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Informal International Lawmaking$
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Joost Pauwelyn, Ramses Wessel, and Jan Wouters

Print publication date: 2012

Print ISBN-13: 9780199658589

Published to Oxford Scholarship Online: January 2013

DOI: 10.1093/acprof:oso/9780199658589.001.0001

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US Implementation of Basel II: Lessons for Informal International Lawmaking

US Implementation of Basel II: Lessons for Informal International Lawmaking

(p.436) 20 US Implementation of Basel II: Lessons for Informal International Lawmaking (p.437)
Informal International Lawmaking

Pierre-Hugues Verdier

Oxford University Press

The actual role domestic courts can play in relation to informal international law partly depends on the way these rules are (to be) implemented domestically. Some informal international law (IN-LAW) instruments are far more complex, also in relation to their domestic implementation, than formal international agreements and decisions. One particular example is formed by the Basel II Accord on banking supervision. As indicated by the chapter, Basel II is a central case of IN-LAW. It is informal along all three dimensions identified in the first chapter of this Volume: it is a non-binding policy framework, rather than a treaty; it was adopted by the Basel Committee, a transnational regulatory network; and national banking regulators, rather than traditional diplomatic actors, were the principal participants. In the absence of formal accountability regimes at the level of the Basel Committee, the chapter investigates whether domestic oversight compensates for this ‘accountability deficit’.

Keywords:   international law, informal law, lawmaking, Basel Committee, accountability

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