IN THIS EDITION:
-> 1. RSS Feed
-> 2. Events
-> 3. Information resources
-> 4. News
-> 5. Reports
-> 6. Statements
-> 7. NGOs
1. RSS Feed
Remember that the IFIs Monitor contents are also available through our RSS feed. You can subscribe or display it in your websites using this resource: http://ifis.choike.org/rss/index.rss
-> UN climate change conference - 1-12 December 2008, Poznan, Poland
Each year the United Nations Climate Change Conference (UNFCC) holds negotiating sessions known as the "COP" (conference of parties). COP14 took place in 2008, in the Polish city of Poznañ from 1-14 December 2008 and worked on the "Bali Action Plan" which was agreed at COP 13. The purpose of the Bali Action Plan is to commence implementation on Convention obligations that have not been met thus far, and also design the second commitment period of the Kyoto Protocol to start after 2012.
-> Follow-up International Conference on Financing for Development - 29 Nov.- 2 Dec. 2008, Doha, Qatar
In its resolution 62/187 of 19 December 2007, the UN General Assembly decided that the Follow-up International Conference to Review the Implementation of the Monterrey Consensus was held in Doha, Qatar, from 29 November to 2 December 2008. The aim was to review the implementation of Monterrey's decisions and determine the new initiatives that would be necessary to meet the increasingly compromised Millennium Development Goals (MDGs). The political challenge faced by governments lies in achieving specific agreements at the Doha Conference well beyond the minimum Monterrey Consensus.
*** All events
3. INFORMATION RESOURCES
-> The global financial crisis: implications for the South
The past few months have seen one of the most significant financial crises in history that started in the United States and then spread to Europe, Asia and the rest of the world. The financial system, its architecture and its institutions are being questioned and they need to be completely rethought.
-> Southern Bank: An alternative to the IFIs?
This special coverage includes information and analysis on the constitution process of the Southern Bank: official documents, civil society initiatives and analysis on the negotiations to set out the Bank guidelines.
* Global crisis is good news for IFIs in Latin America
The massive wave of new lending is occurring at a breakneck pace that even some at the Bank cannot keep up with the volume of new IFI debt. With a lack of transparency about the expected impact of these new emergency loans, not unlike the questions being raised about the U.S. bailout of Wall Street bankers and speculators, there is good reason to be concerned that greater oversight is needed at this critical moment. Sadly, this accountability has long been deficient at the IFIs and is not likely to be voluntarily implemented now.
Author: Vince McElhinny
Source: Bank Information Center
* Financing and mega projects: An interpretation of the regional South American dynamic
This is the introduction of the publication coordinated by INESC in Portuguese language. It is contained within the framework of INECS's objective to democratize the debate and the access to the information on the policies of integration and development in the South American region, in particular on the initiative for Integration of Regional Infrastructure in South America (IIRSA), and in the Brazilian case, on the Growth Acceleration Program, ensuring the creation of the political - institutional channels that provide the protection and promotion of economic, social and cultural rights of the populations and communities directly and indirectly impacted by these economic development strategies. (pdf format)
* Chronology and impact of Ecuador’s debt audit
The Public Debt has historically been an issue to which Latin American countries have paid great attention, particularly after the debt crisis during the 1980s. Thus, it is taken into account to watch over the balance of payments and determine the economic policies of countries. For its part, the civil society as critic has seen how priority has been given to the allocation of financial resources to debt service when there are still huge sectors having their basic needs unmet.
-> Endogenous development and a South American financial architecture
For at least two centuries South America has experienced integration processes and their outcome is ambiguous. This paper is an exploration of scenarios, a trip to possible futures. It takes into account the current financial earthquake that is shaking the US financial system, flashing seismic waves throughout the economy of world capital. It asserts that a financial architecture always serves a certain development pattern and policy, therefore is not politically ‘neutral’. The author’s main concern here is to outline the vision of an authentically democratic framework for cooperative integration of South America. (pdf format)
Author: Marcos Arruda
-> What role for the IMF?
In September 2008, the IMF looked moribund. The only loans outstanding were to low-income countries, which cost the Fund to service, rather than bringing in interest fees. By November 15, 2008, the Fund was a phoenix. The G20 Summit, led by the European Union members, has assigned it new roles, and called for substantial new funding. In this paper the author will analyze three major reforms the Fund must undergo to accomplish any or all of its tasks. It will then suggest additional functions the global financial systems still requires, some of which may warrant separate institutional arrangements to accomplish. (pdf format)
Author: Jo Marie Griesgraber
Source: New Rules for Global Finance Coalition
-> Governance of the International Financial System: Looking for feasible paths
This paper set out to explore some feasible paths for increasing the participation of developing countries in the decision-making and governance of financial flows. It departed from the assumption that the main bodies in charge of these issues suffer of insufficient or missing representation from developing countries. There are two main benchmarks of the problem that this creates. Firstly, the assumption that the standards that are applicable in developed country economies should also work and be useful and beneficial for developing country economies. Second, the omission to consider regulatory efforts that may more fairly allocate the burden of reforms for global public goods such as global development or financial stability between developed and developing countries. (pdf format)
Author: Aldo Caliari
Source: Center of Concern
-> The concepts of odious debt and illegitimate debt: How useful are they in the framework of international responsible lending?
The present debate on types of sovereign debts and the legal quality of claims may be interpreted as re-visiting the past. Before World War II basic legal principles had been observed in the case of Southern Countries, which present "debt management" has refused to respect. Sovereign Southern debtors were treated very differently before the Bretton Woods Institutions became "debt managers". After 1970 legal considerations lost importance. As (il)legitimacy is so widely discussed, this paper wonders why clear and open breaches of statutory duties by IFIs, causing gravest damages to Southern Countries, which are clearly illegal, illegitimate, indefensible, and destroying the very foundations of the Rule of Law and global peace,
have not received proper attention. (pdf format)
Author: Kunibert Raffer
* The Commission of Experts of the President of the UN General Assembly on Reforms of the International Monetary and Financial System
Recommendations for immediate action
*** All Statements
* Choike and IFIs Monitor will develop a special coverage of the World Social Forum that will be held in Belém do Pará, Brazil, from 27 January to 1st February, 2009.
IFIs Monitor is an active member of IFIwatchnet. See http://www.ifiwatchnet.org
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