This course introduces students to the core legal frameworks which regulate monetary and financial systems in capitalist economies: focusing on the law regulating central banking, global capital flows, and government intervention in the economy. Students will also engage with the role played by legal institutions in building and distributing wealth. Case studies will include the legal mechanics involved in creating and responding to: financial crises, disparities in wealth (local and global), and the environmental challenges of modern industrial activity. 

To develop their knowledge and skills, students will engage in readings and interactive seminars involving lectures, discussion and analysis of case studies.  

Learning Outcomes

Upon successful completion, students will have the knowledge and skills to:

1. Investigate, explain and apply the frameworks of monetary and financial law covered in the course.
2. Explore and critically analyse some of the current controversies and trends in the areas of monetary and financial law.
3. Synthesise, investigate and interpret the policy issues arising from the topics covered.
4. Explore, distinguish and appraise the relationship between the theoretical design and practical operation of monetary and financial law.
5. Research and hypothesise solutions to complex problems in the regulation of monetary and financial systems and communicate findings orally and in writing.

Research-Led Teaching

This course is based on an area of research expertise of the course convenor. It will deal with current debates/reforms/controversies. Students will be required to carry out independent research.

Required Resources

The readings for the course will be available on Canvas before the commencement of the teaching period.

Staff Feedback

Students will be given feedback in the following forms in this course:

• written comments
• verbal comments
• feedback to whole class, groups, individuals, focus group etc

Student Feedback

ANU is committed to the demonstration of educational excellence and regularly seeks feedback from students. Students are encouraged to offer feedback directly to their Course Convener or through their College and Course representatives (if applicable). Feedback can also be provided to Course Conveners and teachers via the Student Experience of Learning & Teaching (SELT) feedback program. SELT surveys are confidential and also provide the Colleges and ANU Executive with opportunities to recognise excellent teaching, and opportunities for improvement.

Other Information

Task submission times refer to Canberra time (AEST/AEDT).

Extensions, late submission and penalties: https://law.anu.edu.au/extensions-late-submission-and-penalties

Extenuating circumstances: https://www.anu.edu.au/students/program-administration/assessments-exams/extenuating-circumstances-application

Deferred examination: http://www.anu.edu.au/students/program-administration/assessments-exams/deferred-examinations

Penalties for excess word length: https://law.anu.edu.au/word-length-and-excess-word-penalties

Distribution of grades policy: https://law.anu.edu.au/grading

Assessment Reviews and Appeals: https://law.anu.edu.au/assessment-review-and-appeals

Further information about the course: is available from the course Canvas page. Students are required to access the Canvas site regularly throughout the course for any announcements relating to the course.

Artificial Intelligence (AI)

The ANU Academic Integrity website (https://www.anu.edu.au/students/academic-skills/academic-integrity) provides information about services available to assist students with their assignments, examinations and other learning activities, as well as providing clear guidance on the responsible and ethical use of AI technologies.

The following resources may also be useful:

• The ANU Library's Libguide (https://libguides.anu.edu.au/generative-ai) is a valuable resource for gaining a comprehensive understanding of AI's role in academia.

• The ANU Academic Skills site (https://www.anu.edu.au/students/academic-skills) provides useful information to ensure that you leverage AI responsibly and effectively.

• The ANU College of Law, Governance and Policy Academic Integrity and Misconduct site (https://law.anu.edu.au/academic-integrity-and-misconduct) provides content related to legal implications, ethical guidelines, and considerations when dealing with AI in the context of law.

