6 January: The first Meeting of the Commission of Experts of the UN General Assembly (UNGA) President on Reforms of the International Monetary and Financial System took place at UN Headquarters in New York, US, from 4-6 January 2009. The recommendations adopted at the end of the meeting include the need for reforms to establish regulations that enable simultaneously pursuing long term objectives, such as sustainable and equitable growth, responsible use of natural resources and reduction of greenhouse gas (GHG) emissions, and more immediate concerns, including addressing the challenges posed by the food and financial crises.

In an opening speech, Miguel d’Escoto Brockmann, UNGA President, underscored the UN’s role as a forum to charter “any legitimate effort to recast the institutions and the rules of the global financial system.” The Commission issued a statement noting its efforts to identify the underlying factors that have contributed to the magnitude of the crisis and its rapid spread around the world, and recommending actions to be taken. The Commission of Experts will meet again in Geneva, Switzerland, from 8-10 March 2009. [UNGA President’s Statement] [Recommendations from the Meeting]