Lucia 

SATRAGNO

Dr Lucia Satragno conducts her legal research at the Centre for Banking and Finance Law (CBFL), National University of Singapore since 2020. Before joining CBFL, she worked as a doctoral fellow in monetary and financial law at the World Trade Institute, University of Bern (2015-2020) and as a research fellow at the same institute (2012-2014). She also worked as a legal counsel in banking and finance law for a major law firm (2004-2009) and a corporate bank (2009-2010) in Buenos Aires, Argentina.

Lucia holds a law degree with honours from the University of Buenos Aires (2003), an LLM degree with distinction, awarded by Queen Mary University of London (2010-2011). She obtained her Doctor of Philosophy (PhD) degree in international monetary and financial law (magna cum laude), from the University of Bern (May 2020). Her doctoral thesis was co-supervised by Professor Thomas Cottier (World Trade Institute, University of Bern) and Professor Rosa Maria Lastra (CCLS, Queen Mary, University of London). Dr Satragno’s thesis was published as a book by BRILL in February 2022.

Lucia is currently conducting two research projects at CBFL. She examines the key role that reserve asset accumulation plays in the stability of the global, regional and domestic monetary and financial systems. In this context, she develops a legal case study about the increasing growth and importance of sovereign wealth funds, focusing on the ASEAN Region and Singapore in particular. Dr Satragno is also studying the role of central banks as lender of last resort (LOLR) and the key function it plays in the prevention and management of liquidity crises in the aftermath of the 2007-2009 global financial crisis.

Presentations

• “Sovereign Wealth Funds: A Review of Their Governance and Role”, London Financial Regulation Seminar, Centre for Commercial Law Studies, QMUL, 18 Sep 2023 (online)
• “Sovereign Wealth Funds, Financial Stability and Crises: The Case in Singapore”, CBFL Working Paper Presentation, NUS Law,  20 May 2021

Selected Publications

Book

•  Lucía Satragno, Monetary Stability as a Common Concern in International Law. Policy Cooperation and Coordination of Central Banks (Brill | Nijhoff 2022) https://brill.com/view/title/61775

Book Chapter

• Rosa M Lastra, Tom A Fearnley and Lucia Satragno, “Sovereign Wealth Funds and Ethical Investment: The Case of Norway”. in Malik R Dahlan and Rosa M Lastra (eds), Research Handbook on Energy Law and Ethics (Edward Elgar Publishing 2022)
• Lucia Satragno, ‘International Monetary Stability as a Common Concern of Humankind’ in T. Cottier (ed.) The Prospects of Common Concern of Humankind in International Law (CUP 2021).
• Lucia Satragno, ‘Responsibility for International Monetary Stability in the Post-Crisis Era’ in Samantha Besson (ed.), International Responsibility: Essays in Law, History and Philosophy (Schlthess 2017) 77.
• T. Cottier and Lucia Satragno, ‘The Potential of Law and Legal Methodology in Monetary Affairs’ in The Rule of Law in Monetary Affairs, T. Cottier, R. M. Lastra, L. Satragno and C. Tietje (eds.) (CUP 2014).

Research Interests

• International Monetary and Financial Law
• Public International Law
• ESG and Responsible Investment

Project 1: “Sovereign Wealth Funds and ESG-Responsible Investment: Insights from Singapore”

Sovereign wealth funds (SWF) as a heterogenous group of government-owned investment vehicles have evolved considerably since their inception to become mainstream players in global financial markets. This project aims to explore the place of SWFs in relation to ‘responsible investment’ and ‘sustainable finance’ from a legal perspective and with references to GIC Private Limited (GIC), the SWF of Singapore as a case study.

The project aims to provide an up-to-date and detailed compilation of the new standards and guidelines introduced by initiatives such as the ‘One Planet SWF Group’, the ‘Task Force on Climate-related Financial Disclosure’ and the ‘Net Zero Asset Owner Alliance’ in relation to ESG-Responsible Investment applicable to SWFs. It examines the struggle to define the legal and institutional response to these new standards considering the cases of possible diversion and greenwashing that some of these new initiatives may bring because of their lack of enforceability and  illustrates its key findings by recurring to specific examples of Singapore’s GIC because this fund has placed ESG at the centre of its investment and operational approach becoming a pioneer on sustainable/green investments initiatives.

Project 2: ‘An Examination of the Lender of Last Resort Role of the Central Banks’

The project focuses on the central banks role as lender of last resort (LOLR) and the key function it plays in the prevention and management of liquidity crises. In the aftermath of the 2007-2009 global financial crisis (GFC), this role has acquired a new significance. While almost all of the other instruments of the official safety nets have failed to achieve their purposes, the LOLR not only accomplished its objectives but also has become more important.

This role has expanded and its classic principles were relaxed during the past financial crises and the ongoing covid-19 pandemic. Hence, some concerns about the actual validity of the traditional doctrine have been raised. Despite the many benefits that this role provides to the stability of the banking system, there are also some costs and problems asslawnusstflawrociated to it that need to be addressed. She specifically examines the LOLR legal framework in the United Kingdom and the United States of America, she also looks at the international standards with respect to this LOLR role and the liquidity requirements. In particular, Dr Satragno will analyse the question of whether or not this role needs to be regulated more tightly both at the national and the international level.