20.01 It has been shown that States are under a general international duty to recognize the monetary systems of other States. In large measure, this flows from the broader duty to recognize a State's exclusive jurisdiction over its own internal affairs.1 In private law, this obligation manifests itself in the lex monetae principle, which lies at the heart of monetary law.2 It is now necessary to ask whether there are duties beyond mere recognition; does the State have a broader obligation to protect and defend the monetary systems of other States? 20.02 To what...
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