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UN sets up task force to review financial system

Source: PTI
October 22, 2008 12:16 IST
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UN General Assembly President Miguel d'Escoto has set up a high-level task force to review the global financial system, including structures of major institutions such as the World Bank and IMF, in response to the current turmoil in the financial markets.

Economics Nobel Laureate and Professor Joseph Stiglitz will chair the panel, which will also suggest steps the Member States could take "to secure a more stable global economic order."

The composition and terms of reference of the task force will be announced soon after the Assembly's special meeting on global financial crisis, scheduled for October 30.

"There is a growing recognition that the current turmoil in the financial system cannot be solved through piecemeal responses at the national and regional levels but requires a coordinated effort at the global level," he said.

The task will consider the issue in the backdrop of several major fast growing economies in the developing world being left out of the decision making process.

D'Escoto has welcomed the initiatives and declarations of the leading industrial countries, including their intention to hold a summit on the current crisis. "As the pressure for change builds up, the design of the new architecture must necessarily be inclusive and democratic to be credible and sustainable."

He has also pledged to help ensure a meaningful outcome at next month's Doha Review Conference on Financing for Development, which he noted comes at a crucial time in the midst of the current turmoil.

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