There is a fundamental shift taking place in the world economy to which the multilateral trading system has failed to … interests largely in the rich countries, is running out of steam; (ii) the world economy is moving broadly from conditions of …

dealing with undervalued exchange rates. This paper proposes new rules in the World Trade Organization to discipline cases of … WTO's enforcement mechanism is credible and effective. The World Trade Organization would not be involved in exchange rate … advantage of the two institutions, with the International Monetary Fund providing the essential technical expertise in the World …