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Research/Technical Note
The Nature, Function, and Independence of the National Bank of Ethiopia: A Comparative Analysis in Light of International Practices
Elsabet Dessalegn Regassa*
Issue:
Volume 7, Issue 3, September 2024
Pages:
93-106
Received:
5 March 2024
Accepted:
16 April 2024
Published:
29 July 2024
Abstract: A central bank is an autonomous institution that is mainly bestowed with the mandate to ensure the maintenance of price stability by formulating and implementing monetary policy. To fulfill its purposes, the law should make sure that the CB is independent of external influence. Accordingly, the NBE is established to act as the central bank of Ethiopia, empowered to deliver on multiple objectives, including price and exchange stability. Nonetheless, it is evident under its legal framework that the requirements for institutional, functional, and personal independence of the NBE are disregarded. Hence, having this problem in mind and considering the research gap in the particular area, the study attempted to review relevant legal instruments of the NBE, assessing them against parameters of institutional, functional, and personal independence; selected countries’ laws, and the expert opinions of NBE officials and IMF expert to make the required analysis about the nature, functions, and independence of the NBE. Consequently, the study revealed impediments related to the institutional, functional, and personal autonomy of the bank. Thus, concerning institutional independence, there is a lack of clear provisions protecting the bank from government and other entities' influence. The absence of hierarchy between its objectives, the dominance of government representatives in the BoD, the absence of legal limitations on the advances to be provided to the government, and ambiguity as to the role of monetary policy formulation and oversight roles of the BoD are the manifestations of the absence of functional independence. Whereas, in terms of personal autonomy lack of provisions stipulating the security of tenure, qualification criteria, and procedure for the appointment and dismissal of the BoD members, Governor, and Deputies are evident. Having identified these concerns under the current laws, the researcher recommends the relevant revisions of the laws to address the enumerated impediments in line with the best practices of central banks.
Abstract: A central bank is an autonomous institution that is mainly bestowed with the mandate to ensure the maintenance of price stability by formulating and implementing monetary policy. To fulfill its purposes, the law should make sure that the CB is independent of external influence. Accordingly, the NBE is established to act as the central bank of Ethio...
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Research Article
A Case for Statutorily Recognition of Irretrievable Breakdown of Marriage
Issue:
Volume 7, Issue 3, September 2024
Pages:
107-111
Received:
24 June 2024
Accepted:
22 July 2024
Published:
6 August 2024
Abstract: Since antiquity, the concept of union in Hindu marriage has always been considered sacred and indissoluble. The Shastri-religious understanding of Hindu marriage is that heavenly-made unions are merely united and tied into a knot on this earth. Hence, once the union is formed, and the ceremonies and rites concluded, there is no scope for a couple to seek “divorce”. The traditional concept of Hindu marriage, although altered by India's post-colonial enactment of the Hindu Marriage Act in 1955 (“the Act”), aimed to reflect the country's identity as a liberal constitutional democracy by providing for certain grounds for seeking divorce, including mutual consent. However, the state's broader policy reflected in the overall objective scheme of the Act remained incongruent with the Shastri-religious understanding of Hindu marriage. Thus, divorce was only the last remedy, and was granted by the courts only after the aggrieved couples fulfilled due procedural requirements as per the mandate of the Act. Hence, it is against this backdrop that the recent constitutional bench judgment in Shilpa Sailesh v. Varun Sreenivasan (2023) of the apex court regarding the waiver of the procedural requirements under section 13-B of the Act by the court using its constitutional powers of ‘complete justice” under Article 142 of the Indian Consitution, is limited only to certain exceptional circumstances. This paper argues for recognising the Irretrievable Breakdown of Marriage (“IRB”) as a legal ground in the Hindu Marriage Act of 1955 (“the Act”). It traces the evolution of Hindu marriage and discusses why Fault, Frustration, and Consent theories are inadequate, advocating for IRB to accommodate diverse situations. It analyses the Act's scheme, shows the presence of breakdown theory, and examines legal developments regarding IRB as a divorce ground, noting some limitations. It addresses objections from women's groups and calls for social reforms ensuring women's financial independence and reducing divorce stigma.
Abstract: Since antiquity, the concept of union in Hindu marriage has always been considered sacred and indissoluble. The Shastri-religious understanding of Hindu marriage is that heavenly-made unions are merely united and tied into a knot on this earth. Hence, once the union is formed, and the ceremonies and rites concluded, there is no scope for a couple t...
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Research Article
The Crime of Accepting Bribes in the Hong Duc Code and Their Significance as a Model for Contemporary Criminal Law in Vietnam
Linh Ngo Van*
,
Anh Dang Van,
Anh Pham Minh,
Anh Pham Trong
Issue:
Volume 7, Issue 3, September 2024
Pages:
112-117
Received:
25 January 2024
Accepted:
5 August 2024
Published:
20 August 2024
Abstract: The Hong Duc Code, promulgated during the reign of King Le Thanh Tong, is regarded as a progressive and comprehensive legal code within the context of feudal Vietnam. It reflects the principles of the rule of law and demonstrates a deep commitment to humanity. The Hong Duc Code contains detailed provisions covering various forms of bribery, including accepting money or gifts, exploiting positions for personal gain, harassing individuals, making wrongful convictions, concealing crimes, and weakening the military. The law applies to incumbent officials, relatives, and other connected individuals. Penalties are clearly outlined and vary depending on the nature and severity of the offense, ranging from fines and demotion to exile and the death penalty. Although resembling a feudal society, the Hong Duc Code remains relevant in Vietnamese criminal law, particularly in corruption prevention and control, especially the clauses on bribery. The article is dedicated to analyzing the crime of bribery in the Hong Duc code, to provide valuable insights for the current Vietnamese criminal law system. The article highlights three main points: (1) The legal form is clear, easy to understand, and easy to apply; (2) Treating bribery as a separate crime rather than just an aggravating circumstance as in current law; (3) Providing rewards to those who report bribery. As a result, the article aims to improve the law, enhance the effectiveness of anti-corruption efforts, and contribute to establishing a fair and civilized society.
Abstract: The Hong Duc Code, promulgated during the reign of King Le Thanh Tong, is regarded as a progressive and comprehensive legal code within the context of feudal Vietnam. It reflects the principles of the rule of law and demonstrates a deep commitment to humanity. The Hong Duc Code contains detailed provisions covering various forms of bribery, includi...
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