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Lamy: A new triangle of global governance emerging
Speech by Pascal Lamy at University of Warwick, UK
15 July 2009
WARWICK - WTO Director-General Pascal Lamy, in a speech after receiving an honorary degree from the University of Warwick in the United Kingdom on 15 July 2009, declared seing the emergence of a new triangle of global governance.
After analysing the potential negative effects of the financial crisis on globalisation, Lamy insisted on the fact that the multilateral trading system was needed more than ever. "Even if we believed that all crisis phenomena were cyclical and that we would soon be able to resume ?business as usual?, we would still need a strong regime of international cooperation to exit the crisis. But when we add the strong likelihood of secular change ? that policies and behaviour in the financial sector will be modified to avoid a replay of the forces that generated the crisis, that ways of doing business may change, that new economic structures and patterns of exchange are evolving, and that public attitudes are likely to exert new influences on governments, this gives us a second reason for reinforced and more effective international cooperation. There is also a third reason. The imperatives of changing economic, social and environmental circumstances, along with the shared global challenges of addressing development and poverty, mean that the nature and substance of cooperation is always changing too", Lamy said.
On the role of the WTO and the system of international governance, Lamy declared "I see a new triangle of global governance emerging that we need to strenghten. A 'triangle of coherence'. On one side of the triangle lies the G20, providing political leadership and policy direction. On another side lie member-driven international organisations providing expertise and specialised inputs whether rules, policies or programmes. The third side of the triangle is the G-192, the United Nations, providing a forum for accountability".