UN Panel on Financial and Economic Reform

Dear colleagues,

As a follow-up to the UN ad hoc panel of experts on financial and economic reforms and our work on the G-193 (South Sudan being the latest country to join the UN in July), please see the update below from our colleagues Eva Hanfstaengl and Kevin Dance. In a nutshell: continued vigilance and advocacy is needed.

Also, I draw your attention to the information on a UN GA High-level Dialogue on Financing for Development scheduled for 7-8 December to add to your calendars. The meeting will address the continuing impact of the financial crisis, in particular through focused discussion on the following agreed themes:

1. “The reform of the international monetary and financial system and its implications for development”;
2. “The impact of the world financial and economic crisis on foreign direct investment and other private flows, external debt and international trade”;
3. “The role of financial and technical development cooperation, including innovative sources of development finance, in leveraging the mobilization of domestic and international financial resources for development”.

Civil society organizations accredited to the UN through ECOSOC or the FfD process are invited to participate in these discussions, which will also involve the IMF, the World Bank, the WTO, ILO and other UN-affiliated organizations.

Best

Rosa

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Dear supporters,

A version of the resolution you supported on the establishment of a panel on the world financial and economic crisis and its impact on development was adopted at the UN at the end of July! But the EU and the US succeeded in weakening it a lot. They reduced it to 3 paragraphs and postponed the decision to establish the panel to December, when the UN General Assembly concludes in New York, after all those UN discussions and events on global economic governance referred to in the resolution have taken place. A copy of the resolution is attached.

The goods news however is that the proposal to have an alternative economic expert opinion is not dead yet and the negotiations will go on! Also, the developing countries succeeded in keeping the reference to constructive dialogue with civil society in the resolution, which was not easy. At the end of the negotiations, G77 and the facilitator (Ecuador) thanked civil society for their support expressed through our joint letter.

This gives us some time to continue our advocacy work, and our letter can still be a good basis for our discussion with governments in the coming months. I attach the final version of the letter with all signatures for your continuing advocacy work at local, national or international levels. Thanks again for all your support.

Kevin Dance and Eva Hanfstaengl

For your information: In light of the continuing economic turmoil and poor jobs outlook in Europe and the US, the following event may be of special interest to you: On 7 – 8 December 2011, governments will meet at the UN in New York for the high-level dialogue on Financing for Development. It will address the continuing impact of the financial crisis, in particular through focused discussion on the following agreed themes:

1. “The reform of the international monetary and financial system and its implications for development”;

2. “The impact of the world financial and economic crisis on foreign direct investment and other private flows, external debt and international trade”;

3. “The role of financial and technical development cooperation, including innovative sources of development finance, in leveraging the mobilization of domestic and international financial resources for development”.

PLEASE CIRCULATE WIDELY