The SI Committee on Economic Policy, Labour and National Resources met on Monday 6 April 2009, bringing together representatives of SI member parties from Europe, the Middle East, Africa and Latin America (List of Participants). At the meeting held in the Houses of Parliament in London, the Committee discussed the agreements made at the G20 Summit, addressing proposals to strengthen financial systems as well as the role Non-OECD states should play in reconstructing the global economic order.
Reacting to the G20’s reform of financial systems and institutions, members welcomed the extension of regulation, as well as supporting the Financial Stability Board within the IMF and World Bank as a first step in creating a new World Finance Organisation. Discussing the efforts of the G20 to promote good governance and offer incentives for regulation, the Committee added that the body should now agree on effective actions against tax havens and ensure more effective oversight of the activities of Credit Rating Agencies.
On developing nations, members praised a pledge by G20 members to meet the Millennium Development Goals and a commitment to sub-Saharan Africa as necessary for the protection of developing nations, although they also agreed that it was unacceptable for governments to use the financial crisis as a pretext to delay financial aid. Suggesting that the G20 format still excludes the poorest states, the committee called on both the UN and the G20 to support regional integration and to accept the participation of regional representatives in the global decision making, as well as for the creation of a new United Nations Security Council on Economic, Social and Environmental issues – a Council for Sustainable Development.
http://www.socialistinternational.org/viewArticle.cfm?ArticleID=1979
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