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Towards A New Global Economic Compact

Article no: EN20081102-Article-6.2-2008

Towards A New Global Economic Compact

The Nobel Laureate in Economics, former Chief Economist of the World Bank and Professor at Columbia University, Joseph E. Stiglitz (see photo) has been appointed as President of the United Nations High-level Task Force to review the global financial system. In the following points Joseph Stiglitz has summarised his personal views, as well as the views of the Initiative for Policy Dialogue, on key elements of a response to the current global financial crisis.

1. The current financial crisis, which began in the U.S., then spread to Europe, has now become global. Even emerging markets and less developed countries that managed their economy well, resisted the bad lending practices, held high levels of foreign exchange reserves, did not purchase toxic mortgages, and did not allow their banks to engage in excessive risk taking through derivatives are likely to become embroiled and to suffer as a result. Any global solution ? short term measures to stabilize the current situation and long term measures to make another recurrence less likely ? must pay due attention to impacts on these countries ...

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