Class Schedule

Week/Session	Summary of Activities	Assessment
1	Money law I: institutions and history	In line with the University’s recording policy, lectures will be recorded and made available for students on Echo360.However, lecture recordings are only an additional resource and they should not be taken as a substitute for regular attendance. If a recording does fail, there is no guarantee a replacement recording will be provided.This topic will introduce the core subject-areas of the course. It begins by exploring the legal institutions and actors of study (“money”, “credit”, “the monetary system”, “individuals”, “commercial banks”, “central banks”, “treasuries”, “asset managers”, “carbon trading” and “cryptocurrency” etc). It will explain prominent theories of money (“state” and “market” theories), the theories of state within which they are located (“liberal democracy” and “market liberalism”) and their conceptual and empirical contradictions.
2	Money law II: legal architecture of money	This topic provides a deep empirical analysis of the financial system’s legal structure. The law governing central banks, treasuries and the commercial banking system will be our subject-matter focus. Our jurisdictions will be the US, UK and Australia. We will examine how public debt, private credit and public money coalesced into “monetary policy” at different points between 1900 and 2022, explore the constitutional dilemmas of monetary policy and moot proposals for reform.
3	Money law III: international public money	This topic examines the legal institutions of the international monetary system. It is customary to talk about money ‘moving’ around the world, but does one nation-state’s money ever really leave its borders? When you ‘exchange’ one currency with another at (say) an airport, who or what sets the exchange value of the two currencies? Given that central banks in advanced economies rarely talk about international exchange rates, why do they have such large portfolios of foreign currencies? Answers to those questions will be discussed.
4	Money law IV: regulating private money	This topic will study the legal structure of prudential regulation in the US, UK and Australia. It will explore the historical development of banking regulation under different monetary systems, beginning with the (null-) regulatory posture under the gold standard (1900-1940s), the (partial-) regulatory posture under the Bretton Woods system (1950s-1980s) and the contemporary regulatory system known as the “Basel Accords” which governs prudential regulation in all advanced economies (1980s-). Successes and failures of each model will be discussed.
5	Legal responses to financial crises I	This topic will explore the legal basis for those different responses to financial crises: central bank stimulus through quantitative easing programs and international “credit lines”, Treasury bail-outs, deposit insurance schemes, national budget law underlying both austerity and fiscal stimulus. We will place those legal institutions in political and financial context. Our jurisdictions will be the US, UK, EU and Australia.
6	Legal responses to financial crisis II	This topic will study how judiciaries become embroiled in the legal structure of money during and after major crises. It begins by reviewing the general legal insulation of central banks and the monetary system in historical perspective. It then turns to study the major monetary cases in the US following the Civil War (Legal Tender Cases) and Great Depression (Gold Clause Cases). After studying those judicial landmarks, we will zoom forward in time and examine the European judiciary's response to quantitative easing (Gauweiler v Deutscher Bundestag (2015); Weiss (2018) and Weiss v Bundesbank (2020)). We will close by exploring an Australian case study regarding the legality of QE during the COVID-19 pandemic under s 99 of the Constitution.
7	Tax money: evasion, avoidance and havens	In this topic, we will study the varying attitude to tax law in common law jurisdictions over the last century. We will begin with a close study of the “Westminster” principle that flourished in the early 20th century and encouraged hyper-technicality in tax law as a method of protecting private money from re-distribution. Then, we will study the progressive development of “anti-avoidance” rules in legislation and judicial decisions that made tax evasion increasingly difficult. Finally, we will close by reviewing the legal structure of tax havens. Our jurisdictions of focus will be the US, UK and Australia, with a subsidiary focus on the European Union.
8	Money managers and social insurance	In this topic we will study the different legal framework that governs social insurance and the giant asset management firms. We will study the regulatory shift from “pay-as-you-go” pensions (funded by special government bonds and taxes) to “marketized” pensions (funded by investment in the stock market) and the different legal structures governing the managers of those funds (public investment companies and private asset managers). Our jurisdictions of focus will be the US, Canada, UK and Australia.
9	Money in globalisation	This topic studies the legal evolution of the IMF, its current legal powers and its interaction with other international monetary/financial institutions. It reviews the IMF's original mission under the Bretton Woods system and its growth into a back-stop against national insolvency during the 1970s-80s. It then reviews the core legal and financial structure of its currency basket (the “special drawing right”) and its activities during and after the financial crisis.
10	Money and the environment I	In this topic we will study the legal and institutional mechanisms that modulate monetary support for the energy industry and their implications for climate change. We will focus on the legal rules concerning central bank credit operations (particularly collateral rules), prudential regulation and how they have formed part of debates on the climate emergency. Our jurisdictions of focus will be the US, EU and Australia.
11	Future of monetary law	In this final topic we will study the legal structure of the major types of digital money: central bank digital currency (CBDC) and cryptocurrencies. We will commence with the legal structure of the benchmark coins Bitcoin and Ether, then study “stable coins” (Tether and Luna) before moving to the legal rules applying to crypto exchanges and DeFi (“Ethereum”, “Binance” and “Coinbase”). We will close by studying proposals of central banks to create their own digital currencies (“CBDC”) and the political opportunities/challenges they raise.
12	Revision	This final topic is devoted to revision of topics 1-11.

