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| The recession that has gripped the economies of developed and other countries has finally exposed the flawed foundation of an economic policy that propagates genuflection to market forces as a foundation of growth and development.This is according to Speaker of the National Assembly, Ralph Ramkarran, who yesterday in an impressive presentation told the gathering at the opening of the third Regional Meeting of the ACP-EU Joint Parliamentary Assembly, that the freedom, which has been given to the market, under various guises, such as the Washington consensus, globalization and others to weave its allegedly wondrous magic brought forth speculations and insecurities.This led to the derivation of increasingly complex and ‘obscure kinds design’ to promote speculation, gambling and greed to higher and higher levels without controls and transparency of any kind, he said.The manufacturing of credit rather than goods and services to aid speculation has led the region and the ACP countries into economic strains.“We in Guyana, this region and the developing world had no part in the growth of this fragile bubble of speculative financialisation but we and the poor in developed countries are its unwilling victims,” the Speaker said.Today, the region’s capacity and ingenuity are being challenged to find innovative ways of keeping its economies turning over in the face of a dramatic reduction of investment resources, contracting markets and falling commodity prices, while at the same time having to deal with the legitimate demands of the people.ACP-EU countries are also adversely affected by the instability created terrorism, the wars in Iraq, Afghanistan and against the Palestinian people.“Apart from their devastating impact on human life,Fc Bayern München Fanshop, human rights and human development, they (the conflicts) resulted in the diversion of resources from development to destruction. An end to terrorism and an early resolution of these and other conflicts will boost development and reduce poverty worldwide.”The two-day meeting of the third Regional Meeting of the ACP-EU Joint Parliamentary Assembly began yesterday.Topping the agenda will be the recent Economic Partnership Agreement that the ACP/Cariforum countries signed with the European Union, the global financial crisis and climate change. |
