14 July 2015: The UN Regional Commissions highlighted the need for effective fiscal policies and global tax reform in the quest for sustainable and inclusive development during a roundtable event that featured Nobel Laureate Joseph Stiglitz. The event, titled ‘Regional Perspectives on Implementing an Ambitious, Transformative Sustainable Development Agenda,’ took place on the sidelines of the Third International Conference on Financing for Development (FfD3) in Addis Ababa, Ethiopia.

In his keynote address, Stiglitz called on the international community to counter the “short-sighted” vision of banks and financial markets by better managing risk, increasing people’s well-being, facilitating financing of education and other development needs, and tackling climate change.

The event brought together Ministers of finance and the Executive Secretaries of the five UN Regional Commissions, namely: the UN Economic Commission for Africa (ECA); the UN Economic Commission for Europe (UNECE); the Economic Commission for Latin America and the Caribbean (ECLAC); the UN Economic and Social Commission for Asia and the Pacific (ESCAP); and the UN Economic Commission for Western Asia (ESCWA). They described the challenges faced by their respective regions, mentioning issues such as rent seeking, tax evasion, loan eligibility, and resource scarcity problems, including water shortages and the burden of refugees.

Participants discussed how to close tax loopholes and address illicit financial flows, which currently equal private investment flows in Latin America and the Caribbean, and outstrip official development assistance (ODA) in Africa. They also addressed: formulating effective fiscal policies for countries dependent on extractive industries; attracting private financial flows without compromising domestic stability; strengthening domestic and regional capital markets; and seeking innovative sources of finance. [ECLAC Press Release] [UNECA Press Release] [Concept Note and Programme] [IISD RS Coverage of FfD3]