The World Trade Organization (WTO) announced that Pascal Lamy has been reappointed as director-general for a second four-year term. Lamy, a 62-year-old Frenchman, was the sole candidate for the position and was unanimously approved by the WTO General Council. This marks the first time in the organization's 15-year history that the director-general candidacy was uncontested. Lamy's first term was focused on efforts to finalize the WTO's seven-year-old Doha round, aimed at promoting global trade and supporting developing countries through exports. He believes that completing the round is crucial for boosting business confidence and preventing protectionism during the economic crisis. He stated that the Doha round offers more than just trade-offs and market access; it also provides significant systemic value. The main benefit of the Doha round is the certainty, predictability, and stability it will bring to global trade, which becomes even more essential during times of crisis. Lamy emphasized the importance of addressing other issues such as climate change, food security, energy, labor, and financial protectionism within the 153-member state body, but suggested that serious work on these matters should only begin once a Doha deal is within reach. He believed that 80 percent of the Doha agreement was likely to be finalized. Lamy praised the effectiveness of the WTO's dispute settlement system in resolving trade disputes involving large sums of money. However, he emphasized the need for developing countries to receive more assistance in navigating the complex and costly dispute resolution processes, as well as for improved compliance with decisions made by WTO dispute panels. In addition to bringing in ministers to finalize a Doha deal, Lamy suggested that the WTO should hold regular ministerial conferences to establish strategy and assess the organization's functioning. He pointed out that the last ministerial conference had taken place in 2005. WTO regulations mandate an election every two years. Lamy is recognized for successfully restoring French bank Credit Lyonnais, which is now a part of Credit Agricole, to financial stability after it nearly went bankrupt. He assumed the position of director-general of the WTO in September 2005.