SPECIAL EDITION: RESPONSES TO THE CRISIS
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-> United Nations Conference on the World Financial and Economic Crisis and its Impact on Development
The conference will take place 24-26 June 2009 at the UN Headquarters in New York. Governments agreed to hold the Conference at the ‘highest level’ (i.e. Heads of States and Heads of Governments), which will comprise four consecutive thematic roundtables involving participation of other stakeholders, including civil society, and will result in an intergovernmentally agreed outcome document.
-> Previous events:
4. 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 challenged and they need to be completely rethought.
Correa: we have to defend people’s rights rather than capital
With the participation of over 400 civil society representatives and within the framework of the United Nations Conference on the World Economic Crisis, held in New York, US, Rafael Correa criticised the "fundamentalist ideology" of neo-liberalism, given the fact that it has led the world into the current crisis. A few weeks after the government of Ecuador announced its withdrawal from the secret tribunal of the World Bank – the International Centre for Settlement of Investment Disputes (ICSID) – Correa expressed his annoyance at the supremacy of corporate rights vis-a-vis the dignity of people.
Source: Our World is not for Sale
Stiglitz calls for a reshaping of the global financial system in dialogue with international civil society
NEW YORK - Today, in an open dialogue with representatives of civil society, Prof. Joseph Stiglitz, Chair of the Commission of Experts of the President of the UN General Assembly on Reform of the International Monetary and Financial System, detailed many of the recommendations proposed by that Commission and in particular called for a “new intellectual framework” which can lay the basis for a new global financial architecture.
Source: Social Watch
International Seminar: the Global Crisis and its Impact on Andean and Amazonic Peoples
The Global Economic Crisis has hit our planet and forums are being held everywhere in order to analyse it, understand it and solve it. For this reason and taking advantage of the 10 years of the Jubilee Movement worldwide, the Network Jubilee Peru organized in early June –together with LATINDADD, CEDAL and PIDHDD- the Seminar Global Crisis and its Impact on the Social Rights of Andean and Amazonic Peoples. As prelude to the UN Conference on the Crisis and its Impact on Development, the Seminar worked over two days to address the problem from different perspectives, so as to achieve a Declaration that may serve as input to the global debate that will take place in New York.
Author: Oriana Suarez
The IMF is back? Think again
Last year, as the financial crisis reached global and historic proportions, many commentators identified one institution as the debacle's great winner: the International Monetary Fund. Just two years ago, the IMF seemed to be on an inexorable downward path: its credibility and effectiveness in question, its portfolio of borrowers severely reduced, its legitimacy and governance structure under challenge, and its own finances in disarray. Against this backdrop, the world's credit drought offered the international financial institution a lifeline.
Source: Foreign Policy In Focus
Author: Aldo Caliari
World Bank seeks to increase lending to the developing world
As the economic crisis continues to work its way through the global economic system, the World Bank is using the slowdown as an opportunity to increase lending to the developing world. According to the bank’s president, Robert Zoellick, the bank will increase its lending by $100 billion over the next three years. In 2009 alone, the bank plans to triple its lending from $13.5-billion to $35-billion.
Source: Probe International
Bank of the South: Maybe this time...
On May 8, the Finance and Economy Ministers of Argentina, Bolivia, Brazil, Ecuador, Paraguay, Uruguay and Venezuela met again in Buenos Aires to work on the articles of agreement of the Bank of the South. This issue has been pending resolution since the founding chart of the institution was signed on December 9 2007 in the Argentine capital. However, this time the ministers have apparently reached a final agreement. The time has come now for presidents and Parliaments of each one of the countries to ratify it.
Source: IFIs Latin American Monitor
Civil society scorecard - governments fail the test
At the closing of the UN Conference on the Financial and Economic Crisis and its Impact on Development, governments adopted an outcome document reflecting months of negotiations. The Global Social Economy Group -a coalition of social groups and networks- looked at 7 key issues that civil society deemed crucial for the success of the conference. Although some progress was made on a few issues, the overwhelming majority of outcomes falls far below what is necessary to provide developing countries with the resources and tools they need to deal with the crisis.
