Abstract
A characteristic of the interpretative work of the Fund has been the reliance placed on what the late Judge Lauterpacht called “private law sources and analogies.”33 International monetary law is even more sparse than many other branches of public international law, and this in itself would have encouraged frequent resort to private law. In addition, the comparative treatment of private law makes it possible on occasion to distill concepts or principles with which many systems of law are familiar, and when there are broadly accepted concepts or principles, they make a useful contribution to the attainment of general consent among the Executive Directors and membership of the Fund. However, although private law has made a considerable contribution to the elucidation of the Articles, it has been necessary to observe a certain caution. The Fund and its activities are unique in many ways, and it would be misleading therefore to assume that the concepts of the Articles always have exact parallels in private law.
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