Home Today's Paper Most Popular Video Gallery Photo Gallery
Subscription Blog Signin Register
Logo
Saturday, September 23, 2017 03:21:48 PM
Follow Us On: Facebook Twitter Twitter Twitter Twitter

UN role in reforming international finance for development

By
05th-Sep-2017       
Comments
Share your thought
Post a comment »
Read all () »

Jomo Kwame Sundaram :
Growing global interdependence poses greater challenges to policy makers on a wide range of issues and for countries at all levels of development. Yet, the new mechanisms and arrangements put in place over the past four decades have not been adequate to the growing challenges of coherence and coordination of global economic policy making. Recent financial crises have exposed some such gaps and weaknesses.
Although sometimes seemingly slow, the United Nations (UN) has long had a clear advantage in driving legitimate discussion on reform because of its more inclusive and open governance. Lop-sided influence in the current international financial system is a principal reason why many countries lack confidence in existing arrangements. Rebuilding confidence in such arrangements will require that all parties feel they have a stake in the reform agenda.
The UN Secretariat has a strong track record of identifying systemic threats from unregulated finance, warning against a misplaced faith in self-regulating markets and offering viable solutions to gaps and weaknesses in the international financial system
But the UN is also suited to drive the discussion because of its long tradition of reliable work on international economic issues. The UN secretariat has developed and maintained a coherent and integrated approach to trade, finance and sustainable development, with due attention to equity and social justice issues. The ongoing 'secular stagnation' has again highlighted the interdependence of global economic relations, exposing a series of myths and half-truths about the global economy. These include the idea that the developing world has become "decoupled" from the developed world; that unregulated financial markets and the new financial instruments had ushered in a new era of "great moderation" and "stability"; and that macroeconomic imbalances - due to decisions made in the household, corporate and financial sectors - were less dangerous than those involving the public sector.
The UN secretariat has long doubted such arguments, and warned that any unravelling of global macroeconomic imbalances would be unruly. Also, persistent asymmetries and biases in global economic relations have particularly hit developing countries, both emerging markets and the least developed countries.
Not surprisingly, the UN Secretariat also drew attention to the close links between the financial crisis and the food and energy crises of recent years. A more integrated approach to handling these threats is needed, particularly to alleviate the downside risks for the poorest and most vulnerable communities.
The UN Secretariat has a strong track record of identifying systemic threats from unregulated finance, warning against a misplaced faith in self-regulating markets and offering viable solutions to gaps and weaknesses in the international financial system. Special drawing rights (SDRs), the 0.7 per cent aid target and debt relief, for example, were all conceived within the UN system during the 1960s and 1970s.
From the 1980s, the UN secretariat - both in New York and Geneva - has consistently warned against the excessive conditionalities attached to multilateral lending, promoted the idea of rules for sovereign debt restructuring, and cautioned that the international financial institutions were moving away from their traditional mandates of guaranteeing financial stability and providing long-term development finance.
During the 1990s, UN agencies warned against the dangers to economic stability, particularly in developing countries, from volatile private capital flows and the speculative behaviour associated with unregulated financial markets. The UN was among the very few warning Mexico in 1994, the East Asian countries in 1997 and the world in 2008 that excessive liberalization threatened crisis. The UN system was also almost alone among international institutions to identify growing inequality as a threat to economic, political and social stability, and insisted early on measures for a fairer globalisation.
Many of these concerns culminated in the 2002 Financing for Development Conference in Monterrey, Mexico. More recently, the UN has insisted on the importance of policy space for effective development strategies and particularly on the need for macroeconomic policies to support long-term growth, technological upgrading and diversification.
The combination of a strong track record and a core secretariat steeped in its tradition of an integrated multilateral approach to policy-oriented research places the UN in the best position to advance discussions to reform the international financial architecture if given the chance to do so.
(Jomo Kwame Sundaram, a former economics professor, was United Nations Assistant Secretary-General for Economic Development, and received the Wassily Leontief Prize for Advancing the Frontiers of Economic Thought in 2007).

Tariff
Add Rate

News Archive

Inside The New Nation

Editorial »

Uttering `strong and swift action` not enough, President Trump should mean business


US PRESIDENT Donald Trump wants the UN Security Council to take "strong and swift action" to end violence against Myanmar's Rohingya Muslims. Speaking at a Security Council meeting on peacekeeping reform, Vice President Mike Pence accused the Myanmar military of responding to attacks on government outposts "with terrible savagery, burning ...

City »

Islami Oikya Jote staged a demonstration in the city`s Palton area on Friday in protest against killing of Rohingya Muslims in Myanmar.


.