Source: Social Watch
Global finance ignores world's poor
As government officials from around the world descend on New York this week for a UN conference on the economic crisis and its impact on development, the main issue up for debate is how the poorest countries can influence the way the International Monetary Fund (IMF) and the World Bank operate. Few would agree that, in any society, denying a voice to the poor and the vulnerable is a good way to build a healthy social contract. And there is no reason why this should be any different in the international community. Yet developing countries have the least say on the conditions that are applied to development finance agreements with the IMF and the World Bank, despite the fact they are bearing the brunt of the economic downturn.
Author: Aldo Caliari
Source: Center of Concern
The different voices at international spheres – an issue of legitimacy
In view of the different voices being heard since the beginning of the crisis, different governments and civil society representatives are questioning the legitimacy of each one of them to solve global problems. The G8 and G20 aim at encouraging economic reactivation through their resolutions – the idea is to change something so that nothing changes; meanwhile, BRICs aim at making their voices increasingly heard. However, at this level, there are many who have still not managed to express themselves. The debate as to which is the legitimate forum to address the crisis has been the subject of several discussion panels at the Eurodad International Conference that took place in Barcelona, Spain, from June 15-17.
Source: IFIs Latin American Monitor
Bail-out or blow-out? IMF policy advice and conditions for low-income countries at a time of crisis
At the London summit in early April, the leaders of the world’s twenty richest countries decided that the International Monetary Fund (IMF) will be a major instrument to respond to the financial and economic crisis. They agreed to quadruple the Fund’s resources from $250 billion to $1 trillion. But is the IMF fit for the purpose? Have some of these leaders forgotten how the IMF imposed harmful conditions in their own countries in the wake of the 1990s crisis which contributed to sink their countries further? What will be the outcome of the G20 decision for the tens of millions of people who are already suffering from the combination of the food, financial, economic and climate crises?
Global Transparency Initiative submits model disclosure policy to the World Bank
As the World Bank continues the review process of its Polic on Disclosure of Information, the Global Transparency Initiative (GTI) has composed a model disclosure policy and submitted it to the World Bank to use as a guide for enhanced transparency. This model policy advocates for narrower exceptions to document disclosure, a larger degree of Board openness, more proactive disclosure of information, and an adequate request and appeals process, among others.
Source: Bank Information Center
Leveraging the IMF’s pots of gold for the benefit of low income countries
Just over two years ago, the IMF was facing an institutional crisis, with few countries interested in the institution’s loans. In January 2007, a group of experts led by Andrew Crockett released a report recommending that the IMF address its tenuous financial position by selling 1/8th of its gold reserves, investing the proceeds, and creating an ongoing income stream to ensure the IMF had adequate resources to meet its ongoing administrative expenses. In May 2008, the IMF Board ratified a new income model with gold sales at its core.
Source: Jubilee USA
->Major surgery, not cosmetic facelift, must be at center of UN Conference on economic crisis
Source: Ten Days of Action
->UN Conference on the World Financial and Economic Crisis and its impact on Development - Contributions and demands from the global debt movement (pdf)
->LATINDADD’s contributions to the UN Conference on the World Financial and Economic Crisis and its impact on Development
->The Voksenaasen Statement on a necessary response to the global financial and economic crisis
->Joint statement of the BRIC countries’ leaders
->UNCTAD symposium on "global economic crisis and development - the way forward"
*** All Statements
* The 10 Days of Action: Countdown to Commitments
This website is a mobilization tool to help raise awareness, build momentum and deliver key civil society messaging around the UN Conference on the Financial and Economic Crisis and its Impact on Development. The 10 Days of Action was launched as a virtual action on Tuesday, 16 June, the Global Day of the African Child and culminated on the closing day of the UN Conference, 26 June.
* Rethinking Finance
Rethinking finance is a website of several international civil society organisations and individuals that put forward alternative ideas and analyses on the global financial crisis.
* IFIs Monitor is an active member of IFIwatchnet. See http://www.ifiwatchnet.org
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