Thursday, August 25, 2011

UN - The Commission of Experts (UN general Asembly)

The Commission of Experts of the President of the UN General Assembly on Reforms of the International Monetary and Financial System

"Following the break out of the financial crisis that originated, in 2008, in the most advanced countries, and then spread over to the emerging economies and less developed countries, the President of the United Nations General Assembly convened a panel of experts to discuss the large array of issues related to it.

In the same breath, the President of the United Nations General Assembly established a Commission of Experts whose mandate is to reflect on the causes of the crisis, assess impacts on all countries and suggest adequate responses as to avoid its recurrence and restore global economic stability.

The Commission will seek to identify the broad principles underlying needed institutional reforms required to ensure sustained global economic progress and stability which will be of benefit to all countries, developed and less developed. It will suggest a range of credible and feasible proposals for reforming the international monetary and financial system, in the broad interest of the international community, and identify and evaluate the merits and limitations of alternatives that are at the center of current global debate.The Commission will thus produce a report on recommendations to be considered in the preparatory process leading to the Conference at the highest level on the world financial and economic crisis and its impact on development called for in the final document adopted at Doha in December 2008 (resolution A/RES/63/239)..." 



[Mrt: How did I got here? Via Triffin International Foundation (mentioned here) and Triffin 21 Initiative (mentioned here)]

"The Commission of Experts on Reforms of the International Monetary and Financial System, chaired by Joseph Stiglitz and informally known as the Stiglitz Commission, was convened by the President of the United Nations General Assembly, Miguel d'Escoto Brockmann, "to review the workings of the global financial system, including major bodies such as the World Bank and the IMF, and to suggest steps to be taken by Member States to secure a more sustainable and just global economic order". It presented its recommendations on March 20, 2009 and a preliminary draft of its full report on May 21, 2009" ~wiki

[Mrt: There is an interesting connection here, check this our:  Efficiency wages: the Shapiro-Stiglitz model]

Terms of Reference Commission of Experts of the President of the UN General Assembly on Reforms of the International Monetary and Financial System

"The breakdown of the Bretton Woods system in the early 1970s has been followed by a period of financial market liberalization and deregulation, by a surge of private capital flows and by the increasingly global reach of financial institutions. Even so, no institutions have emerged at the international level to prevent excessive risk taking in cross-border lending and investment, reduce systemic failures or address regulatory rules for creditors and debtors, including financial institutions. In fact, conventional wisdom has maintained by cutting back restrictions on capital movements at the national and international levels. a more stable and more efficient financial system would emerge, of particular benefit to developing countries.
The experience has been rather different. Excessive financial liberalization has created a world of global macroeconomic imbalances and recurrent crises. Until recently, the real damage from those crises was, to a large extent, confined to emerging markets. That has now changed, and in a dramatic way. A financial crisis, originating in the most advanced countries and on a scale not seen since the 1930s, is currently unfolding. Over the past few weeks, several major financial institutions in the United States and Europe have failed and stock markets have plummeted and become highly volatile. Especially in the United States, inter-bank lending has declined sharply. Retail businesses and industrial firms, large and small, find it increasingly difficult to obtain credit as banks have become reluctant to lend, even to longtime customers. The response has been state intervention, including the nationalization of financial assets, on an unprecedented scale.
The crisis has become global..."


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