JUSTIÇA DE SÃO PAULO DETERMINA QUE O MUNICIPIO AUTORIZE A EXPEDIÇÃO DE NOTAS FISCAIS ELETRÔNICAS.
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18 de abril de 2024The head of the World Trade Organization, Pascal Lamy, said he is worried that the Group of 20 leading economies hasn’t yet demonstrated its ability to handle international financial regulation, leaving a big gap in efforts to prevent another major banking crisis.
The G-20 is the body bringing together major economies from the industrialized and developing world that has described itself as “the premier forum for international economic cooperation.”
The group’s summits—the next is scheduled for Toronto in late June—set guidelines on finance and banking regulation.
Mr. Lamy said in a speech to a conference in Bahrain on Sunday that the G-20 has “not yet, visibly, filled the regulatory gap in international finance that was the main cause, if not ‘the’ cause of the financial explosion.”
In an interview afterward, he said sound financial regulation is of “systemic importance” to the global economy, and was linked to governments’ monetary and fiscal policies. But so far, tangible progress on international coordinated financial regulation was limited.
“It’s worrying. In my view that’s the big hole,” he said.
In the immediate aftermath of the crisis, leaders issued statements of broad principle but officials say that as discussions delve into detail of financial regulation, many differences are rising among members, including on basic issues such as how to define bank capital and assets. Significant gaps have opened on some of these issues between the U.S. and some European governments, officials say.
Some also say the groups that negotiate the technical details of the guidelines laid down by G-20 leaders—the Financial Stability Board and the Basel Committee—have become too unwieldy, making agreement difficult.
There also have been questions of the group’s legitimacy. Mr. Lamy has said before the self-appointed body has too heavy representation from Europe. It isn’t clear what incentives exist for other countries to follow the rules set by the G-20.
Mr. Lamy said the role of the G-20 “lies in providing leadership to address key economic governance issues.” He added: “Decision-making belongs in the treaty-based organizations” such as the International Monetary Fund and United Nations bodies, he told the conference organized by the International Institute of Strategic Studies.