Monetary Law

Esta obra visa identificar a forma pela qual o Supremo Tribunal Federal, por meio de suas deliberações, interferiu na implementação dos planos econômicos de estabilização monetária, implementados durante as décadas de 1980 e 1990. A premissa deste estudo é a de que toda reforma monetária pressupõe violência jurídica. Assim, o papel do Judiciário no exercício do controle dos atos dos Poderes Executivo e Legislativo é extremamente relevante para pensar a relação entre o direito e a economia, bem como os limites institucionais ao poder de legislar nesse âmbito.

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This paper gives an account of the Medieval legal theories on coinage and money in the Glossators' era, and especially of the role played by a brocard of the jurist Azo (12th-13th century) in the elaboration of this theories. The matter is not unknown to the scholarship, but the scope of the legal contribution to a monetary thought has been underestimated so far. This article seeks to re-evaluate the Glossators' contribution on coinage starting from the textual reconstruction and the edition of Azo's brocard, then stressing its importance to the developing of a legal monetary thought.

A la suite de l'adoption de la loi sur l'économie sociale et solidaire (loi ESS), nous présentons le nouveau cadre juridique des monnaies locales en droit français (p.63 et p.138 pour les Système d'échange locaux).

Following the French law passed in July 2014, we draw the first legal pictures of local (p. 63) and community currencies (p.138).

The notion of cryptocurrencies confronts one of the oldest economics' concepts with the newest technology developed and used in the digital economy. This contribution to the Festschrift in honnor of Herbert Kronke analyses the legal nature of cryptocurrencies from a monetary law point of view and seeks whether cryptocurrencies can be considered as transnational currencies, i.e. stateless currency without territory.

This paper departs from the observation that many legal conflicts which emerged in the aftermath of the recent financial crisis are characterized by fault lines between the economic and the legal disciplines. These fault lines derive from two reasons which I describe as immanence and differentiation. Both are deeply rooted in the self-understanding of the economic and legal disciplines. In the economic literature, a mechanical view of the law prevails that has little to do with the self-understanding prevalent in the legal discipline. The legal discipline, in turn, is just as much to be blamed of immanence. However, the rationality of the legal discipline has become blurred, and there is great uncertainty how to deal with the rationalities of neighboring disciplines. As the idea of democratic capitalism relies on an autonomous law, this problem is of utmost urgency. The paper develops a discourse theoretical proposal that sees the rationality (or autonomy) of the law to reside in a specific kind of discourse. This understanding allows some hints as to how to integrate economic knowledge in legal decision-making. The paper then applies this understanding to the examples. This approach has certain repercussions for recent regulatory activities.

La legislación monetaria del siglo XVIII es fiel trasunto de las normas dictadas en los siglos anteriores, de acuerdo con el sistema heredado de la época de los Reyes Católicos. La reiteración de la normativa vigente y el mandato de que las penas fijadas para estos delitos se aplicasen con el máximo rigor se enmarca dentro de las medidas de centralización administrativa llevadas a cabo por la nueva dinastía, si bien no hubo modificaciones sustanciales en este campo del derecho penal castellano. Como en los siglos anteriores continuó produciéndose un activo contrabando hacia otros estados europeos, principalmente hacia Francia, que la abundante normativa dictada para combatirlo no pudo paliar.

This chapter presents in a very concentrated manner the fundamentals of major legal instruments used in contemporary finance, notably futures and options. It also deals extremely succinctly with some aspects of monetary law and of cryptocurrencies.

La legislacion monetaria del siglo XVIII es fiel trasunto de las normas dictadas en los siglos anteriores, de acuerdo con el sistema heredado de la epoca de los Reyes Catolicos. La reiteracion de la normativa vigente y el mandato de que las penas fijadas para estos delitos se aplicasen con el maximo rigor se enmarca dentro de las medidas de centralizacion administrativa llevadas a cabo por la nueva dinastia, si bien no hubo modificaciones sustanciales en este campo del derecho penal castellano. Como en los siglos anteriores continuo produciendose un activo contrabando hacia otros estados europeos, principalmente hacia Francia, que la abundante normativa dictada para combatirlo no pudo paliar

The currency legislation of the eighteenth century is a faithful transcript of the rules issued in previous centuries, according to the system inherited in the Catholic Monarchs era. The reiteration of the current laws and the orders that the penalties prescribed for those crimes w...

