The EU debt crisis foretells a more serious global debt crisis, caused by unlimited growth and the ongoing financial casino. Latin America's emerging financial and regional architecture offers hope for a new type of integration based on solidarity.
Dr. Pedro Paez talks about the creation of a new financial architecture in Latin America, based on principles of redistribution, environmental sustainability and social cohesion rather than market principles that dominated the old architecture.
European transnational corporations are praised as "engines" of Europe's growth economy, however extensive research on the activities of 25 flagship companies have revealed evidence of labour abuses, deforestation, corruption, and attacks on human rights defenders.
The backlash from business and the opposition against Bolivia's trade policy with the EU was shrill enough to suggest that Bolivia had announced the end of external trade. Yet the Bolivian government's position is based on experience of the heavy costs of free trade for the majority of its citizens.
The structural adjustment policies of the Bretton Woods Institutions [the World Bank and the IMF] have for decades caused untold harm to people and nature. Their implicit or explicit cooperation with the TNCs cannot be denied. For all these reasons, we demand that European governments take responsibility for their corporations and cease their support for their predatory activities in Latin America.