WTO Head Seeks Reform To Tame Global Exchange Rates

Law360, New York (March 27, 2012, 3:58 PM EDT) -- The head of the World Trade Organization, Pascal Lamy, on Tuesday called on countries to reform the international monetary system to enhance global trade by working to reduce fluctuations in foreign exchange rates.

WTO Director-General Lamy, speaking in Geneva at the organization's seminar on exchange rates and trade, said problems stemming from volatile exchange rates, including the dampening of international trade, could not be solved only by trade policy, especially because some countries currently adopt protective stances to try to counteract fluctuating currency rates.

“Clearly, with...
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