This means that the multilateral trading system is deeply implicated both in containing the effects of the crisis, and in returning the world economy to the path of growth. The past eighteen months have tested the resilience of the trading system, and our Members' commitment to it. So far the architecture has tested sound. There has been no backtracking on obligations under the WTO Agreements. That is why the success of the WTO's Third Ministerial Conference next year is so important.
Governments are already committed to start new negotiations in agriculture and services.
Unless we restore a climate of confidence and stability in the international monetary and financial system, it will be difficult for our Members to contain protectionist pressures, let alone to move the trade agenda forward. That is why I strongly believe it is necessary to hold a joint meeting of trade and finance ministers in the course of preparing for the next WTO Ministerial Conference in 1999. Calming uncertainties about exchange rate movements is a key factor in restoring confidence among producers and investors world-wide. In this regard, the introduction of the Euro will be a defining event. It is critical that the Euro act as an additional anchor of stability for the international monetary system.