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Pdf | 183.22 Kb 25 June 2009 General Assembly DEV/2751 ECO/154 Department of Public Information • News and Media Division • New York Conference on World Financial and Economic Crisis 3rd, 4th & 5th Meetings (AM, PM & Night) DELEGATES CALL FOR SWIFT MEASURES TO RESTRUCTURE INTERNATIONAL FINANCE BODIES, ON SECOND DAY OF UNITED NATIONS CONFERENCE ON WORLD FINANCIAL CRISIS Ecuador ’s President Says Current Economic Order ‘Clan of the Powerful;’ Need for Global Stimulus, Shape of Reform among Issues Raised by Over 50 Speakers Decrying a world economic order that had rewarded the powerful, marginalized the poor and promoted an unbridled capitalism that ignited unprecedented financial contagion, General Assembly delegates today urged swift and concerted measures to restructure international finance bodies and forge people-centred policies that addressed human security. In a marathon second day of the Conference on the World Financial and Economic Crisis and its Impact on Development, more than 50 speakers took the floor over three meetings to assess the severity of the current situation, offering ideas about how to bring economic growth back into positive territory, stimulate credit and investment flows, create jobs and breathe new life into stalled trade talks. Newly elected Ecuadorian President Rafael Correra said the current international system was like a “clan of the powerful” that talked about equality, but did not treat anyone fairly. To change the situation, he proposed the creation of a development bank for the South, whose goal would be to finance development projects and, thereby, improve systemic competitiveness. Linked to that would be a common reserve fund for his region -– Latin America -– which would give countries a choice as to where to deposit some $200 billion that had thus far been placed in banks of the global North. “The current international financial system forces us, against all sense of justice, to provide cheap financing to the North and, at the same time, to seek expensive funding in the North”, he declared. He also supported the creation of a regional payment system -– a preamble of a regional central bank -– that would allow for more autonomy, and the proposed establishment of a common monetary system, which would begin as an electronic currency to facilitate regional exchange. At the global level, he said the creation of a coordinating entity that could issue Special Drawing Rights would help break a monopoly in the provision of liquidity that guaranteed the dominance of the United States dollar and asymmetric decisions of the International Monetary Fund (IMF). Channelling those rights through such bodies as the Food and Agriculture Organization (FAO) would prevent the Fund from re-editing its asymmetry. Ralph E. Gonsalves, Prime Minister of Saint Vincent and the Grenadines, also questioned why countries should be forced to borrow from those whose bad advice and reckless regulatory neglect had precipitated the crisis. The responsibility lay in the world’s unregulated financial centres, and in those who considered it their right to prescribe other peoples’ policy space. A good solution required a framework for a modern, competitive and many-sided “post-colonial” economy that was at once local, national, regional and global. To deal with the fallout, his country sought to strengthen bonds with other nations through various regional groupings. At the same time, Heidemarie Wieczorek-Zeul, Federal Minister for Economic Cooperation and Development of Germany, pointed out that it would take an organization with the United Nations legitimacy to fully tackle the crisis. With today’s Conference, countries were strengthening the United Nations role in global economic governance and she welcomed the proposed creation of a panel of experts that included expertise from all regions. She stressed the need for a global stimulus package that would benefit the poorest and embrace an ecological dimension. More financing was needed for development, which could be mobilized by fighting tax evasion, making greater use of instruments -- like emissions trading and “debt2health” swaps -- and having banks accept financial responsibility for the crisis. The allocation of Special Drawing Rights would provide an important foreign reserve cushion for developing countries in need. Building on that, Reneet Kaur, Minister of State for External Affairs of India, underscored that today’s conference was the first United Nations gathering on the global financial and economic system since 1944. It was vital that the Organization’s convening power be used to hear the voice of the entire global community. At the Bretton Woods institutions, voice and quota reform needed to be accelerated. Lending by international financial institutions