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Another Bretton Woods Moment: Time for UN to Act

Article no: EN20081101-Article-6.1-2008

Another Bretton Woods Moment: Time for UN to Act

The United States and the Bretton Woods institutions, the International Monetary Fund (IMF) and the World Bank, had failed to adequately address the international financial crisis. The only realistic way out of the global crisis was to proceed democratically, in an inclusive manner, and there was no better place to do that than in the framework of the United Nations. A panel held at the UN headquarters in New York on 30 October 2008 concluded that quick-fixes and half-measures behind closed doors were not enough. A WDEV summary of the event with Joseph Stiglitz and others

The panel has been convened by Miguel d?Escoto Brockman, President of the General Assembly who told a press conference that the current financial crisis presented opportunities for change. In particular, he spoke about the plans to form a high-level task force to review the global financial system. The composition of that body would be made public in the near future, and work was under way to formulate the terms of reference for that body ...

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