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The European Commission has just launched a public consultation on the future direction of EU trade policy. This VoxEU debate launches an online discussion of the Commission’s proposals. The first column, by DG Trade’s Chief Economist, presents the key elements of the new policy.

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In some nations, the global crisis is morphing into the more classic form where the solvency of individual nations is on the line. Governments must react to such crises in a very different way than they did to the global financial crisis.

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What should be done to maintain open markets and promote an environmentally sound recovery?

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How is the crisis different for developing and emerging nations, how should they and the G20 react?

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What is needed to strengthen financial sectors in the short and medium term?

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How should institutions be reformed to improve global economic governance?

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What macro polices are needed to combat recession and global imbalances?