The politics of the bloc will be fascinating to watch unfold. But this explains why no one is particularly interested in the WTO meeting. The real name of the game in a de-synchronized global economy is not the creation of global institutions, but the creation of regional institutions that function in synch with the regional business cycle. In a de-synchronized world, integrated global trade and financial policies are impossible. The needs of each region and nation are so wildly different that most nations can't afford to sit at the table.
Regional policies become much more realistic.
What emerges are regions that possess tremendous tensions and that are in continual friction with other regions. Economic inefficiencies resulting from controlled capital markets increase divergences within and outside the bloc. Yet, the economies remain linked. What one does affects the other. Tensions among and within the blocs grow, beginning as economic tensions, then turning into political tensions.