GA Assembly Miguel D'Escoto Responds to the Global Financial Crisis
Opening remarks (continued) The response to the current turmoil affecting world markets must also take into account the poor, said Mr. D’Escoto while reminding Member States to meet their commitments to finance development despite the crisis.
“Sacrifices should be shared and cannot be placed on the backs of the poor as is usually the case,” he said.
“All nations must be subject to financial discipline, including the rich and powerful, or there will be no effective international regulations.”
Mr. D’Escoto called for Member States to “get down to business” and identify actions that can lead to genuine change so that the world economy can recover from the current crisis.
“The only realistic way to proceed from now on in our world is to proceed democratically in an inclusive manner and there is no better place to do that than here in the General Assembly,” he later told journalists at a press briefing at UN Headquarters in New York.
The General Assembly President has put together a panel of experts to review the global financial system, including major bodies such as the World Bank and the International Monetary Fund (IMF), and to guide the world body in its deliberations concerning its response to the financial meltdown.
Presenters included Joseph Stiglitz, Sakiko Fukuda-Parr, Prabhat Patnaik, Calestous Juma, and Francois Houtart.
Meeting Summaries