Search Result(s)

WTO Conflict with Financial Re-Regulation

The General Agreement on Trade in Services does impose limits on many developing countries’ ability to regulate the financial sector. A response to the article “Regulatory Freedom under GATS: Financial Services Sector” by BK Zutshi, which argued otherwise. (by Todd Tucker and Jayati Ghosh)

Liberalisation of Financial Services - by Stephen Woolcock

"Negotiations on a permanent agreement on financial services in the GATS are scheduled to be completed by mid December 1997. The prospects of success this year are better than in previous attempts in 1993 and 1995, but there is still much to do in a short time and still much work to be done. The current negotiations are shaped by compromises made during the Uruguay Round negotiations in order to get both developing country and US support for the approach adopted in the GATS. These compromises mean that there is no internal, liberalising dynamic in the negotiations. For the negotiations to succeed it is therefore necessary for all the key participants, which in the case of financial services effectively means some 30 WTO Members, to show the political will needed. "

GATS and Financial Services: Redefining Borders

"The First Annex brings financial services into the GATS definition of trade in services. Services conducted by a governmental authority, including central bank functions, statutory schemes for social security and retirement funds, and other government activities are excluded from the definition of services provided that such government does not permit private sector competition in the relevant area.' Members are permitted to retain a "prudential carve-out." That is, measures created for prudential reasons such as the protection of either depositors or financial system integrity are permitted so long as such measures are not designed to defeat the commitments under GATS. As with NAFTA, the prudential carve-out may have important implications: it will be the basis to defend virtually all actions in the financial services sector that are the subject of a dispute."

Analysis of TISA's Annex on Financial Services

By Jane Kelsey - This is an excellent analysis of the aims of this far reaching and anti-democratic "agreement" that *nobody* would agree with. It is nothing less than a global coup that lowers global standards to a least common denominator, shredding professional standards, accountability and expectations of fairness in financial services, and lowering wages and working conditions. Note: Don't confuse this Annex with GATS' Annex on Financial Services.