Since the current financial crisis started, none of the governments, experts or media who have called for new regulations for the financial industry have taken into account rules of the World Trade Organisation (WTO) which actually impose extreme financial service deregulation on many WTO member countries.
Some Key Points for Member Groups of the Our World Is Not For Sale Network [OWINFS] at the United Nations Conference on the World Financial and Economic Crisis and its Impact on Development, June 22-24, 2009.
The major causes of the economic and social crises are now being even more blatantly promoted by the EU - both within the multilateral WTO negotiations and bilateral and bi-regional FTA/EPA negotiations - as the fundamental solutions.
The WTO's General Agreement on Trade in Services (the "GATS") has very much underpinned expansion without regulation and supervision, so the financial corporations had the guarantee that their expansion would be underpinned. But financial services are not the same as other services – they need special supervisory structures.
The financial crisis should be recognized as a very clear example of how the free trade and free market theory has failed, why the WTO should turn around away from this neo-liberal model and allow for all services and trade to be at the service of people and the planet, not of corporate profits.
The WTO's crisis of legitimacy is evident in that despite deepening food, financial, economic and climate crises—to which the WTO has contributed significantly—its deregulation and liberalisation agenda remains much the same as in 2001.
Ten years on from Seattle, TNI and other activists from Enlazando Alternativas have mobilised in Geneva together with the global network Our World is Not For Sale (OWINFS) to expose the role of the WTO and the "free trade" agreements in causing economic and climate crisis.
Betina from Isthmus of Tehuantepec (Oaxaca, Mexico) joined Tade to Climate Caravan to denounce the malicious practices behind the clean-energy windmills set up in Oaxaca, which are displacing indigenous communities from their land.
The international free trade and investment policies and the related WTO agreements played a major role in undermining so many developing countries' economies. The proponents of tese policies, including the EU, are now urging the govenrments of the world to end their resistance to such policies within the WTO.