Search Result(s)

Opinion: Crisis, Emergency Measures and Failure of the ISDS System: The Case of Argentina

"The first salient conclusion is that the ISDS system has a very low capacity to adapt to totally exceptional circumstances for which it does not seem to have been designed. Despite the efforts of Argentinian attorneys to show that the measures implemented in the post-crisis period were adopted in an emergency context, being so exceptional as to justify any breach of the substantial clauses of the BITs, few tribunals were prepared to sustain this defence."

The "Prudential Exception" In The GATS After The Case Argentina – Financial Services

Alexandre Marques da Silva Martins - "Experience has shown there has been a need for prudential measures to be imposed on financial services. The global financial crisis of 2007-08 is quite an emblematic example. Therefore, states and financial institutions have united to establish standards as for financial services like the Basel Committee. Only one case about prudential measures in the realm of financial services has been decided thus far at the WTO. In this case, adjudicators heavily utilized the recourse to the ordinary meaning of the main GATS expressions surrounding the prudential measures. This recourse may limit the aid that international norms other than the WTO legislation may provide when resolving issues related to the GATS prudential exception. Still according to the adjudicators, the prudential exception at issue is of evolutionary nature, evolving over time to adapt to particular situations. Besides, there has to be a rational relationship between the measures and their reasons."