Miguel d’Escoto Brockmann, UNGA President, opened the meeting of the Commission of Experts on the Reforms of the International Monetary and Financial System, held at UN Headquarters, from 4-6 January 2009, underscoring the UN’s role as a forum to charter “any legitimate effort to recast the institutions and the rules of the global financial system.” Following its deliberations, the Commission, led by Nobel Laureate Joseph Stiglitz, 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 urgent actions to be taken.

It stated the required reforms should establish regulations that enable simultaneously pursuing long-term objectives, such as sustainable and equitable growth, the responsible use of natural resources, and reduction of greenhouse gas emissions, and more immediate concerns, including addressing the challenges posed by the food and financial crises. The Commission of Experts will meet again in Geneva on March 8-10.
Links to further information
UNGA President Miguel d’Escoto Brockmann’s Statement, 5 January 2009
The First Meeting of the Commission of Experts of the UNGA President on Reforms of the International Monetary and Financial System: Recommendations for Immediate Action