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Contribution by BIAC Secretary General Tadahiro Asami to the OECD Global Standard Blog18 August 2009 The business community welcomes the discussion to develop a Global Standard, now referred to as the “Lecce Framework”, initiated by Italian Finance Minister Tremonti and recently supported by the G8 and the OECD. In our view, the OECD has a leading role to play in this process.The Lecce Framework initiative reflects serious concern over the magnitude and global nature of the current...    MORE
-- by Amb. Giampiero Massolo, Italian Prime Minister’s Personal Representative for the G8 and G20 Secretary General of the Italian Ministry of Foreign Affairs      The Global Standard/Lecce framework aims to respond to a need acutely felt since the beginning of the global financial and economic crisis. One of the things we have discovered through these troubled times is that the extent of irresponsible risk taking, of tax evasion, of free riding – sometimes verging...    MORE
-- Kimon Valaskakis PhDKimon Valaskakis is a former Canadian Ambassador to the OECD President of the New School of Athens and emeritus professor of economics at the University of Montreal.Without Law there is no civilization. This principle is well known and applied in all national states where a central organization called a ‘government’ establishes and enforces rules to regulate the economy and society. Yet, at the international level, we seem to lay aside this idea and under the system...    MORE

Looking Beyond the G8

Posted by Guy RYDER Jul 23, 2009
- by Guy Ryder, General Secretary, International Trade Union ConfederationAs John Evans commented last week, the G8 Finance Minsters’ “Lecce Framework” for a “Global Standard of Common Principles of Propriety, Integrity and Transparency of International Economic and Financial Activity” provides a welcome focus on intergovernmental regulation via instruments that govern private sector conduct. We too believe it vital that the OECD Guidelines for Multinational Enterprises...    MORE
John Evans, General Secretary TUAC (Trade Union Advisory Committee to the OECD) The Report of the Finance Ministers’ Deputies to the G8 Finance Ministers meeting, held in Lecce in June 2009, called for “a rethinking of the foundations of the global economic and financial system” in the light of the “worst crisis since the Great Depression”. Given the appalling human cost of the crisis - a probable 60 million more people unemployed globally and an extra 230 million pushed...    MORE
by Alberto Mazzoni - Professor of Commercial Law, Catholic University, Milan The “Lecce Framework” of June 13, 2009 has once more confirmed the common intention to overcome the regulatory deficit showed by the actual financial crisis by way of setting or reinforcing common principles and standards on conduct of international business and finance. This intention must be supported by new ideas and proposals but must also build on existing initiatives, since a number of international standards...    MORE

Towards a Global Standard

Posted by Paul HOHNEN Jul 16, 2009
Paul Hohnen is an Associate Fellow of the Royal Institute for International Affairs (Chatham House) The attention which the 2009 G8 Summit gave to a Global Standard is to be welcomed. First, because it is and will always remain the final responsibility of government to shape standards, whether legally binding or voluntary. Second, because the process offers an opportunity to review existing principles and standards and to identify how well these are implemented. Thirdly, to be effective,...    MORE
by Giovanna De Minico, Professor of Public Law, University of Naples “Federico II”, ordinary member of Conseil Superior of the Communications. I would like to start by saying that though I share the basic spirit of this initiative and its twelve principles, I would moderate an excess of enthusiasm because the successful outcome of the regulatory action depends on its successive implementation. In fact, such generic principles do not go beyond the mere manifestation of intentions,...    MORE
Roger McCormick - Director, Law and Financial Markets Project, London School of Economics              Prior to the Crisis, London’s success (and the stability of the UK financial system) was built upon the relationship between market participants, those who regulate them, and those responsible for the laws that apply to market transactions. This will remain the case. Although any successful marketplace needs more than just a...    MORE
Prof. Valerio De Luca, Visiting Fellow, London School of Economics, Department of Law.President, International Academy for Economic and Social Development, Rome-Luxemburg.The current global financial crisis, actually determined by financial engineering innovation and by deregulation policies, is collectively believed to have caused the “Wall Street” slump.   In this way, the free-market paradigm collapsed from the inside – meaning by free-market a mechanism able to self-regulate...    MORE
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