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HomeAfricaUN official nudges member states on global financial woes

UN official nudges member states on global financial woes

UN General Assembly President Miguel Brockmann Thursday ca lled on UN member states to “collectively” get involve in the pursuit of soluti o ns to the current global financial crisis.

“Solutions must involve all countries in a democratic process,” Brockmann said at a panel discussion on the global financial crisis held at the UN General Ass e mbly in New York.

He said: “Our economies are global and inter-dependent but the global financial architecture does not correspond with this reality”.

He also said that “it is time to stop viewing the global economy as the private dominion of some exclusive clubs”, noting that, “the G-8, G-15, G-20 are no l o nger sufficient in their scope to solve these problems”.

According to him: “I believe that long-term solutions must include the G-192,” the president said, referring to the 192 member states of the UN.

Brockmann also noted that, “only full participation within a truly representati ve framework will restore the confidence of citizens in our governments and fina n cial institutions”.

He decried the “unbridled greed and pervasive corruption enabled by governments that lost sight of their responsibility to protect their citizens”.

He urged panelists and speakers to “identify the actions that advance genuine c hange. Changes that will benefit all of us, and not just a few at the expense of

the many”.

The UN official, however, said that “in doing so, let us make sure that a stron g, democratised United Nations is at the centre of this transformation”.

“This will ensure renewed trust credibility, legitimacy and sustainability of t he policies and institutions that will form the restructured international finan c ial architecture,” Brockmann added.

PANA reports that a G-20 summit has been scheduled to take place in Washington D C 15 November.

It will comprise leaders from the G-8 industrialised countries, major emerging e conomies such as Brazil, China and India, and representatives from the UN and th e European Union (EU) are also expected to participate.

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