Financial Regulatory Forum

Few post-crisis restrictions in finance trade-WTO

By Jonathan Lynn

GENEVA, Feb 9 (Reuters) – Few measures have been taken to curb trade in financial services in the wake of the crisis although the volumes have dropped sharply, according to a study by the World Trade Organization.

But measures to support troubled institutions will need to be unwound carefully to avoid distorting competition, the WTO said in an restricted report to members, dated Feb. 3, a copy of which was obtained by Reuters.

“The financial crisis does not seem to have prompted a widespread introduction of trade restrictions in financial services,” said the report by the WTO secretariat, prepared at the request of members.

With only a few exceptions, countries maintained policies regarding typical market access limitations such as foreign equity caps or incorporation requirements.

While some countries such as India slowed down previously announced liberalisation plans, others such continued to open up financial services markets, such as Malaysia, which announced a broad liberalisation package in April 2009, it said.

EU leaders at G20 to seek bonus curbs, retained stimulus

Romania's President Traian Basescu (L) is welcomed by Sweden 's Prime Minister Fredrik Reinfeldt  at an informal summit of European Union heads of state and government in Brussels September 17, 2009. EU leaders met to coordinate the EU's position ahead of the G20 Summit in Pittsburgh.   REUTERS/Yves Herman By Darren Ennis and Jan Strupczewski
BRUSSELS, Sept 17 (Reuters) – European Union leaders agreed on Thursday to seek curbs on bankers’ bonuses at next week’s G20 summit and said they wanted evidence the recession is over before they stop spending to prop up their economies.


G8 plus G5 agree to conclude Doha in 2010 – draft

World Trade Organization Director-General Lamy    (The following story contains no dateline to protect the sources of the information) 
    July 7 (Reuters) – G8 leaders plus Brazil, India, China, Mexico and South Africa will agree at a summit on Thursday to conclude the Doha round of world trade talks successfully in 2010, according to a draft communique seen by Reuters. (more…)