Re-making Financial Policy to Meet Society’s Needs
By Yaga Venugopal Reddy
The financial sector has been hit by major crises and scandals, to the point that its credibility with the public has fallen to historically low levels. A re- thinking and re-making of financial policies and the role of financial institutions is thus urgently needed. This was the theme of a lecture presented by the distinguished former Governor of the Reserve Bank of India, Yaga Venugopal Reddy, which was made in conjuncture with the 2012 Annual General Meeting of the Bank for International Settlements held in Basel, Switzerland. The 2012 Per Jacobsson Foundation Lecture by Mr Reddy, made on 24 June 2012, covered three main themes: (1) Society and Finance, (2) Economic Policies and the Financial Sector, and (3) Regulation of the Financial Sector.
Below is the first part of the lecture, on Society and Finance. Future issues of SouthViews will publish the other two parts of the lecture.
The still-developing LIBOR scandal is the latest and biggest blow to the credibility of big banks and their regulators, and should catalyse broad-ranging reforms to the financial system.
Analysis Of Draft Waiver Decision On Services And Services Suppliers Of LDCs.
This Note is an analysis of the draft waiver decision submitted by the Chairman of the CTS to Ministers for adoption at the 8th Ministerial Conference. This is essentially a waiver from the most-favoured nation treatment clause (Article II. 1) in GATS to allow Members to provide preferential and more favourable treatment to services and services suppliers of LDCs. (more…)
Trade Facilitation State of Play and Implications of an ‘Early Harvest’ on Developing Countries.
Recently there has been an indication that some WTO members (especially developed countries) are proposing that an agreement on Trade Facilitation be one of the items to be an Early Harvest in the Doha negotiations in the WTO. (more…)
Domestic Regulation of Services Sectors: Analysis of the Draft Negotiation Texts.
This document provides a paragraph by paragraph analysis of the draft domestic regulation texts which are currently being discussed at the WTO’s Working Party on Domestic Regulation (services negotiations).
EU’s Common Agricultural Policy (CAP): Tools Protecting European Farmers.
The European Union (EU) uses a plethora of policy instruments to protect its agricultural sector and to ensure that European farmers, despite having higher production costs, are still able to continue production for both the European and export markets.
EU’s Increasing Use Of Decoupled Domestic Supports In Agriculture: Implications For Developing Countries.
The EU has been undertaking reform in its Common Agricultural Policy. Nevertheless, subsidies to EU agricultural producers are continuing. The major change is that 93% of these supports are now provided in the form of direct aid payments to producers. (more…)
Trade trends are changing quite rapidly for Africa. A careful analysis of Africa’s export statistics reveals startling facts regarding the markets that are most important for Africa today, and in the years to come. (more…)
The new released South Centre Research Paper is to examine some important aspects of the linkage between climate change and trade-related issues. In particular, the paper looks at developments in policies taken by governments and the inter-governmental processes to deal with the crisis in climate change, including within the international climate change regime, the United Nations Framework Convention on Climate Change (UNFCCC), and their inter-linkages with the multilateral trade regime, in particular the World Trade Organization (WTO). (more…)
The Impact of the Global Economic Crisis on Industrial Development of Least Developed Countries.
The South Centre has released a Research Paper which examines the impact of the external shocks from the global economic crisis on industrial development of Least Developed Countries (LDCs). These countries are heavily exposed to external shocks because of their extensive trade with the rest of the world. Yet, they are marginalized in terms of their share in international trade and output. (more…)
Contentious Issues in the Goods EPAs: What is the Value of the 2009 Renegotiations?.
A large part of the discomfort of many ACP countries vis-à-vis the EPAs have to do with what are now known as ‘contentious issues’ or ‘unresolved issues’. Negotiations on these issues took place between the EU and some African sub-regions in 2009, with agreements on some of these issues emerging for SADC and ESA countries. (more…)
The Extent of Agriculture Import Surges in Developing Countries: What are the Trends.
The paper gives an overview of the trends in different groupings of developing countries’ agricultural import surges, as well as the import surge statistics for a sample of 56 developing countries. This is followed by a look at the products for which import surges are most frequently occurring. (more…)
