Summary text prepared by the lead organizers of the session: Center of Concern; the United Nations Non-governmental Liaison Service and Friedrich-Ebert-Stiftung (Friedrich Ebert Foundation). The views expressed are those of the author and do not necessarily reflect the views of UNCTAD.
Mr. Aldo Caliari, described the Group of 20 attempts to address reforms of the international monetary system in 2011 as a disappointing experience: “The G20 agenda yielded agreement on a series of minimalist steps, none of major impact, rather than focusing on the crux of the reforms needed to have a system that will ensure non-recessionary adjustments at a time when joblessness continues to increase.”
Mr. Heiner Flassbeck, advocated that the United Nations should not be confined to discussing goals, as it did in the MDGs debate, but should be a primary voice in discussion of the means.
Given the limited progress on global reform, Mr. Pedro Paez argued developing countries are right to reinvigorate regional responses. “We should not remain prisoners of old and deficient theoretical models, but should pursue alternatives that are within reach. We should resort to greater reliance on local currencies, formation of regional reserve arrangements and development banks,” he said.
[A full report of the session will be published in due course.]