In an age of globalisation, many regulatory problems lie beyond the reach of the nation state. Solutions have to be found which extend beyond territorial borders. Normally we would expect international law to be the appropriate forum for addressing these issues, but this assumes formal consensus amongst states, which is difficult to obtain....

With the globalisation of markets, the phenomenon of market failure has also been globalised. Against the backdrop of the territoriality of nation state jurisdictions and the slow progress of international law based on the principle of sovereignty this poses a serious challenge....