Es gibt das Münzmonopol der Regierung, das Banknotenmonopol und Reservenmonopol der Zentralbank, aber keine gesetzliche Grundlage für das Giralgeldmonopol der Banken. Ein befremdlicher Sachverhalt. Ist Giralgeld überhaupt rechtmäßig?
Mit dieser Frage im Sinn machen sich verschiedentlich Stimmen für einen sog. Schuldenstreik stark. Giralgeld sei rechtlich gesehen 'nichts', also schulde man den Banken auch 'nichts', weder Zins noch Tilgung noch sonst etwas. Was ist davon zu halten?

L’Eurosystème est une structure unique du droit de l’Union européenne qui rassemble les Banques centrales des États membres ayant adopté l’euro et la Banque centrale européenne. Une étude théorique de l’évolution de l’exercice du pouvoir au sein de l’Union montre l’émergence d’une nouvelle méthode d’intégration : « l’intégration verticale ». Dans un processus dialectique entre cette théorie et la réalité de l’Eurosystème, les traits majeurs de la méthode d’intégration verticale peuvent être testés et ses qualités et défauts principaux dévoilés.

La méthode d’intégration verticale conduit à la construction de sous-systèmes composés d’organes nationaux et d’un organe de l’Union. La méthode présente quatre caractéristiques : le sous-système ainsi construit se rattache formellement et fonctionnellement à l’UE, il opère dans un secteur précis qui lui impose les spécificités de son action, il est dit « organisé » (ses composantes sont liées entre elles par des interrelations complexes garantissant l’unité et l’efficacité du système), et il est indépendant des États comme des institutions politiques de l’Union.

L’étude de l’Eurosystème, par ce prisme, permet d’élucider la nature de cette construction atypique dont l’action pendant les crises – la crise financière et la crise des dettes souveraines – a été et reste cruciale. Une telle recherche permet aussi d’éclairer sous un angle nouveau les évolutions récentes du système institutionnel de l’Union dans sa globalité.

Considering that the literature in the field of EU payment law is yet to be fully established and would clearly benefit from a detailed elaboration of one of its central regulatory instruments. At present, there is no comprehensive analysis of PSD2 (it is the same for 2007 PSD that has been replaced by the PSD2), but there are also few legal tailor-made essays on one or more aspects of the directive concerned. The commentary will examine the provisions of the PSD2, through a novel, systematic approach, giving priority to a critical cross-title analysis whenever necessary. The editors believe this approach is best suited to illustrate the important conceptual connections across the PSD2 titles as well as the close and vital links between the PSD2 and other European sources of law pertinent to this field. A couple of examples help illustrate the editors' aim: • The concept of "payment service providers", provided in PSD2, covers both banking and non-banking financial institutions; some of the non-banking financial institutions are covered by the PSD2 provisions, others are regulated by a different European directive, the so called 2009 EMI directive concerning the Electronic Money Institutions. Our systematic approach allows us to cover both categories of non-banking payment service providers, despite the fact that they are primarily regulated by different sources of EU law; • The provision of payment services is a regulated activity and the PSD2 provisions consequently cover authorities competent of licensing and exercising the tailor-made oversight. However, the relevant legal rules are laid down in two different PSD2 titles (title II and title V, respectively): our approach allows us to investigate both of the competent authorities within a same chapter, i.e., a chapter devoted to the provision of payment services and the role of national and European supervisory authorities, which arguably facilitates the understanding of this multilevel framework as well as enhances the book's accessibility. Therefore, the proposed commentary on the PSD2, will provide that the normative analysis of the PSD2 legal framework is integrated, where necessary, by reference to: i. The preliminary rulings issued by the Court of Justice of the European Union; ii. The EBA guidelines and regulatory technical acts; iii. The complementary European directives or regulations, for example, the 2009 EMI directive, the 2014 basic bank account directive, the geo-blocking regulation, whenever such referencing allows a more comprehensive understanding to the readers.

