The monetary gold principle – A note on dispute settlement in the East Sea

Abstract

The Monetary Gold principle is used to preclude an international judicial body from exercising jurisdiction over a case in which a third party's legitimate interests would not only be affected by a ruling, but would also be the “very subject-matter” of the decision. The disputes in the East Sea are frequently complex, involving the diverse interests of the states that border the sea. As a result, there's a good chance that when a dispute is brought before an international judicial body, the Monetary Gold principle will be used to consider the organ's jurisdiction. Thus, the article investigates the substance and implementation of this principle in order to provide guidance to states settling disputes in the East Sea through international judicial mechanisms in conformity with the 1982 United Nations Convention on the Law of the Sea.