The World Trade Organization (WTO) has reappointed Pascal Lamy as director-general for a second four-year term. Lamy, a 62-year-old Frenchman, was the only candidate for the position and was approved by consensus at a meeting of the WTO General Council. This marks the first time in the WTO's history that the candidacy was uncontested. Lamy's first term focused on efforts to conclude the Doha round, a seven-year-old initiative aimed at liberalizing world trade and promoting economic prosperity in developing countries. Lamy believes that finalizing the Doha round is crucial for boosting business confidence and protecting against protectionism in the current economic crisis. He said that in addition to the necessary compromises to complete the Doha round and the benefits of market access it will provide, there is a significant systemic value. He emphasized that the main advantage of the Doha round is the assurance, consistency, and steadiness it will offer to international trade. He stated that during times of crisis like the present one, the importance of this safety net becomes even more apparent. Lamy, who will begin a new term in September, mentioned that the 153-member state body must also address other crucial issues like climate change, food security, energy, labor, and financial protectionism. However, he stressed that serious discussions on these matters should wait until progress is made on the Doha deal. He believed that 80 percent of a Doha agreement was already guaranteed. Lamy mentioned that the WTO's dispute settlement system, which resolves trade disputes involving large sums of money, was functioning effectively. However, he emphasized the importance of providing more support to developing countries in utilizing the complex and costly dispute processes. Additionally, there is a need for greater enforcement of WTO dispute panel decisions by all countries. Lamy suggested the idea of holding a regular ministerial conference this year to assess the organization's performance and establish a strategy, as the last conference was in 2005. WTO regulations mandate a review every two years. Lamy is often recognized for his role in revitalizing French bank Credit Lyonnais, which is now a part of Credit Agricole, after it faced financial crisis. He assumed the position of director-general of the WTO in September 2005.