and multilateral development banks must also increase, and associated loan conditionalities must soften. At the heart of the economic turmoil was a crisis of human security, some speakers noted. Nobuhide Minorikawa, Japan’s Parliamentary Vice-Minister for Foreign Affairs, said his country had started to advocate the concept of human security in the aftermath of the East Asian financial crisis of the late 1990s. In tackling threats that crept up on individuals across national borders, countries should take multisectoral, people-centred measures that focused on protecting -– and empowering -- communities “to take on the crisis themselves”. Taking care not to lose sight of the human face behind the crisis, developed and developing countries must take all possible actions to help world recovery, he said. Efforts should begin with providing liquidity to maintain the integrity of the banking system: capital injections into financial institutions; and disposal of non-performing loans. In such efforts, Håkon Gulbrandsen, State Secretary for International Development of Norway, underscored the importance of addressing illicit financial flows out of developing countries, estimated at “many times” the amount of global official development assistance (ODA). Also speaking in today’s debate was the Prime Minister of Saint Lucia. The Personal Representative of the President of Algeria spoke, as did the Deputy Prime Minister of Luxembourg and ministers of Ireland, Barbados, Finland, Estonia, Sri Lanka, Malaysia, Morocco, El Salvador, Mozambique, Nicaragua, Suriname, United Arab Emirates, Madagascar, Haiti, Angola and Kenya. The First Deputy Minister of Ukraine also spoke, as did deputy ministers of Egypt, Nigeria and Thailand. Vice-ministers of the Republic of Korea and Guatemala also delivered remarks. Also addressing the Assembly were Secretaries of State representing Switzerland, Spain, Hungary, Slovakia and the United Republic of Tanzania. The Director-General for Multilateral and Global Affairs in the Ministry for Foreign Affairs of Slovenia and the Director General for Foreign Economic Relations and Under-Secretary of the Treasury of Turkey spoke, as did the Director of United Nations and International Organizations of the Ministry of Foreign Affairs of Côte d’Ivoire and the Director-General for Economic and Financial Multilateral Cooperation of Italy. The Director-General for Development of the European Community also spoke. The Governor of the State Bank of Pakistan addressed the Assembly, as did the Governor of the Kuwait Fund for Arab Economic Development and the Resident Representative to the World Bank of Saudi Arabia. Also delivering statements were representatives of Canada (also on behalf of Australia and New Zealand), Saint Kitts and Nevis, Cameroon, Samoa, Botswana, Kazakhstan, Indonesia, Colombia, Peru and Liechtenstein. The day also featured two round table discussions under the theme of “Examining and overcoming the deepening world financial and economic crisis and its impact on development”. The morning round table -- entitled “Coordinated and collaborative actions and appropriate measures to mitigate the impact of the crisis on development” –- was chaired by Tongloun Sisoulit, Deputy Prime Minister and Minister for Foreign Affairs of the Lao People’s Democratic Republic; and Jean Asselborn, Deputy Prime Minister and Minister for Foreign Affairs and Immigration of Luxembourg. (Issued separately as Press Release DEV/2752) It included panellists Supachai Panitchpakdi, Secretary-General of the United Nations Conference on Trade and Development (UNCTAD); Noeleen Heyzer, Executive Secretary of United Nations Economic and Social Commission for Asia and the Pacific (ESCAP); Martin Khor, Executive Director of the South Centre; Robert Johnson, former Chief Economist of the United States Senate Banking Committee and former Senior Economist of the Senate Budget Committee; and Yaga Venugopal Reddy, former Governor of the Reserve Bank of India. The afternoon round table on “Present and future impacts of the crisis on, inter alia, employment, trade, investment and development, including the achievement of the internationally agreed development goals and the Millennium Development Goals” was chaired by Diego Borja, Minister of Coordination of Economic Policy of Ecuador; and Bert Koenders, Minister for Development Cooperation of the Netherlands. (See Press Release DEV/2753) It featured panellists Navanethem Pillay, United Nations High Commissioner for Human Rights; Abdoulie Janneh, Executive Secretary of the United Nations Economic Commission for Africa (ECA); Valentine Rugwabiza, Deputy Director-General of the World Trade Organization; Sha Zukang, Under-Secretary-General of the Department of Economic and Social Affairs; Stephen
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