It is a great honor for our country to be hosting the 2013 International Law Association Regional Conference.
On behalf of the Greek government, I welcome in warmth and friendship the foreign attendees and congratulate the Hellenic branch of the International Law Association on the organization of the conference at the facilities of the European Public Law Organization, to which I am linked personally by strong academic ties.
Today’s internationalized world points up the practical value of International Law, but the many active fronts creating a sense of uncertainty are putting International Law to the test.
This contradictory state of affairs – on the one hand, development of International Law institutions, both in the field of Public Law and on the level of Private Law, and on the other hand the image of the crisis of international legality – has its charms for the researcher, but politically it is difficult in the extreme.
It is my impression that International Law is being impacted by the fate of the nation state and national sovereignty.
The nation state is being internationalized, privatized and depoliticized;
International Law is expanding, but the private dimension is outstripping the public, and the economic the political.
I think this is clearly apparent in the three major themes of your conference.
In the field of Governance, there is a glaring absence of comprehensive global economic governance institutions.
In the field of International Trade, the private initiatives and legal institutions that match the flexibility of the international markets create a state of affairs that is testing international organizations like the World Trade Organization and regional entities like the European Union.
Finally in the field of resources, one sees how difficult the balance is between, on the one hand, national sovereignty and inter-state relations, and, on the other, the inventiveness and initiative of the market.
Perhaps from this perspective, one characteristic example is the matter of managing sovereign debt and, thus, the relationship between states and investors.
The voluntary involvement of the international private sector in the reduction of Greece’s sovereign debt (PSI), which I had the opportunity to handle as Finance Minister, is, I think, an extremely interesting example of striking a good balance between the public interest and the smooth functioning of the international market.
I am certain that the recommendations and debates in the context of your conference will respond to many open questions.
Thus, I wish you every success and, naturally, a very pleasant stay in Greece.
August 29, 2013