THE EVOLVING CONCEPT OF LEX MONETAE IN EUROPEAN AND INTERNATIONAL MONETARY LAW
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Abstract
The subject of analysis in the paper is to examine the application and derogation of the principles of contemporary international and European monetary law. In this context, the first part of the paper points to the specificity of the subject of legal regulation of international monetary relations and examines the normative features of the international monetary system in the science of monetary law. The second part of the paper points to the basic postulates of international monetary law, embodied in the principles of traditional lex monetae and lex contractus (its external effects), with particular emphasis on the application of these principles in globalized financial flows. The subject of the analysis is to identify the new wave in development of the legal regulation of monetary relations, as well as the role of International Monetary Fund in the process of money regulation, which, according to the author, has significant implications not only on preserving the acquis and values of the international monetary order, but also on maintenance of internal monetary stability
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