When rules and principles are not enough: insiders’ views and narratives on the global financial crisis

Much has been written about Wall Street and the global financial crisis (GFC). From a fraudulent derivatives market to a contestable culture of banking bonuses, culpability has been examined within the frames of American praxis, namely that of American exceptionalism. This study begins with an exploratory analysis of non-US voices concerning the nature of the causes of the GFC. The analysis provides glimpses of the globalized extent of assumptions shared, but not debated within the globalization convergence of financial markets as the neo-liberal project. Practical and paradigmatic tensions are revealed in the capture of a London-based set of views articulated by senior financial executives of financial service organizations, the outcomes of which are not overly optimistic for any significant change in praxis within the immediate future.

A reconstructed Siberian High index since A. D. 1599 from Eurasian and North American tree rings

The long-term variability of the Siberian High, the dominant Northern Hemisphere anticyclone during winter, is largely unknown. To investigate how this feature varied prior to the instrumental record, we present a reconstruction of a Dec-Feb Siberian High (SH) index based on Eurasian and North American tree rings. Spanning 1599-1980, it provides information on SH variability over the past four centuries. A decline in the instrumental SH index since the late 1970s, related to Eurasian warming, is the most striking feature over the past four hundred years. It is associated with a highly significant (p < 0.0001) step change in 1989. Significant similar to 3-4 yr spectral peaks in the reconstruction fall within the range of variability of the East Asian winter monsoon (which has also declined recently) and lend further support to proposed relationships between these largescale features of the climate system.

Curbing agricultural exceptionalism: The EU's response to external challenge

From 1948 to 1994, the agricultural sector was afforded special treatment in the GATT. We analyse the extent to which this agricultural exceptionalism was curbed as a result of the GATT Uruguay Round Agreement on Agriculture, discuss why it was curbed and finally explore the implication of this for EU policy making. We argue that, in particular, two major changes in GATT institutions brought about restrictions on agricultural exceptionalism. First, the Uruguay Round was a 'single undertaking' in which progress on other dossiers was contingent upon an outcome on agriculture. The EU had keenly supported this new decision rule in the GATT. Within the EU this led to the MacSharry reforms of the Common Agricultural Policy (CAP) in 1992, paving the way for a trade agreement on agriculture within the GATT. Second, under the new quasi-judicial dispute settlement procedure, countries are expected to bring their policies into conformity with WTO rules or face retaliatory trade sanctions. This has brought about a greater willingness on the part of the EU to submit its farm policy to WTO disciplines.