A Ação de Descumprimento de Preceito Fundamental (ADPF) no 77, até o momento apreciada em medida cautelar pelo Supremo Tribunal Federal (STF), tem como objeto uma controversa medida de estabilização monetária prevista pelo Plano Real, em 1994. Essa medida estabeleceu uma regra de transição para o cálculo da variação monetária de obrigações jurídicas durante a introdução da nova moeda, o Real. No entanto, a despeito da importância sócio-econômica dessa decisão judicial, o STF parece estar preocupado sobretudo com questões processuais. Mais do que a fuga em direção a argumentos de processo, menos controversos socialmente, o STF deveria contribuir para a construção de um sistema jurídico da moeda por meio da decisão final da ADPF 77. O presente artigo procura identificar os contornos do direito na estruturação do poder monetário durante os planos de estabilização, no intuito de contribuir para ampliar a reflexão pública sobre esse caso. Em primeiro lugar, entendo que a lei, confeccionada para regular o poder jurídico liberatório, compreende tanto a moeda enquanto meio de pagamento como padrão de valor. A moeda é crédito e tem caráter híbrido, isto é público e privado. Para assegurar sua demanda social e o fornecimento desse bem público na economia, o Estado disciplina seu valor em obrigações jurídicas públicas e privadas. É o cerne do regime jurídico da moeda em economias modernas. Em segundo lugar, leis monetárias não interferem em atos jurídicos perfeitos ao regular os efeitos (presentes) de obrigações creditícias constituídas no passado, porque existe uma distinção jurídica relevante entre os planos de validade e de eficácia das obrigações. Essa distinção demarca os contornos da proteção constitucional ao ato jurídico perfeito.
Palavras-chave: Direito monetário, Plano Real, Supremo Tribunal Federal (STF), ADPF 77.

Abstract
The case ADPF 77 (ADPF is a type of Brazilian constitutional action) brings to the Brazilian Supreme Court (the “STF”) a controversial rule of monetary stabilization envisaged by the Real Plan in 1994. So far this case had a temporary injunction issued by the Court. The contested rule established a method to calculate the indexation of private contracts during the introduction of the new currency, the Real. However, despite the socio-economic importance of this ruling, the STF seems to be mainly concerned with constitutional procedural matters. Instead of escaping to less socially controversial issues, the Supreme Court must contribute to build a strong legal system to sustain the monetary order by the final decision of the ADPF 77. This article seeks to identify the legal framework that structured national monetary power during the stabilization plans (1980s-1990s), with the aim of contributing to enlarge the public reflection on this judicial case. First, I sustain that rules of legal tender comprise both the regulation of a currency as means of payment as well as a standard of value. Money is credit and has a hybrid character, i.e. public and private. To ensure currency’s social demand and the supply of this public good in the economy, the State regulates the fluctuation of its value in public and private legal obligations. It is the core of legal tender regime in modern economies. Second, monetary laws do not interfere in perfect obligations if they regulate the (present) effects of credit contracts (formalized in the past). There is an important legal distinction between the validity and the effectiveness of obligations. This distinction marks the boundaries of the Brazilian constitutional protection of perfect obligations.

Keywords: Monetary law, Real plan, Brazilian Supreme Court (Supremo Tribunal Federal - STF), case ADPF 77.

Globalization brings new challenges to the Algerian government. This issue implies a serious establishment of a domestic and a foreign economic stability in an attempt to confront the changes of the new economic wave. One of the reform requirements in this context is represented by the independent policy of the central banks. This consideration stems from the crucial role played by this institution in the economy (regulation of the money supply, organization of credits…). Algeria for instance embarked on this line of reform via various laws and jurisdictions. The study sheds light on the autonomy of the Algerian central bank through the law No. 03/11 in connection with the Monetary and Credit Law. The study states that the independence of the central and is a pivotal condition to increase the performance of the banking institutions in Algeria. The second point is that this autonomous policy of the central bank leads inevitably to a stabilization of the financial and economic indices of the country.

