PEACE OF WESTPHALIA AND THE FORMATION OF INTERNATIONAL ECO- NOMIC LAW

Abstract

The article examines the influence of the Peace of Westphalia on the formation of international economic law. The author examines the economic situation in which the Holy Roman Empire found itself as a result of the Thirty Years' War. New customs and road taxes were introduced and old customs tariffs were raised. All continental trade was paralyzed. The decisions of the Westphalian Congress were based on the concept of freedom of trade. All customs duties, taxes and other restrictions that were arbitrarily introduced without the consent of the emperor and the electors were abolished. Even before the outbreak of the war, debt obligations had reached significant proportions. For the period of the signing of the Peace of Westphalia, moratoriums were introduced for 5 years on the payment of interest and repayment of debts. At the Regensburg Reichstag in 1654, proposals for compensation at the regional level, on the settlement of loan agreements and payment of interest on contributions, on a decrease in interest on current contributions were developed.