The dire consequences of the secret treaty to deregulate the global financial markets

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Beginning in 2013, representatives of the United States, the European Union on behalf of its 28 member states, along with more than 20 other countries have been regularly meeting in Geneva to secretly negotiate a future treaty for the liberalization of the international services market, called the Trade in Services Agreement (TISA). By far the largest single sector of this market is that of financial services, which the treaty plans to deregulate on despite all the evidence provided by the global financial crisis of the folly of such a move. The details of the treaty have until now been kept secret from public scrutiny, but for the recent revelation by WikiLeaks of the draft text of the treaty’s Financial Services Annex. To understand the full implications of the opaque dealings in Geneva, Martine Orange turned to Dominique Plihon, a former advisor to the French government on economic issues, alter-globalization militant and a professor with Paris-XIII university specialized in the financial economy.

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WikiLeaks divulged the draft text of the TISA Financial Services Annex last month (see document below), revealing a raft of proposed deregulation measures that would snuff out all action to rein in the financial sector’s practices following the financial and economic crisis that burst in 2008.