Description:
TUNE IN TO THE LIVE WEBCAST AT 8:15 AM EST.
The current financial crisis, which began in the United States, then spread to Europe, has now become global. The rapid spread of the financial crisis from a small number of developed countries to engulf the global economy provides tangible evidence that the international trade and financial system needs to be profoundly reformed to meet the needs and changed conditions of the early 21st century. The crisis has exposed fundamental problems, not only in national regulatory systems affecting finance, competition, and corporate governance, but also in the international institutions and arrangements created to ensure financial and economic stability. These institutions have proven unable to prevent the crisis and have been slow to design and implement adequate responses. Indeed, some policies recommended by these institutions have facilitated the spread of the crisis around the world.
Any inclusive global response will require the participation of the entire international community. To respond to this need, the President of the United Nations General Assembly, Father Miguel D'Escoto Brockmann, created a
Commission of Experts on Reform of the International Monetary and Financial System to identify measures needed to respond to the crisis and to recommend longer term reforms, giving explicit attention to the needs of developing countries. Recognizing work by the G-7/8, G-20 and others, the Commission sees its own work as complementary, seeking to focus on the origins of the crisis as well as impacts and responses to the crisis on poverty and development.
Please join Professor
Joseph Stiglitz, Nobel Economics Laureate and Chairman of the Commission of Experts, and other members of the Commission including
Robert Johnson and
Jose Antonio Ocampo in a breakfast conversation about the newly released final report of the Commission. The report presents an analytical framework for understanding what has gone wrong and possible remedies, including both broad perspectives on policies and specific recommendations. Development Cooperation Minister
Bert Koenders from the Dutch Ministry of Foreign Affairs will co-chair the event.
