MONETARY GOLD PRINCIPLE IN JURISPRUDENCE OF THE INTERNATIONAL COURT OF JUSTICE AND ITS APPLICATION TO NUCLEAR DISARMAMENT

Abstract

This paper analyses the monetary gold principle in the jurisprudence of the International Court of Justice from its introduction in 1954 till the 2016 Marshall Islands cases. Since the responding states in the Marshall Islands cases put forward the monetary gold principle as their subsidiary argument, the paper aims to examine how the monetary gold principle is to be interpreted by the Court and concludes that the principle is not applicable in the cases concerning nuclear disarmament. In other words, should have the Court proceeded with the Marshall Islands’ Application, it should have had rejected the monetary gold argument. The paper further acknowledges how the monetary gold principle stands in the way for the peaceful (judicial) settlement of disputes and the consequences arising therefrom.