Global Financial Governance
I have signed the following statement about the
need for more effective, UN led, governance of the global financial system, organised by
the Campaign for the Establishment of a United Nations Parliamentary Assembly (UNPA).
I believe that it is vital that the global
financial system is reformed as it is currently unstable, unnaccountable and unfair and I
hope that Gordon Brown will be able to lead the way on this issue at the upcoming G20
Summit.
CALL FOR GLOBAL DEMOCRATIC OVERSIGHT OF INTERNATIONAL FINANCIAL AND
ECONOMIC INSTITUTIONS
Triggered by the global financial crisis, the world community faces a huge social and
economic disruption. The achievement of the Millennium Development goals is seriously
threatened. The poorest in the world are those most affected. Potentially grave
repercussions on political stability and democracy are to be feared. The situation
requires rapid and effective global responses. An appropriate institutional setting has to
be set up to regulate and re-orient the financial system.
Multilateral institutions such as the World Bank Group, the International Monetary Fund
and the World Trade Organization have created global policy with enormous impact on
international trade, finances and national economies. At this critical juncture it must be
ensured that any renewed system of international monetary, financial and economic
institutions will be sufficiently mandated, more credible, legitimate, transparent,
accountable, representative, responsive and more democratic. The setup of the reformed
system has to guarantee that the world's citizens, those affected by its policies and
decisionmaking, are able to have their voices heard in the formulation, implementation and
evaluation of these policies. This task should be supported by the creation of a global
body of elected representatives.
The establishment of a United Nations Parliamentary Assembly should be an important part
of the renewed system of international financial and economic governance. Initially, the
assembly could have a largely consultative function. In the long run, it could exercise
genuine global oversight over the system's institutions. Such an assembly could:
-monitor the interlinkage and impact of the system's financial and economic policies in
other fields such as sustainable development, food supply, education, healths or
eradication of poverty;
-help to raise awareness of critical developments before they erupt;
-function as a watchdog ensuring that reforms and regulations are implemented effectively;
-gather feedback from the grassroots level and civil society, with special attention to
the weak, poor and underprivileged;
-have a say in the election of the Executive Directors of the system's institutions;
-contribute to finding solutions for the pressing global problems.
We call on the United Nations and the governments of its member states to support the
establishment of a United Nations Parliamentary Assembly in their deliberations on the
reform of international monetary, financial and economic institutions.
We urge the Commission of Experts on Reforms of the International
Monetary and Financial System set up by the President of the UN General Assembly to
consider the proposal and to express its support. We call for all organizations,
decision-makers and citizens engaged with the global common interest to support this call.
