Saturday, March 31, 2007

An OECD for the Americas?

Bank of Canada's Dodge Says Americas Need an OECD-Like Forum
Greg Quinn and Alexandre Deslongchamps
March 29, 2007

Bank of Canada Governor David Dodge stated earlier this week that the Americas should have an organization modeled after the Organization of Economic Cooperation and Development, where nations can meet and exchange ideas. Dodge believes that in recent times, the U.S. and Canada have focused their attention on China and other Asian nations instead of promoting economic growth and development at home. Dodge envisages the role of his proposed organization as encouraging sound monetary, financial and fiscal policies. Also, his proposed organization would have a mandate of advocating countries such as the United States and Canada to open their markets to products from Latin American nations and push for the resumption of the Doha round of global trade talks.

1. Do the Americas need an organization similar to the OECD? What role would such an organization play that is not already played by other multilateral institutions such as the IMF and the World Bank? Would there be any risk of institutional overlap?
2. What would be the voting structure of such an institution? Would the developing nations in the Americas support the creation of such an organization?
3. What would be the major impediments to the creation of such an organization?

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