In
order to prevent the future recurrence of such devastating crises, and better
insulate populations and economies from the adverse consequences thereof, the
Government of the
The
Declaration involves measures which would potentially help all nations to
better cope and respond to future economic crises. Under the auspices of the
United Nations, a multilateral approach to crises prevention and invigoration
of growth is proposed under the following measures:
The Declaration
We the Nations of the World:
1.
Global economic governance: We would seek a
review to assess of whether current institutional and governance
structures
remain condusive to conduct effective international economic policy
coordination, cooperation and dialogue. An action plan for relevant reforms
should be approved and implemented in the short term.
2.
Adjustment in the Eurozone: We would welcome a
reassessment of whether there are credible alternative policy options that
would produce less disruptive adjustment in the most affected Eurozone
countries. Fiscal
consolidation and austerity measures in the long term can erode the growth
potential and bring an array of negative consequences. Hence disciplinary
measures are part of a stabilization/recovery menu. Measures that promote
growth with fiscal responsibility should therefore be examined and adopted.
3. New
macroeconomic realities: We commit to the development and maintenance of
long-term sustainable, inclusive and balanced growth through closer
international cooperation, with growing participation of emerging and
developing market economies as a reflection of new global realities, in order
to eradicate poverty and continue to reduce global and domestic income
inequalities.
4. We
commit to the correction of global and domestic savings-investment imbalances,
through more productive and equitable use of capital, and increased
diversification of reserve assets.
5.
We pledge to build and enhance crisis prevention
mechanisms through adequate reserve funds and policy tools. It is therefore
imperative to strengthen the existing global network designed to provide
financial protection to countries that seek IMF resources in times of economic
distress.
6.
Global capital markets integration: We would study
measures to construct a road map of a transition framework to allow for the
orderly integration of major emerging markets' currencies and financial assets
to establish the true globalisation of currencies and capital market.
7.
We affirm our commitment to the long-term
stability and growth of local and global financial systems, with greater
international integration supported by robust local market infrastructure,
clear and adequate regulation and oversight that incorporates both the banking
system and shadow banking, and flexible, transparent tools and mechanisms for
the appropriate monitoring and management of systemic risks.
8.
We pledge to foster collaborative scientific
research and development to find innovative, long-term solutions, including
with regards to adaptation methods and practical applications in emerging and
developing market economies.
9.
We acknowledge the urgent need for new,
"greener" economic practices in light of the enormous environmental challenges
currently facing the world.
10.
A collective global commitment to promote the
creation and support of national and regional programmes to eradicate hunger is
of utmost importance. Education as a basic human need has a crucial role in
personal development and socio-economic growth. Its function as a predictable
and long-term driver of higher quality employment generation, with positive
externalities further should benefit the common good.
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