TESTING THE STUFENBAU IN INTERNATIONAL FINANCIAL LAW

Abstract

This article focuses on a specific area of the writings of Kelsen, reassessed by Paolo Carrozza: the Stufenbau, the pyramidal structure for the ordering of the sources of law. Section One examines the formal, hierarchical theory of the sources of law. Section Two focuses on the practical relevance of this theory with regard to hybrid, or private, sources in the field of sovereign debt restructuring law. Section Three examines the emergence of soft law stemming from public authorities, in the area of financial regulation.