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Category Archives: Protectionism

Protectionist pressures increasing

G20 governments have introduced more trade barriers, including export restrictions, in the past six months than in previous periods since the financial crisis began. This is according to a report by the World Trade Organization, the Organisation for Economic Co-operation and Development and the UN Conference on Trade and Development released yesterday. Although measures to lower trade barriers are also … Continue reading

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International Monetary Fund powerless to act

The word ‘war’ has been on the lips of international negotiators in recent months. This is nothing to do with Afghanistan or Iraq, but is just as significant. This is about the possibility of a global currency war. There are imbalances in the global economy which were at the heart of the recent collapse of the world economy. What are … Continue reading

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World Trade has been a casualty of the global crisis

Pascal Lamy, director-general of the World Trade Organisation recently gave a speech in Brussels at which he explained the deterioration in world trade over the past year. He said: “These are not easy times. We know that in 2009, growth of real world GDP was negative, estimated at -2.2 per cent. Furthermore, the global unemployment rate reached its highest level … Continue reading

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Warning of protectionist dangers from World Trade Organisation

In a recent report by Pascal Lamy, director-general of the World Trade Organisation (WTO), he noted the likely depth of the current recession and its impact on world trade. He said that in such circumstances “a large premium must be attached to avoiding policies that restrict world trade”. Although he could not see any immediate descent into high intensity protectionism … Continue reading

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G20 is a hit, but Brown’s battleship stays afloat

“This is the day that the world came together to fight back against the global recession, not with words, but with a plan for global recovery and for reform and with a clear timetable for delivery,” was the way Gordon Brown summarised the outcome of the G20 summit in London.   According to the communiqué issued in the name of … Continue reading

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Bad Czech and the road to hell

Just a week to go before the G20 meeting in London and the EU has stirred up trouble with the US. Yesterday, Mirek Topolanek, prime minister of the Czech Republic and currently holding the EU presidency set the 27-nation EU bloc at loggerheads with the US, by describing the US fiscal stimulus as “the road to hell.”   Topolanek said: … Continue reading

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Flight of capital from the UK

Money held in UK banks on the behalf of foreign investors fell by just over $1 trillion or £707 billion over the last three quarters of 2008. These figures are classified as the external liabilities of the major banks operating in the UK. There was an outflow of funds amounting to $682.5 billion in the second quarter of 2008, followed … Continue reading

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World trade to contract in 2009

“Trade has become another casualty of the global economic crisis” according to Pascal Lamy, director general of the World Trade Organisation, in a speech in Australia yesterday. He maintained that the slump in demand and the difficulties to access trade finance have led to a significant contraction of world trade. According to current estimates, world trade will contract by some … Continue reading

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