This article considers assertions of the diminution of the monetary sovereignty of host states when they sign bilateral investment treaties. It discusses monetary transfer provisions in the model BITs of South Africa and Egypt and how their construction can affect states’ rights to regulatory autonomy in mitigating financial crises. This has become imperative in light of recent discussions on the possibilities for a systemic overhaul of BIT provisions, by pushing back against the diminution of host states’ sovereignty in order to respond to the force of globalization. Achieving this would require reform of existing model BITs to introduce appropriate exceptions in order to ensure policy space to protect the public interest.

本文考虑了东道国签署双边投资条约时货币主权减少的主张。它讨论了南非和埃及的BIT示范协定中的货币转移规定，以及它们的构建如何影响各国缓解金融危机的监管自主权。鉴于最近对系统地改革BIT条款的可能性进行讨论，这已经成为当务之急，该措施是为了应对全球化的力量，通过阻止东道国主权的减少而进行回击。要做到这一点，就需要对现有的双边投资协定范本进行改革，以引入适当的例外，以确保有保护公众利益的政策空间。