Governance of financial crises: a role for the international protection of economic and social rights?

As highlighted throughout different crisis periods, financial and economic hardship has an adverse impact on the enjoyment of human rights, particularly on the realization of economic and social rights (ESRs), and falls most heavily on the most vulnerable. This paper intends to provide a review of international settings, at both the universal and regional levels, where the protection of human rights against the negative consequences of the most recent crisis, and as part of its policy response, has been taken into account. The focus is on aspects of governance, rather than on international obligations to protect and promote human rights or on responsibility under international law. Recent initiatives are analyzed, that accommodate new forms of interaction while also relating to the traditional problem of coordination between international institutions. It is argued that although some progress can be found towards better integration of concerns relating to the realization of ESRs, recent experience shows weaknesses of this aspect, in the emerging redefinition of governance of economic crises.