In the medium term, though, it will certainly prove illusory and destructive, as indeed it did in the 1930s. In November, the G20 countries vowed to keep their markets open, a commitment that was reaffirmed at the meeting of G7 ministers and central bank governors in Rome a few days ago. However, some worrying signs have appeared in recent months.
In December, attempts to reach an agreement to conclude the Doha Round of multilateral trade liberalization negotiations failed. Some emerging countries have raised customs duties or initiated anti-  BIS Review 22/2009  3  dumping actions. So far, such interventions have been limited and for the most part within the range permitted by multilateral regulations.