Home / Knowledge / News / World Bodies: Follow WTO principles for more global financial governance
World Bodies: Follow WTO principles for more global financial governance
17
Nov '08
The Chambers of Commerce of the G20 countries are deeply concerned about the current economic crisis, the effects of which are now being felt across the global economy.

The crisis has brought global stock markets to the levels of several years ago and world growth is currently projected to hover around 3.9% in 2008 and at barely 3% in 2009, with growth forecasts which are expected to be revised further down. The world will also witness a reduction of inflationary pressures due to temporarily lower commodity prices, declining potential growth and reduced demand.

But for us, this is very welcome as inflation hits the poor most in the developing countries. In a context of economic recession, policy makers should pay adequate attention to potential deflationary pressures in the short-to-medium term. It is clear that the financial crisis will hit developed as well as emerging economies. Nobody will be unaffected.

The signatory parties attach great importance to the G20 meeting which will take place in Washington on 15 November. This meeting must be followed by a series of international summits to be convened in the early months of 2009 with the aim of not only restructuring the global financial system but also bringing back stability to it; restoring confidence in financial markets and alleviating as much as possible the effects of the financial crisis on the real economy. In this context, we expect the summit on 15 November not only to give a strong sign of political coordination and unity, but to come up with concrete proposals to tackle all abovementioned issues.

The G20 proposals should aim at strengthening supervisory structures at national and supranational level, at enhancing cooperation between developed and emerging economies with the aim of reducing global economic, monetary and trade imbalances. The quality of regulatory standards should be improved in the framework of a broad reform of the global financial system that must also include a higher degree of financial and macroeconomic surveillance and improved crisis prevention mechanisms, as well as early warning systems. It is important that banks are still able to lend to businesses.

At institutional level, the role, activities, set-up and composition of the IMF, the World Bank and the Financial Stability Forum should be carefully assessed in the light of the current crisis and the global financial and economic developments of recent years. In this context, significant emerging economies should be invited to sit together with developed economies on a permanent basis in international economic and financial fora.

Last but not least, we expect the G20 leaders to come up with a global economic roadmap to protect the real economy as much as possible, especially with regards to rebuilding confidence in the financial institutions, to support the business and investment capacity of small entrepreneurs by securing their access to finance, and help stimulate growth with economic and fiscal incentives. In this framework, we insist on respecting the role of the private sector and transparent competition, while drawing the lessons of the recent financial crisis.

Must ReadView All

Textiles | On 25th Mar 2017

GST to positively impact retail value chain: CBRE

The implementation of the Goods and Services Tax (GST) bill in India...

Textiles | On 25th Mar 2017

MEGlobal to build first ever US MEG plant

Monoethylene glycol (MEG) producer MEGlobal plans to construct a new...

Courtesy: Ulster Carpet

Textiles | On 25th Mar 2017

Ulster Carpets acquires Griffith Textile Machines

Northern Ireland based manufacturer of carpets, Ulster Carpets said...

Interviews View All

Jim Desai
Blaiva Fabricaa

Fashion industry likely to remain labour-intensive in coming years

Viral Desai
Zenitex Mill Pvt Ltd

Full of green energy

Poojaa Kumar Deepak
Zeven

Zeven's performance sports apparel is designed for the Indian body type,...

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Steve Cole
Xerium Technologies

Steve Cole of Xerium Technologies discusses the industry. Xerium is the...

Eamonn Tighe
Nature Works LLC

Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Mike Hoffman
Gildan Activewear SRL

Gildan Activewear, a manufacturer and marketer of branded clothing and...

Rupa Sood and Sharan Apparao
Nayaab

Nayaab, an exhibition meant to celebrate Indian weaves, is in its second...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
March 2017

March 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search