Abstract The internationalisation of the euro is in its initial stages and it is still difficult to draw any definitive conclusions regarding its scope and its implications for Latin America. Indeed, the emergence of an internationally used currency is slow and subject to inertial forces. Nonetheless, several fairly robust conclusions can be inferred from the results of the document. The most plausible medium- to long-term international scenario seems to be development of an asymmetrical duopoly between the euro and the dollar. In a context of scant international monetary cooperation, th…
Executive Summary The global economy is experiencing a recession, which originated in the United States and is affecting developed and developing economies alike. Between the second and third quarter of 2001, the United States GDP growth rate decreased from 2.6 per cent to 1.2 per cent. For the same period, the European Union's GDP growth rate declined from 2.4 per cent to 1.7 per cent. For Latin America and the Caribbean the growth will fall from 4 per cent in 2000 to 1 per cent in 2001. A central issue regarding the current recession is whether it will be short lived or rather …
The provision for special and differential treatment favoring developing economies in multilateral trade agreements recognizes that countries compete on an unequal footing. Special and differential treatment can be traced to early development theories and to the reports of the preparatory committee for the formation of the International Trade Organization (ITO). The General Agreement on Tariffs and Trade (GATT, 1947) addressed developing countries' needs for an asymmetrical treatment in international trade relations. Later on, the incorporation of Annex IV to the GATT (1964) p…