cover image: Nobody's poster child : Why the "Canadian model" cannot be used to promote financial liberalization at the World Trade Organization

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Nobody's poster child : Why the "Canadian model" cannot be used to promote financial liberalization at the World Trade Organization

6 Jul 2010

However, One aspect of the current Doha Round of negotiations unlike in the US and UK where century-old institutions to expand the WTO involves getting countries to did not survive, in Canada all of the dominant banks further liberalize their financial sectors. [...] The U. S.-based group Public Citizen criticized the G20 for calling for completion of However, to quote Martin Wolf, the 2008 financial the Doha Round “given one of the three core pillars meltdown was “no crisis of backwardness, but one of the agreement is further service sector deregulation of sophistication.” Although developed countries and liberalization, including financial services.”13 Third [...] According to Lamy, it was lax regulation of the US mortgage sector that contributed to the crisis, but Protecting the Doha Round tighter standards on the other side of the border meant sub-prime loans were not as big of a problem.20 WTO Director Pascal Lamy has attempted to address the threat the financial crisis posed to the Doha Jeffrey Shafer, Vice Chairman for Global Banking Round by claiming [...] In a speech to a business sometimes because of the unintended consequences lobby group, Lamy claimed: “As you all know, in the of regulatory responses, and sometimes because of a world of the GATS, ‘liberalization’ is essentially about desire to cut off from the outside.” He said the financial opening specified sectors to competition on a non- crisis was due to “homegrown mistakes in the US” discr [...] Although it may instead that “It relates to the fact that the country has a be commonplace currently for the Canadian banking deeply rooted and highly concentrated national multi- system to be extolled as a model for the world, purpose system of branch banking with a captive deposit Canada has come under increasing pressure over base and less leakage to other financial institutions that the past t
government politics economy finance international trade trade agreements canada international finance banking banking law banks business deregulation financial services international relations investments liquidity securities bank mortgage wto nafta capital requirement foreign banks capital requirements subprime doha round loan market doha development round financial crisis of 2007–2008 foreign bank

Authors

Gould, Ellen

Pages
10
Published in
Canada

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