Trade Organization: Group of Twenty must make progress on currency reform

10.6.2011 | (Voice of Iraq) - (Reuters) - Pascal Lamy, WTO chief should be on a twenty to achieve progress in the coordination of the reform of the international system of currency and to avoid unilateral measures which will lead only to damage international trade.
Lamy said that he If the failed summit meeting of the Group of Twenty which is slated for in France next month to take a step towards closer cooperation on macroeconomic policy will likely be a trade is the scapegoat for the failure of systematic. made ​​Lamy comments in a speech in Berlin and published the WTO text on Thursday . He said, "monetary policy does not operate in a vacuum. can not be used to serve the national interest that were not working to serve the global interest. the only way to achieve this is through international cooperation." Lamy added, "That is why we need to make the Group of Twenty developed the issue of reform of the international system of currency ... the attempts of individual to change or maintain the status quo will not work. It was the best thing worse is that everyone's actions could spark a series of reactions revenge will be where all the states lost. " raised Brazil's surprising trade diplomats in Geneva when the indicated that it can address the imports denominated in currencies weak in the same way they are reflected on the flooded their markets to goods unfairly. Brazil asked also from other members of the World Trade Organization - which includes 152 members - support the study of the interaction between trade and currencies, which are seen widely as a first step in a gradual process to prevent the use of currency as a weapon in trade.