  :  10.22495/jgr_v1_i1_p1

学科分类：社会科学、人文和艺术（综合）

来源: Virtus Interpress

【 摘 要 】

Traditional legal doctrine calls for hard law to regulate markets. Nevertheless, in financial markets, soft law has a long tradition, not at least due to the lack of multilateral agreements in this field. On the one hand, the recent financial crisis has shown that soft law does not suffice to avoid detrimental developments; on the other hand, a straight call for hard law would not be able to manage the recognized regulatory weaknesses. Therefore, emphasis should be put on the possibilities of combining hard law and soft law; specific areas allowing realizing such kind of “combination” are organizational issues, transparency requirements, and dispute settlement mechanisms.

【 授权许可】

CC BY-NC