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Business as usual? : how free trade agreements jeopardise financial sector reform
Document type: report
Download file(s):
205614 (201 KB)
Abstract:
The recent financial crisis has led to widespread recognition of the need to re-regulate the financial sector and reverse financial liberalisation. Yet the current wide-ranging financial reform agenda in the European Union (EU) and other countries is in sharp contrast with the pre-crisis model still being applied in free trade negotiations. The negotiations in the General Agreement on Trade in Services (GATS) and other Free Trade Agreements (FTAs) continue to liberalise trade and investment in a wide range of risky and non-risky financial services as if the financial crisis never happened. As a result, trade rules can be in contradiction with new or proposed EU financial regulations. This is illustrated in this paper with specific examples from the GATS, the Cariforum-EU Economic Partnership Agreement (EPA) and the EU-South Korea FTA. This discussion paper aims to stimulate the public and political debate about the need to change direction in the ongoing GATS and FTA negotiations on liberalisation of financial services.
Authors:
Vander Stichele, M.
,
Os, R. van
Series Title:
SOMO Paper
Category:
Research
ISBN:
978-90-71284-71-7
Serial number:
December
Keywords:
finance
,
international cooperation
,
trade
Language:
eng
Organization:
SOMO - Centre for Research on Multinational Corporations
PAGE:
15
Place:
Amsterdam
Publisher:
SOMO
Year:
2010
Right:
© 2010 SOMO
Subject:
Economic Development and Trade
Title:
Business as usual? : how free trade agreements jeopardise financial sector reform