Economic Emergency Powers: A Comparative Law Perspective
The jurisprudence of investment tribunals in cases brought against Argentina in the context of the country's 2001/02 economic crisis show the potential and limits of the necessity defence as codified in Article 25 of the ILC Articles on State Responsibility in situations of economic emergency. This chapter examines the emergency regimes of national legal systems for additional insights that might assist in more closely delineating a State's emergency powers in times of (economic) crisis; more particularly concerning the conditions governing the adoption of emergency measures and the consequences thereof. This is done with reference to four representative legal systems — two from common law jurisdictions and two from those under civil law: the British, French, German, and US systems.
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