Regionalism – the South’s exit strategy from the global crises

UNCTAD Secretary-General Dr. Supachai Panitchpakdi has strongly emphasized regionalization in the global south as an overriding priority in the current global crisis writes *Gyekye Tanoh.

Speaking at UNCTAD’s first ever Public Symposium held 18 and 19 May 2009 on: ‘The global economic crisis and development – the way forward’, Supachai gave particular prominence to regional-based initiatives such on regional trade integration in Latin America and Asian financial integration. 

            He stated: “I cannot emphasize enough the need for regional activities at this moment. I certainly would attach the greatest importance to regional initiatives for integration, not Free Trade Areas. More integration at the regional level, including financial integration – local payment systems, pooling of reserves, and the swap system among central banks – these are all important aspects of regional financial integration measures. More of these are needed”.

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