Pedro Páez Pérez - ENA 2011 (Es+En+Fr)

Uploaded by attactv on 28.08.2011

Pedro Páez Pérez Economist /Former Minister Ecuador
Contrary to official rethoric and the dominant discourse
in the Media, sustaining and making the public believe
this crisis has not provided important lessons to the authorities,
on the contrary,
there is a powerful agenda coming forward at great speed
in all institutional fronts
which control power
taking all popular sectors by surprise.
The interests of the trans-national financial oligarchy
linked to the speculative project
have a millimetric precision
in the way they are advancing in several areas
one of them is the problem of financial regulation.
around three years ago, there was consensus among world leaders
regarding the urgency of financial regulation
almost all proposals, almost all projects have vanished over time
and perhaps, the most importan achievement, the Law Dodd-Fank in the U.S.A.
has been tied hand and foot with an enormity of exceptions
in its 2300 pages, opening great possibilities of prudential avoidance
same can be said about any delusions one might have
regarding the role of the Basel Agreements, Basel 3
because it of little use to establish stricter mechanisms
of prudential regulation, stricter controls of certain banking indicators
we have banks, a number of banks who receive massive resource injections
almost without limit, some explicit others implicit
while other banks, not by coincidence, the smaller ones, those
linked to the community, more involved in the reproduction of the
production process, big or small, in some instances capitalist and
monopolisitc in other cases, who do not have that secure source of resources,
Under those conditions, what it is causing
is a very aggressive process
of acquisions and mergers which will further concentrate power
in the same speculative groups who originated the crisis in the first place.
If we translate this to a most unsuspected place,
such as the World Trade Organization
well... there is reason to be scared
because once rates, tariffs, have been lowered just about in the whole world
the strategic offensive interest within the WTO
has much to do with what is known as Shanghai issues
Investments, Copyright laws, Services
and, the subject of financial services appears over and over
disguised under other descriptions
The point, paradoxically, has reached the scandal level
Precisely when the intention of ending the Doha Round
was defeated about two months ago,
instead of this being a process of meditation,
which may allow time for coordination, of discussion, debate
to further local and national capacities,
a space for politics to deal with the crisis
It has been a pretext to lash out with an extremely radical
program of neoliberalisation which include mechanisms
under the term "early harvest" which allows that
any already achieved consensus in preliminary negotiations
may be applied immediately
without an overview
and without having concluded negotiations
Inside these "early harvests" there're such serious issues as obstacles
to National States to recover their power of financial regulation specially
in an environment in which financial innovation appears by different names,
new dangers to the macroeconomic and financial stability of economies, but
it also goes as far as proposing total deregulization of accounting standards
at a time in which both financial and non financial corporations
are trans-national, not being able of having a mechanism, a consolidated instrument of
supervision to allow comparing balance sheets in the
matrix country and the country where the branch is,
may give way to very dangerous situations which may generalize
and intensely stimulate accounting frauds
Right now we have overwhelming evidence of account fraud of Banks,
of Transnationals, of Risk Rating Agencies, of the States themselves and,
on this evidence it is now intended to, under a banner of freedom and
deregulation, a complete chaos, in accounting rules
in presentation of balance sheets?
Well, the integrity of balances is being broken, the very principle of
of private property is being endangered by these type of excesses
I call upon European Civil Society to coordinate efforts with Social Movements in
Latin America and with progresist governments in Latin America
who have launched a campaign within in the heart of the WTO itself, in fact
we have already presented a hearing 2 months ago and we are calling on
a number of movilizations to meet with Civil Society in September so as to
reach the Ministers' Summit in December,
the World's maximum authority within the World Trade Organization
including in the Agenda the need of looking very carefully
the effect of safeguard attacks by banks with the huge
injections of liquidity which are creating financial bubbles,
the increase of opacity, produced by the lack of decisions in terms of regulation
and the boldness with which this oligarchic agenda is moving, gaining
ground even in such unsuspected fields such as
the World Trade Organization. Thank you so much.
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Subtitles: Araceli Fernández Prieto