Moratorium
Candlefocus EditorA moratorium is a temporary halt, or a suspension of operation, of business as usual or of certain laws or regulations. It is intended to alleviate short-term financial hardship or to provide time to resolve related issues. It is usually employed when a situation arises which is beyond the scope of the current regulations, and that needs further study in order to determine the ramifications of government intervention.
In some situations, a moratorium may be declared as a means of providing protection or relief to a certain sector of society or to allow the public additional time to evaluate the disruption that may be caused by a proposed change in policy. When a moratorium is declared, the people, business or organization in question can continue the operations or other activities as usual, but should keep in mind the ultimate goal and consequences of the decision.
There are various types of moratoriums, with different practical implications for their respective situations. For instance, in bankruptcy law, a moratorium is a legally-mandated hiatus in debt collection from creditors. This is usually issued by a court as a means of providing an opportunity for debtors and creditors to negotiate a repayment agreement or other solution out of court. This type of moratorium may be implemented when an individual or business entity has an unmanageable amount of debt, and lacks the means to pay it back.
Another example is a moratorium on logging, farming, fishing, or hunting. While such a moratorium could provide environment protection and endangered species preservation in various circumstances, it may have negative implications for the livelihoods of those working and relying on the subsistence of these industries.
Finally, yet another form of moratorium can be used in cases of civil liberties violations. This is when a jurisdiction suspends the enforcement of a certain law with the goal of protecting a certain right or freedom. This might be in the form of an emergency stay of execution, a type of temporary reprieve which pauses legal proceedings or enforcement of a sentence, in order to give a person or entity time to appeal for their rights or prepare for a judicial hearing.
Moratoriums are a powerful tool for governments, businesses, and individuals to make immediate decisions to address immediate concerns, while taking into account long-term consequences. It is important, however, to understand the implications of imposing and enforcing a moratorium, as well as the possible alternatives, before taking any action.