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Lack of focus hampers crisis fight
By Fu Jing
Published: Nov 29 2011 8:35
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GENEVA - Distracted by their own domestic concerns, global leaders do not have the energy to fully concentrate on world economic problems, said the chief of the World Trade Organization (WTO).

"Frankly, things do not look good," said Pascal Lamy, WTO director-general, in an exclusive interview with China Daily.

"The capacity of global leaders to address the problem is too weak."

Because of that, Lamy said, the unfolding wave of global economic crises will be less violent but more durable compared to the last major crisis in 2008-09.

The stubbornness of the crises has weakened the authority and legitimacy that leaders require to bring about global solutions.

"You have to compromise. This is for the moment a vicious circle. Their capacity to drive globally is weakening," said Lamy.

He said the political leaders have to focus more on where they are accountable, which is their domestic affairs. "There is no global accountability, no global voter. As a result of that, the energy which is available in the international system to compromise and converge is not 100 percent of what I want, only 70 percent," said Lamy.

Speaking prior to a celebration marking China's 10th anniversary of its entry into the WTO, Lamy said the outlook for the global economy has worsened considerably in recent months, especially amid the European sovereignty debt crisis.

But for Lamy, the world has seen two crises: an economic crisis and a crisis in global leadership.

"If you have both, it is worse. These two things, unfortunately, synchronize each other," Lamy said.

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