We are seeing a paralysis in world trade, not because of protectionism, as in the 1930s, but because of the absence of trade finance, so essential to commerce in today’s world.
Trade issues are dealt with by the WTO, but closer ties need to be established with the IMF and the World Bank, given that global imbalances have both a trade and a financial dimension. Another thought is that in a globalised world all countries tend to become smaller and more open, and serve as less of an anchor for economic policies.