The State of the World Economy – South Centre Statement to the UN High Level Thematic Debate on the State of the World Economy.
The South Centre’s Chief Economist, Dr. Yilmaz Akyüz, took part as a speaker at the UN General Assembly’s two-day Thematic Debate on the State of the World Economy, held in New York on 17-18 May 2012. Below is the statement he presented to one of the four roundtables at the conference. (more…)
Summary overview of the recent development of the agenda of financial reform.
A cursory read of the FSB’s report on progress in the implementation of G20’s reform agenda indicates how vast the agenda has become. Agreement on the international agenda is being accompanied by measures implementing this agreement at national level and at the level of the EU. (more…)
Why The IMF And The International Monetary System Need More Than Cosmetic Reform.
This Research Paper argues that the G20 agenda misses some of the key issues that need to be dealt with in order to effectively reform the international monetary system so as to avert future global financial crises. The missing issues include enforceable exchange rate and adjustment obligations, orderly sovereign debt workout mechanisms and the reform of the international reserves system. (more…)
A South Centre report suggests the reforms needed in the global financial and monetary system.
The current turmoil in the world economy has demonstrated once again that the international arrangements lack mechanisms to prevent financial crises with global repercussions. Not only are effective rules and regulations absent to bring inherently unstable international financial market and capital flows under control, (more…)
A South Centre report argues that the IMF should focus on crisis prevention not crisis lending.
The record of the IMF in preventing financial instability and crises leaves much to be desired. The period since the breakdown of the Bretton Woods arrangements has seen repeated gyrations in exchange rates of major currencies, persistent and growing trade imbalances, recurrent balance-of-payments, debt and financial crises with global repercussions in both emerging and mature economies. (more…)
Launching of South Centre report on the eve of the G-20 Summit: “Why the IMF and the International Monetary System Need More Than Cosmetic Reform”.
The hopes of a rapid global economy recovery have recently been dashed by renewed turmoil in the world economy. The sovereign debt problems in several European countries, the gyrations in currency exchange rates, volatility in capital flows, and the war of words among major economies over “trade sanctions” and “competitive devaluations” are some of the many troubling signs of a new crisis (more…)
Statement at UNTAD Trade and Development Board, Geneva
First, I would like to reattribute the UNCTAD for its 45 years anniversary on trade work. The UNCTAD has been playing very important roles in the past; the birth of the UNCAD was to make up the vacuum in the trading systems. (more…)
The Role of the United Nations in Global Economic Governance
Global economic policy issues are often addressed by specialized multilateral agencies in a fragmented, incoherent and inconsistent manner and often with failures in relation to certain areas of global policy – particularly in trade and finance – that have broader implications for the multilateral system as a whole. (more…)
Statement to the United Nations Conference on the World Financial and Economic Crisis and Its Impact on Development, New York
This crisis triggered by widespread speculative lending and investment in major international financial centres is causing a major setback to development and poverty reduction. The combination of sharply declining export earnings, collapse of remittances, reversal of private capital flows and an extreme degree of credit squeeze affecting even trade finance is producing a sharp economic slowdown and contraction in many parts of the developing world. (more…)
Statement at the UN General Assembly Extraordinary Thematic Dialogue on The World Financial And Economic Crisis And Its Impact On Development, New York
1. The extraordinarily serious global economic crisis has its origins in the developed countries. Developing countries are not responsible, but they are severely affected, and in ways that are worse than the developed countries, as they also lack the means to counter the effects. (more…)
State of Play in Agriculture Negotiations: Country Groupings’ Positions.
The purpose of the present note is to provide an overview of the position of various countries and group of countries active in the WTO agriculture negotiations with respect to critical issues under discussion. (more…)