Giorgio Grasso, Constitutionalism and Sovereign Wealth Funds

Giorgio Grasso, Constitutionalism and Sovereign Wealth Funds, Global Jurist, ISSN (Online) 1934-2640, ISSN (Print) 2194-5675, DOI, March 2017.

Abstract

The aim of this article is to contextualise the study of Sovereign Wealth Funds within constitutionalism, which is construed as a limit to the exercise of power, whatever its source of inspiration. Sovereign Wealth Funds are investment funds that are owned by a sovereign government (this is the main difference from ordinary private investment funds). These funds are today major players on the global financial market and their role has increased since the start of the financial and economic crisis in 2008. This article analyses the influence of Sovereign Wealth Funds on several categories of constitutional law, such as sovereignty or the protection of fundamental rights, and suggests several remedies to improve the weak accountability and the responsibility of these funds. The final aim of this article is to prove that there can be no power without responsibility, which also applies to the power of the most powerful actors within the globalized world, such as Sovereign Wealth Funds.

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