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Regulatory Freedom under GATS: Financial Services Sector
B K ZUTSHI
Economic and Political Weekly
Vol. 46, No. 46 (NOVEMBER 12, 2011), pp. 68-82
Published by: Economic and Political Weekly
Stable URL: http://www.jstor.org/stable/41319408
Page Count: 15
You can always find the topics here!Topics: Financial services, Economic regulation, Trade agreements, Market access, Developing countries, Financial transactions, Regulatory reform, Economic capital, Financial regulation, Trade regulations
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The 2008 financial crisis and the rescue of big firms, costing trillions of dollars to taxpayers, has created a strong global push for the restructuring and re-regulating of big banks and financial firms. This has produced two reactions: on the one side, heavy lobbying by banking and financial firms to block reforms and weaken enforcement. On the other side, a campaign by some northern NGOS, one or two members of the World Trade Organisation, and the latest by the United Nations Conference on Trade and Development, about the General Agreement on Trade in Services posing impediments for reform and the need for rule changes to overcome them. This paper finds the campaign to change GATS misguided and meritless. The GATS provides near-total freedom to regulate the financial services sector for prudential reasons and to ensure the integrity and stability of the financial system. The changes being proposed will be against developing country interests, mess up the GATS and impact its integrity as a viable trade agreement.
Economic and Political Weekly © 2011 Economic and Political Weekly