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Will New Developments in Global Economic and Financial Policy Erode International Law and the Sovereignty of States? – the Example of Liechtenstein

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Chapter Summary

Sovereignty has to coexist with the concept of globalisation. The more States become interlinked and dependent on each other with respect to resources or management of tasks in a world of growing technological complexity, the more sovereignty is changing its character. The protection of international law is seen as being of great importance, especially for the smaller States. Hence, Liechtenstein also joined and supported the establishment of various international courts and tribunals. The major initiatives within the field of international relations that affected Liechtenstein in the most recent past were related to the international community's economical and financial policy. Globalisation is the origin of the development of international action groups. Since the fall of the Berlin Wall and expansion of international markets, issues of financial crime and security have increasingly become international ones.

Keywords: globalisation; international community's economical policy; international community's financial policy; international courts; international law; Liechtenstein



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