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UNCTAD Calls for New Exchange-Rate Management

Blind faith in free markets failed

More effective regulation and supervision of financial market activity is indispensable to prevent a repeat of the current global financial and economic crisis. But equally important is a reform of the international monetary and financial system aimed at reducing the scope for gains from currency speculation, and at avoiding large trade imbalances, concludes the new Trade and Development Report (TDR). WDEV summarizes UNCTAD’s approach to such reform.

The first part of TDR 2009 presented here is subtitled "Responding to the global crisis" (the second part deals with "Climate Change Mitigation and Development"). According to the study, the current global financial and economic crisis is a reflection of the predominance that purely financial activities have gained over real productive activities. Blind faith in the efficiency of free financial markets lured governments and regulators into underestimating risk and pursuing excessive deregulation. The result was that private agents could engage in extreme leveraging and create havoc in national and international financial systems ...

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