The president of the UN General Assembly announced a plan Monday to establish a task force chaired by Nobel laureate Joseph Stiglitz to deal with the global financial turmoil. The task force will review the current international financial system and make suggestions to UN member states on ways to help restore stability to it, the Assembly's President, Miguel D'Escoto, said in a statement. …” [Kyodo News (Japan)/Factiva]
AP adds that “Miguel d'Escoto Brockmann said there is growing recognition that the current financial turmoil cannot be solved through piecemeal responses at the national and regional level but requires coordinated global efforts that should be led by the UN. …The panel will also include Belgian sociologist Francois Houtart, Indian economist Prabhat Patnaik and Ecuador's Minister for Economic Policy Pedro Paez. … D'Escoto said the composition and terms of reference of the high-level task force he is establishing will be announced soon after the Oct. 30 panel at the UN” [The Associated Press/Factiva]
Xinhua notes that the statement “…noted that at the General Assembly in September, many leaders had expressed concern that the global monetary and financial arrangements, established in 1944 at the ‘UNs ' Monetary and Financial Conference’ at Bretton Woods, New Hampshire, ‘need to be fundamentally reformed to better reflect contemporary economic realities in today's interdependent world and to better respond to the new challenges in a sustainable and equitable manner.’ …
It stressed that currently ‘developing countries' voices and interests are not fairly represented in existing global institutions of economic governance.’…” [Xinhua/Factiva]
AP adds that “Miguel d'Escoto Brockmann said there is growing recognition that the current financial turmoil cannot be solved through piecemeal responses at the national and regional level but requires coordinated global efforts that should be led by the UN. …The panel will also include Belgian sociologist Francois Houtart, Indian economist Prabhat Patnaik and Ecuador's Minister for Economic Policy Pedro Paez. … D'Escoto said the composition and terms of reference of the high-level task force he is establishing will be announced soon after the Oct. 30 panel at the UN” [The Associated Press/Factiva]
Xinhua notes that the statement “…noted that at the General Assembly in September, many leaders had expressed concern that the global monetary and financial arrangements, established in 1944 at the ‘UNs ' Monetary and Financial Conference’ at Bretton Woods, New Hampshire, ‘need to be fundamentally reformed to better reflect contemporary economic realities in today's interdependent world and to better respond to the new challenges in a sustainable and equitable manner.’ …
It stressed that currently ‘developing countries' voices and interests are not fairly represented in existing global institutions of economic governance.’…” [Xinhua/Factiva]
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