"The rules governing PCCs don't really envisage this sort of thing, there is more guidance needed," said Mr Hardwick.
But with foreign investment, the same rules (as envisaged in Unctad's IPFSD) could govern all cross-border investment, whether in rich or poor countries.
The new rules in America envisage imposing losses on all creditors (but not depositors).Yet the worry remains that if all creditors face the risk of loss in a crisis, they will start a run, creating a self-fulfilling prophesy.
Physiocracy etymologically denoted the "rule of nature," and the physiocrats envisaged a society in which natural economic and moral laws would have full play and in which positive law would be in harmony with natural law.
On this matter, according to the most accredited literature, it may be stated that the rule of law in quality democracies envisages security as one of its most valued political products.
Maritain envisages a political society under the rule of law — and he distinguishes four types of law: the eternal, the natural, the 'common law of civilisation' (droit des gens or jus gentium), and the positive (droit positif).
It can be treated as illustrating a wider principle that responsibility for harm is confined to the type of harm envisaged by the purpose of the rule of law violated (Normzweck), a theory espoused in Germany (Von Cämmerer, J.G.Wolf).
To be sure, the Lisbon treaty envisaged member states getting out voluntarily, and there is the possibility of suspending voting rights in cases of grave violations of core EU values such as liberal democracy and the rule of law.