Entertainment »

Raai Laxmi in yet another hot, steamy song Mala Seenha


After teasing the audience with the teaser, trailer and title track now the makers of Julie 2 has released yet another hot and steamy song from the movie. With every passing day, Raai Laxmi is soaring the temperature with lots of oomph.  Produced and directed by Deepak Shivdasani and presented ...

International »

Defying Trump, Iran will boost missile capabilities


Reuters, London :Iran will strengthen its missile capabilities and will not seek any country's permission, President Hassan Rouhani said on Friday in a snub to demands from U.S. President Donald Trump.Rouhani was speaking at a military parade where an Iranian news agency said one of the weapons on display was ...

Editorial »

Shortage of food, water and medicine in Rohingya camps makes life difficult


FOLLOWING the influx of some 26,000 pregnant mothers, 40,000 lactating kids, and 2,00,000 children out of an estimated more than 4,00,000 migrated Rohingyas from Myanmar - many are now at high risk due to lack of proper health care, food, water and medicines. When some of the high-ups of the ...

Sports »

Kristie Ahn of the United States returns a shot to Veronica Cepede Royg of Paraguay during their second round match at the Korea Open tennis championships in Seoul, South Korea on Thursday.


City »

From left- former Vice-President of Dhaka University Central Students Union (DUCSU)Sultan Mohammad Monsur Ahmed, , Krishok Sramik Janata League President Bangabir Kader Siddique, Bir Uttam, General Secretary respectively of the Jatiya Samajtantrik Dal Abdul Malek Ratan, Bangladesher Samajtantrik Dal (BaSaD) General Secretary Khalekuzzaman, President of Bikalpa Dhara Bangladesh (BDB) Dr AQM Badruddoza Chowdhury, Gana Forum President Dr Kamal Hossain, Professor Dilara Chowdhury of Jahangirnagar University, former State Minister for Foreign Affairs Ministry Abul Hasan Chowdhury and weekly Robbar Editor Syed Tosharaf Ali spoke at a rally title


Entertainment »

Hera`s one decade in showbiz


Sheikh Arif Bulbon :Popular model cum actress Ruksana Ali Hera has already passed 10 years in media. She was first seen as a still model of Banglalink taken by photographer Iqbal Ahmed. She also started her career as a model in a visual advertisement of mobile company Airtel under the ...

Entertainment »

Nagpada Godmother's grandkids to feature in 'Haseena Parkar'


Shraddha Kapoor will essay the role of dreaded don Dawood Ibrahim's sister Haseena Aapa in Apoorva Lakhia's upcoming film 'Haseena Parkar' and we have learned that the film also features actual grandkids of the real Haseena Parkar, who was referred to as the 'Godmother of Nagpada'.  Confirming the same, director ...

International »

Russian special forces helping Syrian troops in key city


AP, Moscow :Russian special forces are helping Syrian government troops fight Islamic State militants in the battle underway for the strategic city of Deir el-Zour in eastern Syria, the defense ministry in Moscow said on Thursday.The deployment comes amid rising concerns of a direct confrontation on the ground between Russian-backed ...

Editorial »

Suu Kyi`s speech cannot silence the critics


STATE Counsellor of Myanmar Aung San Suu Kyi finally broke her silence on the Rohingya refugee crisis Tuesday insisting that her country was not "afraid of international scrutiny." But her speech in Naypyidaw drew widespread criticism, such as; she did not denounce atrocities against Rohingyas and claimed the government needed ...

Football »

Bayern`s Arturo Vidal is celebrated after he scored the third goal for Bayern during the German Bundesliga soccer match between FC Schalke 04 and Bayern Munich at the Arena in Gelsenkirchen, Germany on Tuesday.


Entertainment »

Feels good that like-minded people are in CBFC: Vidya Balan


Last month, much to the relief of filmmakers and the audience, the Censor Board of Film Certification underwent a revamp in August. Padma Shri recipient and lyricist Prasoon Joshi replaced Pahlaj Nihalani as the chairperson and revered film personalities like Vidya Balan and TS Nagabharana became board’s new members. Hopes ...

International »

Iran in UN spotlight as Trump threatens nuclear deal


AFP, United Nations :Tehran will defend itself on the world stage on Wednesday with President Donald Trump threatening to trigger a new international crisis by pulling out of the Iran nuclear accord.Iran's President Hassan Rouhani is to address the United Nations General Assembly, where worried world leaders are fearful of ...

City »

Residents of Dolaipar area in the city facing acute water crisis as water with bad smell has been coming from the WASA line. People have to collect drinking water from the only WASA pump in the areas standing in long queue.


 
Items that you save may be read at any time on your computer, iPad, iPhone or Android devices.
 
Are you new to our website? Do you have already an account at our website?
Create An Account Log in here
Email this news to a friend or like someone
Email:
Write a comment to this news