[9167]
August 14, 1997
TO: INTERNATIONAL COMMITTEE No. 28-97
RE: DEPUTY TREASURY SECRETARY SUMMERS’ SPEECH ON WTO
NEGOTIATIONS
______________________________________________________________________________
Attached is a copy of a speech given on August 12, 1997 by Deputy Treasury Secretary
Lawrence H. Summers on "Building a Global Financial System for the 21st Century."
In the speech, Secretary Summers emphasized the Administration’s determination to
obtain improved commitments to liberalization from emerging economies as a condition for US
willingness to sign a WTO financial services agreement. Secretary Summers also expressed the
strong view that Thailand’s recent problems were not caused by foreign investors or the
openness of Thailand’s financial markets and that the agreement the US seeks in the WTO
would not involve emerging markets committing themselves to liberalizing or deregulating
financial systems in a way that would jeopardize their financial stability.
Mary S. Podesta
Associate Counsel - International
Attachment (in .pdf format)