Tutorial Registration

There are no tutorials in this course. However, students are still required to allocate themselves to the appropriate scheduled activities in MyTimetable.

Assessment Summary

Assessment task	Value	Due Date	Return of assessment	Learning Outcomes
Online Quiz	0 %	*	*	1,2,3,4
Seminar Participation	10 %	*	*	3,5
In-class test	40 %	06/07/2026	13/07/2026	3,4
Final In-class test (research based)	50 %	20/07/2026	10/08/2026	2,3,4

* If the Due Date and Return of Assessment date are blank, see the Assessment Tab for specific Assessment Task details

Policies

ANU has educational policies, procedures and guidelines , which are designed to ensure that staff and students are aware of the University’s academic standards, and implement them. Students are expected to have read the Academic Integrity Rule before the commencement of their course. Other key policies and guidelines include:

• Academic Integrity Policy and Procedure
• Student Assessment (Coursework) Policy and Procedure
• Extenuating Circumstances Application
• Student Surveys and Evaluations
• Deferred Examinations
• Student Complaint Resolution Policy and Procedure
• Code of practice for teaching and learning

Assessment Requirements

The ANU is using Turnitin to enhance student citation and referencing techniques, and to assess assignment submissions as a component of the University's approach to managing Academic Integrity. For additional information regarding Turnitin please visit the Academic Skills website. In rare cases where online submission using Turnitin software is not technically possible; or where not using Turnitin software has been justified by the Course Convener and approved by the Associate Dean (Education) on the basis of the teaching model being employed; students shall submit assessment online via ‘Canvas’ outside of Turnitin, or failing that in hard copy, or through a combination of submission methods as approved by the Associate Dean (Education). The submission method is detailed below.

Moderation of Assessment

Marks that are allocated during Semester are to be considered provisional until formalised by the College examiners meeting at the end of each Semester. If appropriate, some moderation of marks might be applied prior to final results being released.

Participation

For all courses taught in any mode (whether face to face or online), the ANU College of Law, Governance and Policy considers participation in the classes offered to be an important part of the educational experience of the program. Students are expected to attend all classes.

Examination(s)

There is no final examination for this course.

Assessment Task 1

Online Quiz

Details of task: A multiple-choice quiz testing core course concepts covered in topics 1-3.

Nature of task: Optional. This assessment task is designed to give students an opportunity to receive feedback on their progress in the course.

Weighting: 0%

Release: After topic 3 has been covered.

Duration: 45 minutes. Once you log into the quiz, you will have 45 minutes to complete it. The quiz will finish automatically after 45 minutes and any open attempts will be submitted automatically, so please allow sufficient time to complete the quiz.

Due date: The quiz will not be accessible after the closing time. Due to the nature of the task, late submission or extension is not permitted. As this task is open for more than 24 hours, no time adjustments shall be applied for this task.

Estimated return date: Result available immediately upon completion of quiz.

Assessment Criteria: The mark for the quiz will be based on the number of correct responses.

Assessment Task 2

Seminar Participation

Details of task: Participation in discussion of central topics in the course throughout the semester.

Nature of task: Compulsory and non-redeemable. Failure to submit this assessment will result in a mark of zero for this assessment task.

Weighting:10%

Due date: On-going. Due to the nature of the task, late submission or extension is not permitted.

Estimated Return date: Feedback can be sought after topic 6 has been taught. Final grades will be released at the conclusion of the teaching period.

Assessment Criteria: Students will be graded on their engagement with course material, capacity to ask and answer difficult questions and reflect on how ideas covered in class can be extended to other legal/political/economic domains and subject-matters.

Assessment Task 3

In-class test

Details of task: An in-class test on the core topics, concepts and debates taught in the course. The format of the test is likely to be a mixture of multiple choice, short answer and long answer questions.

Nature of task: Compulsory and non-redeemable. Failure to submit this assessment will result in a mark of zero for this assessment task.

Weighting: 40%

Release: Monday, 6 July, 2026

Duration: 90 minutes

Due date: Monday, 6 July 2026

If you experience extenuating circumstances and cannot attempt the assessment on the due date and time, you should apply to reschedule the assessment here. The College will give you one final opportunity to complete a different version of the assessment, at the same time on Monday 13 July 2026. If you have already accessed the assessment, you will NOT be approved to reschedule and will need to complete the task by the due date. Late submission is NOT permitted. Time adjustments can be applied for this task but are not applied automatically. If you require a time adjustment, please apply here.