The twelfth- and thirteenth-century economic transformations had a great influence on the Western European economic thought. In particular, the quick monetisation of the economy, the frequent monetary crises and the practice of the debasement of coinage drew the attention of theologians, political thinkers and intellectuals of the time.

Among the others, the jurists were also sensitive to the monetary problems of their time, and particularly to the needs of the expanding market economy shaken by the frequent monetary crises. More specifically, the legists and canonists sought to protect the private autonomy of contracting parties against the legal effects of the abrupt changes in currency value made by the public authorities.

Although legal historiography repeatedly studied the monetary theories elaborated by the Medieval legal culture, it understated the Glossators’ contribution to the development of a proper, systematic legal theory on money. The aim of this paper is to suggest that the Medieval legal theories on money were a precise, conscious and systematic choice of a generation of jurists deeply concerned by the abuses of the monetary policies of their time, and actively engaged in defending the issues of the emerging merchant class.

Resumen.- El presente trabajo viene dedicado al estudio de las reformas monetarias llevadas a cabo durante el reinado de los primeros monarcas de la Casa de Borbón, tanto en los territorios peninsulares como en los ultramarinos de la Monarquía Hispánica, y a la dimensión internacional de la moneda española en todo el mundo. Para ello, y como no podía ser menos, las principales fuentes documentales utilizadas han sido las monedas emitidas o circulantes en esta época, fuentes primarias y fiel reflejo de la época en la que fueron acuñadas. Su observación directa es posible en los museos y gabinetes numismáticos, así como en los establecimientos numismáticos que se dedican a su comercialización. Los catálogos numismáticos, las subastas, las revistas y libros y en los últimos años internet facilitan igualmente su estudio.
Destaca igualmente la ingente cantidad de expedientes a disposición de los investigadores en los archivos y bibliotecas públicas y privadas. De entre ellos ocupa un lugar destacado para el tema estudiado el Archivo General de Indias. Junto con ellos, existen asimismo gran cantidad de fuentes contemporáneas de carácter privado dedicadas a la doctrina económica, al comercio, a la moneda misma o a los incipientes estudios de numismática. Son abundantes igualmente las de carácter técnico dedicadas a las distintas labores relativas al beneficio de los metales preciosos y a su acuñación. Junto con estas fuentes, se ha utilizado asimismo una amplia bibliografía en varios idiomas, que cubre los estudios sobre diferentes aspectos de la moneda desde el siglo XIX a la actualidad.
Con toda esta ingente información se ha intentado hilar una investigación coherente en todos los temas analizados, para con ello obtener un conocimiento lo más completo posible de la moneda en la Edad Moderna, no dejando de ser un trabajo abierto que espero poder aumentar a la luz de nuevas investigaciones.
El mismo está dividido en tres partes. La primera de ellas viene dedicada al estudio de la moneda española en la Edad Moderna, con una necesaria introducción relativa a las emisiones de los monarcas de la Casa de Austria y muy especialmente a las reformas llevadas a cabo durante el reinado de Carlos II. Se estudia asimismo  en este apartado el principal tema del presente trabajo, las sucesivas reformas monetarias llevadas a cabo durante los reinados de Felipe V y Carlos III. Se analizan asimismo los primeros pasos de la moderna ciencia numismática, el estudio de las casas de monedas y la circulación monetaria en los distintos territorios de la monarquía, así como la creación del Banco Nacional de San Carlos y la emisión de nuestro primer papel moneda.
  La segunda parte viene dedicado al estudio de la moneda nacional, la acuñada en las cecas de los Reinos de las Indias y el ciclo de los metales preciosos en los territorios ultramarinos, desde su extracción y tratamiento a su acuñación y remisión a la Península. En apartados sucesivos se estudian la producción y la circulación monetaria de cada uno de los virreinatos y áreas de dichos reinos.
La tercera de ellas, posiblemente la más novedosa y a la que he dedicado más atención en los últimos años de mi producción científica, está dedicada al importante papel que la moneda española tuvo en la Edad Moderna a escala planetaria. Se estudia en esta parte la circulación de la plata española en las distintas áreas del orbe y los problemas que su escasez o su abundancia provocaron en los principales Imperios de la época, en gran manera dependientes de este flujo monetario que produjo la mayor unión monetaria y fiscal que la Historia ha conocido.
Es por todo ello que el estudio de la moneda castellana de la Edad Moderna desborda los límites de estos reinos y del mayor Imperio que la humanidad ha conocido y se convierte en la protagonista indiscutible de, en palabras de Braudel, las primeras economías-mundo. No podemos olvidar que el real de a ocho está en la base de los sistemas monetarios vigentes en gran parte de nuestro mundo contemporáneo.

