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financial services liberalization

WTO vies for role in shaping “Bretton Woods II” (October 2008)

Rethinking Bretton Woods | Thu, Nov 6, 2008

WTO vies for role in shaping “Bretton Woods II” (October 2008)

A number of leaders have been calling for a summit level meeting to address global responses to the financial crisis, calls that culminated with Pt. Bush’s decision to call a summit of the members of the Group of 20 (now scheduled for November 15) which, it is announced­, is likely to lead to a series of new meetings. Though the global financial crisis –not trade­--is the primary topic of the meetings, WTO Director General Mr. Pascal Lamy, in a recent speech delivered at the Beijing School of Government, was quick to back the calls for the summit series and portray the institution he heads as “part of the solution.” While the interplay between financial crisis and trade is, undoubtedly, coming to the fore in developing countries, it is unclear what role the WTO could play, as there are institutions much better positioned to act on this issue.