Extenuating circumstances that may warrant approval may include, but are not limited to:

• medical reasons (student injury, illness or medical condition);
• family/personal reasons (family injury or illness, bereavement);
• cultural or religious commitments, where a cultural or religious event conflicts with the scheduled assessment.

Please note that approval will not be given for work related reasons.

Please be mindful that if you are in your final semester, rescheduling may have an impact on your eligibility to graduate on time.

Estimated Return date: 13 July 2026

Assessment Criteria: Students will be graded on accuracy of understanding of legal rules, principles and institutions concerning money and their social and political effects.

Assessment Task 4

Final In-class test (research based)

Details of task: A final assessment based on independent research. A set of broad topics will be released around the mid-point of the teaching period. Students will then have the opportunity to conduct independent research on a topic of their choosing leading up to the final timed assessment. The questions will require students to present arguments based on their topic-based research.

Nature of task: Compulsory and non-redeemable. Failure to complete this task will result in a mark of zero for this assessment task.

Weighting: 50%

Release: Monday 20 July 2026

Duration: 150 minutes

Due date: Monday 20 July 2026

If you experience extenuating circumstances and cannot attempt the assessment on the due date and time, you should apply to reschedule the assessment here. The College will give you one final opportunity to complete a different version of the assessment, at the same time on Monday 27 July 2026. If you have already accessed the assessment, you will NOT be approved to reschedule and will need to complete the task by the due date. Late submission is NOT permitted. Time adjustments can be applied for this task but are not applied automatically. If you require a time adjustment, please apply here.

Extenuating circumstances that may warrant approval may include, but are not limited to:

- medical reasons (student injury, illness or medical condition);

- family/personal reasons (family injury or illness, bereavement);

- cultural or religious commitments, where a cultural or religious event conflicts with the scheduled assessment.

Please note that approval will not be given for work related reasons.

Please be mindful that if you are in your final semester, rescheduling may have an impact on your eligibility to graduate on time.

Estimated Return date: 10 August 2026.

Assessment Criteria: The task will be evaluated based on the accuracy and inventiveness of responses, evidence of deep engagement with course content, independent research, formulation of argumentation, style and presentation.

Academic Integrity

Academic integrity is a core part of the ANU culture as a community of scholars. The University’s students are an integral part of that community. The academic integrity principle commits all students to engage in academic work in ways that are consistent with, and actively support, academic integrity, and to uphold this commitment by behaving honestly, responsibly and ethically, and with respect and fairness, in scholarly practice.

The University expects all staff and students to be familiar with the academic integrity principle, the Academic Integrity Rule 2021, the Policy: Student Academic Integrity and Procedure: Student Academic Integrity, and to uphold high standards of academic integrity to ensure the quality and value of our qualifications.

The Academic Integrity Rule 2021 is a legal document that the University uses to promote academic integrity, and manage breaches of the academic integrity principle. The Policy and Procedure support the Rule by outlining overarching principles, responsibilities and processes. The Academic Integrity Rule 2021 commences on 1 December 2021 and applies to courses commencing on or after that date, as well as to research conduct occurring on or after that date. Prior to this, the Academic Misconduct Rule 2015 applies.

 

The University commits to assisting all students to understand how to engage in academic work in ways that are consistent with, and actively support academic integrity. All coursework students must complete the online Academic Integrity Module (Epigeum), and Higher Degree Research (HDR) students are required to complete research integrity training. The Academic Integrity website provides information about services available to assist students with their assignments, examinations and other learning activities, as well as understanding and upholding academic integrity.

Online Submission

You will be required to electronically sign a declaration as part of the submission of your assignment. Please keep a copy of the assignment for your records. You must ensure that you upload the correct document on the specified submission due date and time. Any document modified after the due date and time will either incur a late penalty or will NOT be accepted. Unless an exemption has been approved by the Associate Dean (Education), submission must be through Turnitin in a word processing file format (.doc, .docx). Electronic copies in .pdf file format are not acceptable.

