International management of currency misalignments dates back to the days of the pre‐ World War Two gold standard. Then major currencies were fixed, and, at least post World War Two, the International Monetary Fund (IMF) acted as a ‘referee’ to policy systematic under‐valuations designed to secure competitive advantage in international trade. Since the early 1970s, after the collapse of the Bretton Woods System of fixed exchange rates, major currencies have floated and efforts to coordinate amongst the foremost powers defaulted to the relatively cosy G7 club of advanced democracies. That world is long behind us. Now we confront a world of massive quantitative easing in advanced countries, and deliberate currency undervaluation in significant emerging markets, particularly in Asia and notably by China. The G20 has proved incapable of coordinating amongst a now diverse group of major powers, and the IMF has lost its central role. Yet the effects of currency movements, whether they constitute ‘manipulation’ or not, on international trade remain important and a constant source of international tension. Consequently these issues were recently introduced into the World Trade Organization (WTO), by the Brazilian government in particular, albeit with muted results to date. Can a multilateral solution be forged? And what is the role of the WTO?

Aluisio de Lima‐Campos, Adjunct Professor at American University’s Washington College of Law will deliver the main presentation, which will be followed by a short panel discussion

Date: 19 February
Time: 09h30 for 10h00 – 12h00
Venue: SRC Chambers (see building 50 on the attached map)
RSVP: Mrs Wilma Martin (012 420 2034 / [email protected])