The United Kingdom is home to a particularly influential services industry lobby, which operates through an organisation called International Financial Services, London (IFSL). Two IFSL working groups, the Liberalisation of Trade in Services (LOTIS) Committee and the High-Level LOTIS Group, constitute a veritable corporate-state alliance.
Today, just as faith in deregulated markets has evaporated in the nightmare on Wall Street, so too is the long reign of market fundamentalism (or neoliberalism) ending in the development arena. And, a debate over the best route to development has returned.
An international financial architecture will be new if it is aimed at strengthening their members’ capacity to plan and manage sustainably their own endogenous, democratic and sustainable socioeconomic and human development.
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.
Spearheaded by the current President of the UN General Assembly Miguel D´Escoto Brockmann, the UN Conference on the Financial and Economic Crisis and its Impacts on Development took place from June 24-26, 2009.
As the world is still assessing one of the most violent shocks in international financial markets ever, and measures to avoid future financial crises are still not in place, developing countries should be cautious of dangers associated with further liberalisation of their financial sectors.
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.
Talk of the dangers of trade protectionism is used by European politicians to obscure the need for protection from transnational corporations whose control of European trade policy continues to cause negative social and environment impacts. Susan George and Myriam Vander Stichele debate MEP Ignasi Guardans and Chief Economist DG Trade, Gaspar Frontini, in TNI's Debating Europe series.