Hardcopy Submission

For some forms of assessment (hand written assignments, art works, laboratory notes, etc.) hard copy submission is appropriate when approved by the Associate Dean (Education). Hard copy submissions must utilise the Assignment Cover Sheet. Please keep a copy of tasks completed for your records.

Late Submission

Individual assessment tasks may or may not allow for late submission. Policy regarding late submission is detailed below:

• Late submission not permitted. If submission of assessment tasks without an extension after the due date is not permitted, a mark of 0 will be awarded.
• Late submission permitted. Late submission of assessment tasks without an extension are penalised at the rate of 5% of the possible marks available per working day or part thereof. Late submission of assessment tasks is not accepted after 10 working days after the due date, or on or after the date specified in the course outline for the return of the assessment item.
• Late submission is not accepted for tests or examinations.
• Late submission with an extension. To ensure equity for all students, the 5% penalty per working day for late submission of work does not apply if you have been granted an extension. Where an extension is granted, the revised due date and submission time will be provided in writing. Importantly, any revised due date is inclusive of weekends and public holidays. Regardless of which day of the week the revised due date falls on, students who submit after that date will be penalised by 5% of the possible marks available for the task per 24-hour period.

Referencing Requirements

The Academic Skills website has information to assist you with your writing and assessments. The website includes information about Academic Integrity including referencing requirements for different disciplines. There is also information on Plagiarism and different ways to use source material. Any use of artificial intelligence must be properly referenced. Failure to properly cite use of Generative AI will be considered a breach of academic integrity.

Returning Assignments

All marks and feedback will be provided by the return date listed in the class summary.

Extensions and Penalties

Extensions and late submission of assessment pieces are covered by the Student Assessment (Coursework) Policy and Procedure. Extensions may be granted for assessment pieces that are not examinations or take-home examinations. If you need an extension, you must request an extension in writing on or before the due date. If you have documented and appropriate medical evidence that demonstrates you were not able to request an extension on or before the due date, you may be able to request it after the due date.

Resubmission of Assignments

• Maximum Submissions: Students can submit up to three times per assessment.

• Final Submission Counts: Only the last uploaded version will be marked — provided it is uploaded before marking begins.

• Late Submissions: If submitted after the due date, the final version will still be marked, but late penalties will apply (unless an extension has been approved).

• No Submissions After Return Date: Once the return-of-assessment date has passed, NO submissions will be accepted.

• Marking Already Started: If a marker has already begun marking a version, that version will be the one assessed — even if a newer one is uploaded later.

Privacy Notice

The ANU has made a number of third party, online, databases available for students to use. Use of each online database is conditional on student end users first agreeing to the database licensor’s terms of service and/or privacy policy. Students should read these carefully. In some cases student end users will be required to register an account with the database licensor and submit personal information, including their: first name; last name; ANU email address; and other information.
In cases where student end users are asked to submit ‘content’ to a database, such as an assignment or short answers, the database licensor may only use the student’s ‘content’ in accordance with the terms of service – including any (copyright) licence the student grants to the database licensor. Any personal information or content a student submits may be stored by the licensor, potentially offshore, and will be used to process the database service in accordance with the licensors terms of service and/or privacy policy.
If any student chooses not to agree to the database licensor’s terms of service or privacy policy, the student will not be able to access and use the database. In these circumstances students should contact their lecturer to enquire about alternative arrangements that are available.

Distribution of grades policy

Academic Quality Assurance Committee monitors the performance of students, including attrition, further study and employment rates and grade distribution, and College reports on quality assurance processes for assessment activities, including alignment with national and international disciplinary and interdisciplinary standards, as well as qualification type learning outcomes.

Since first semester 1994, ANU uses a grading scale for all courses. This grading scale is used by all academic areas of the University.

Support for students

The University offers students support through several different services. You may contact the services listed below directly or seek advice from your Course Convener, Student Administrators, or your College and Course representatives (if applicable).

• ANU Health, safety & wellbeing for medical services, counselling, mental health and spiritual support
• ANU Accessibility for students with a disability or ongoing or chronic illness
• ANU Dean of Students for confidential, impartial advice and help to resolve problems between students and the academic or administrative areas of the University
• ANU Academic Skills supports you make your own decisions about how you learn and manage your workload.
• ANU Counselling promotes, supports and enhances mental health and wellbeing within the University student community.
• ANUSA supports and represents all ANU students