IN a
seminar on Exchange Rates and Trade organised at the WTO, Pascal Lamy, the
Director General said that the international community needs to make headway on
the issue of reform of the international monetary system. He pointed out that
unilateral attempts to change or retain the status quo will not work. He said
that the reason of the seminar is to examine the subject in a rational way, and
avoid finger-pointing and frustration, which can only influence ill-designed
trade policy responses. Mr. Lamy stressed that there is an urgent need of an
international monetary system which supports cross-border investment and a
better allocation of capital across nations and which “facilitates international
trade” and also inspires confidence, offers stability and monitors exchange
rates more efficiently. All these issues that the nations are facing require a
mix of cooperation in the macro-financial field and proper domestic policies
which lie outside the remit of the WTO said the Director-General.
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