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"International law on sovereign defaults is underdeveloped because States have largely refrained from adjudicating disputes arising out of public debt. The looming new wave of sovereign defaults is likely to shift dispute resolution away from national courts to international tribunals and transform the current regime for restructuring sovereign debt. Michael Waibel assesses how international tribunals balance creditor claims and sovereign capacity to pay across time. The history of adjudicating sovereign defaults internationally over the last 150 years offers a rich repository of experience for future cases: US state defaults, quasi-receiverships in the Dominican Republic and Ottoman Empire, the Venezuela Preferential Case, the Soviet repudiation in 1917, the League of Nations, the World War Foreign Debt Commission, Germany's 30-year restructuring after 1918 and ICSID arbitration on Argentina's default in 2001. The remarkable continuity in international practice and jurisprudence suggests avenues for building durable institutions capable of resolving future sovereign defaults"--

Disregarding the Corporate Veil and Denial of Benefits Clauses : Testing Treaty Language and the Concept of "Investor" Rachel Thorn & Jennifer Doucleff -- Private Enforcement of International Investment Law : Why We Need Investor Standing in BIT Dispute Settlement Stephan W. Schill -- Drawing the Limits of Free Transfer Provisions Alejandro Turyn & Facundo Perez Aznar -- A Comparison of ICSID and UNCITRAL Arbitration : Areas of Divergence and Concern Stephen Jagusch & Jeffrey Sullivan -- The Issues Raised by Parallel Proceedings and Possible Solutions August Reinisch -- Parallel Proceedings : A Practitioner's Perspective Richard Kreindler -- Annulment and its Role in the Context of Conflicting Awards Christina Knahr -- Compensation for Non-expropriatory Investment Treaty Breaches in the Argentine Gas Sector Cases : Issues and Implications Kathryn Khamsi -- Arbitrator Integrity William Park -- Amicus Curiae : A Panacea for Legitimacy in Investment Arbitration? Nigel Blackaby & Caroline Richard -- Participation of Non-governmental Organizations in Investment Arbitration as Amici Curiae Amokura Kawahru -- Legality of Investments under ICSID Jurisprudence Gabriel Bottini -- Invoking State Defenses in Investment Treaty Arbitration A Martinez -- Backlash to Investment Arbitration : Three Causes Louis T. Wells -- Denunciation of the ICSID Convention and Consent to Arbitration Christoph Schreuer -- Competing for Capital : The Diffusion of Bilateral Investment Treaties, 1960-2000 Zachary Elkins, Andrew T. Guzman, & Beth Simmons -- The Argentine Financial Crisis : State Liability under BITs and the Legitimacy of the ICSID System William W. Burke-White -- Perceived Bias in Investment Treaty Arbitration? Gus Van Harten -- European Law Challenges to Investment Arbitration Markus Burgstaller -- Out of Order Luke Peterson -- Globalization : The Driving Force in International Investment Law Tillman Rudolf Braun -- A Dispute Systems Design Diagnosis of ICSID Ilija Mitrev Penusliski -- The International Investment Protection Regime through the Lens of Economic Theory Anne van Aaken -- "History Ain't Changed" : Why Investor-State Arbitration Will Survive the "New Revolution" Timothy G. Nelson -- The State, a Perpetual Respondent in Investment Arbitration? : Some Unorthodox Considerations Mehmet Toral & Thomas Schultz

Abstract
This article assesses the legacy of Mario Draghi as president of the European Central Bank (ECB) from 2011 to 2019, with particular reference to the Greek's sovereign debt crisis. Most macro-economic indicators improved over the course of Draghi's tenure at the ECB, including inflation, budget deficits, yield spreads among euro-area borrowers and unemployment. Draghi played a decisive role in turning the tide on the crisis of confidence that afflicted the euro area and threatened the survival of Europe's single currency in the wake of Greece's sovereign debt crisis. Yet the ECB's unconventional policies prompted sustained controversy and contributed to a low level of trust in the central bank among people in the euro-area member states. The focus of controversy has been on possible asset-price bubbles and 'hidden' transfers between euro-area member states. When and how to normalize its policies is a major challenge for the ECB, as it is for other major central banks that adapted similar policies in response to the global financial crisis.