The UN discusses implications of the financial crisis for development and the international financial system
European Network on Debt and Development News: The UN discusses implications of the financial crisis for development and the international financial system
Summary: There is no doubt that the financial crisis will have vast implications for developing countries. The world’s poor are going to be seriously affected by a crisis they have not contributed to create, and they run the risk of being left out from key global discussions to fix the flawed international monetary and financial system. Even though the G20 is broader than the G8 any reform which excludes most of the world’s nations is doom to fail: it will lack the necessary legitimacy to set the scene for a new era of fairer economic and financial relations worldwide. Two UN processes offer hope for a more inclusive process, including an opportunity for civil society groups to input.
Full text
Summary: There is no doubt that the financial crisis will have vast implications for developing countries. The world’s poor are going to be seriously affected by a crisis they have not contributed to create, and they run the risk of being left out from key global discussions to fix the flawed international monetary and financial system. Even though the G20 is broader than the G8 any reform which excludes most of the world’s nations is doom to fail: it will lack the necessary legitimacy to set the scene for a new era of fairer economic and financial relations worldwide. Two UN processes offer hope for a more inclusive process, including an opportunity for civil society groups to input.
Full text
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