Supranational rules, however, do not affect the effectiveness of national fiscal rules in reducing the deficit bias.
First, countries have been reluctant to give up power to supranational rules or institutions, and creditors and debtors have felt that there were sufficient instruments for addressing debt crises at hoc.
Consequently, judge-made law, fruit of the recourse to general principles and of the search for the rule of the case starting from stratified and heterogeneous supranational rules, appears, in part, to be positioned directly beyond the state dimension.
Now, as the Papers reveal, it is western governments that continue to tolerate and facilitate the speculative, opportunistic and often illegal exploitation of a largely privately owned, opaquely operated global financial system that woefully lacks strong, independent controls, an agreed rule book and effective supranational regulation.
Supranational institutional rules and practices, unlike development aid projects, are directly under the control of the world's most powerful states.
The common source of reference to the basic contractual elements is not any national law, but lex mercatoria [27] and supranational model rules, e.g., PECLa, PICCb, DCFRc, CISGd, Incotermse.
What is lacking is supranational privacy rules, and data-collection norms for OTT services outside of their own competency limits.
Eventually, a group of nation-states emerged, and a number of supranational sets of rules were developed to govern interstate relations, including canon law, the law merchant (which governed trade), and various codes of maritime law e.g., the 12th-century Rolls of Oléron, named for an island off the west coast of France, and the Laws of Wisby (Visby), the seat of the Hanseatic League until 1361.
Without a set of supranational norms and rules of law, it's impossible to hold people responsible for war crimes, for oppression of the freedom of individuals or for crimes against humanity.
If it is not national but supranational powers that rule today's globalization, however, we must recognize that this new order has no democratic institutional mechanisms for representation, as nation-states do: no elections, no public forum for debate.
The future European market design will be completed by 2014; the main principle is reinforced cooperation within supranational bodies, and harmonized rules would enable liquid bilateral trading.
