There is little doubt that potential gains from free and equitable multilateral trading system far outweighs the costs, and, therefore, it is of utmost importance that the international community endeavour to reach a mutually agreed agenda within the WTO framework.
After the outbreak of the crisis, the heightened financial instability had a serious direct impact on the real economy. As a new economic phenomenon that runs in the face of conventional wisdom has emerged, discussions on re-establishing the monetary policy operating framework are underway in a direction that strengthens central banks’ financial stability function.