Fadhil Chalaby , an Iraqui intellectual, for ten years at the helm of OPEC and friend of Zaki Yamani, the long standing Oil Minister of Saudi Arabia , tells the story of the debate and contradictions within the Orgnization.
The globalization looked as an irreversible process, but it has been deeply upset by the crises of the last decade, and the classic international division of labor doesn’t work anymore. National states are coming back.
Risks of sovereign debt default around the world are increasing. Alternative policies exist, but they have to be agreed and coordinated at a global level.
A tranche transfer of national debt of up to 60 per cent of GDP should be to the ECB which has higher credibility on markets than a debt agency such as the EFSF.