Palabras clave.- Moneda, Numismática, circulación Monetaria, Política Monetaria, Derecho Monetario.


Abstract.-The present study is dedicated to the study of the monetary reforms carried out during the reign of the first monarchs of the House of Bourbon, both in the peninsular territories and in the overseas territories of the Hispanic Monarchy, and to the world spread circulation of it. As it can be expected, the main documentary sources used have been the coins issued or circulating at this time, primary sources and faithful reflection of the time in which they were coined. Their direct observation is possible in the museums and numismatic cabinets, as well as in the numismatic establishments that are dedicated to its commercialization. Numismatic catalogs, auctions, magazines and books and in recent years internet also facilitate their study.
It also highlights the huge number of sources available to researchers in archives and public and private libraries. Among them, the General Archive of the Indies occupies a prominent place for the subject studied. Alongside these, there are also a great number of contemporary sources of private character dedicated to the economic doctrine, to the commerce, to the currency itself or to the incipient studies of numismatics. There are also technical books dedicated to the different tasks related to the benefit of the precious metals and their coinage. Along with these sources, an extensive bibliography has been used in several languages, covering studies on different aspects of the coin from the nineteenth century to the present day.
With all this enormous information it has been tried to spin a coherent research in all the matters analyzed, in order to obtain a knowledge as complete as possible of the currency in the Modern Age, not ceasing to be an open job that I hope to increase in the light of new research.
The study is divided into three parts. The first one is dedicated to the study of Spanish currency in the Modern Age, with a necessary introduction concerning to the issues of the monarchs of the House of Austria, and especially the reforms carried out during the reign of Charles II. The main subject of the present work is also studied in this section, the successive monetary reforms carried out during the reigns of Felipe V and Carlos III. The first steps of modern numismatic science, the study of the metropolitan mints and the circulation of money in the different territories of the monarchy, as well as the creation of the National Bank of San Carlos and the issuance of our first paper money, are also studied.
The second part is devoted to the study of the national currency, the coin minted in the Kingdom of the Indies and the cycle of precious metals in the overseas territories, from its extraction and treatment to its coinage and remission to the Peninsula. In successive sections the production and monetary circulation of each of the viceroyalties and areas of these kingdoms are studied.
The third of them, possibly the most novel and to which I have devoted more attention in the last years of my scientific production, is dedicated to the important role that the Spanish currency had in the Modern Age on a planetary scale. We study in this part the circulation of Spanish silver in the different areas of the world and the problems that their scarcity or abundance caused in the main empires of these times, largely dependent on this monetary flow produced by the largest monetary and tax union that history has ever known.
It is for this reason that the study of Castilian currency of the Modern Age overflows the limits of these kingdoms and the greatest empire that humanity has known, and becomes the undisputed protagonist of, in Braudel's words, the first world-economies. We cannot forget that the Spanish piece of eight is at the base of the monetary systems in force in much of our contemporary countries.

Key Words.- Coin, Numismatics, Monetary circulation, Monetary policy, Monetary law.

Poder monetário de bancos centrais, sua moldura jurídica e seus mecanismos de prestação de contas e responsabilização: eis um tema altamente complexo e bastante atual que a autora explora em linguagem acessível, sem perder em profundidade e sofisticação de análise. Camila Villard Duran analisa trajetórias e o processo decisório de três bancos centrais no que se refere à política monetária: o Banco Central do Brasil, o Banco Central Europeu e o Federal Reserve. De uma perspectiva jurídica e comparada, a autora revela quais foram e são os mecanismos de accountability criados para esses bancos.