Entire Global Economic Governance System Needs To Be Reviewed: Wto Chief

The recent financial crisis stems from the growing disruptions to the order established

after the Second World War, the WTO Director-General Pascal Lamy said Wednesday at the United Nations Offices in Geneva, calling for a reform in the entire global economic governance system.

Speaking to diplomatic missions and UN personnel at the Geneva Lecture Series, Lamy said, after 60 years of erosion of coherence and governance, a number of major deficiencies occurred both within the international system and between national systems and the global system.

"Drawing a parallel between the recent financial crisis and the crisis of the 1930s and 40s, we owe it to ourselves to review the entire system of global economic governance," he said.

The WTO chief underlay full employment of human resources, development, social progress, a stable monetary system, open trade and environmental sustainability to be the shared objectives for the new order.

He stressed the need for "a greater degree of explicit renunciation of national sovereignty" to establishing the minimum level of collective restraint and governance.

Instruments designed to ensure transparency, legitimacy, coherence and efficiency is also of vital importance to the new global governance, he added.

The recent financial crisis stems from the growing disruptions to the order established after the Second World War, the WTO Director-General Pascal Lamy said Wednesday at the United Nations Offices in Geneva, calling for a reform in the entire global economic governance system.

Speaking to diplomatic missions and UN personnel at the Geneva Lecture Series, Lamy said, after 60 years of erosion of coherence and governance, a number of major deficiencies occurred both within the international system and between national systems and the global system.

"Drawing a parallel between the recent financial crisis and the crisis of the 1930s and 40s, we owe it to ourselves to review the entire system of global economic governance," he said.

The WTO chief underlay full employment of human resources, development, social progress, a stable monetary system, open trade and environmental sustainability to be the shared objectives for the new order.

He stressed the need for "a greater degree of explicit renunciation of national sovereignty" to establishing the minimum level of collective restraint and governance.

Instruments designed to ensure transparency, legitimacy, coherence and efficiency is also of vital importance to the new global governance, he added.

by: rowen

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