17 May, 2009

The global crisis - an opportunity for reform?

With unemployment rapidly on the rise and millions worrying about their livelihoods, some are agonizing over the fact that the global economic crisis is threatening the pace of economic reform in Egypt. The minister of trade and industry, Rachid Mohamed Rachid, complains that the global financial crisis - triggered partly by financial de-regulation - has strenghtened opponents of further financial de-regulation and privatization of state-owned banks (big surprise?). Supporters of free-market reform need not worry though, because Rachid also says that the current crisis could be used by the government to take "extraordinary measures" to speed up reform. Some shock therapy ahead..?

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