United Nations, Oct 31 (PTI) United Nations has said that the international community must fundamentally reform the global financial system and help restore the trust lost as a result of the greed and corruption that caused the current economic crisis and untold suffering around the world.
The international financial crisis has once again brought to the fore the issue of reforming these institutions in a way that the developing countries have more say, UN General Assembly President Miguel D'Escoto said.
D'Escoto was speaking at the inauguration of a high-level task force chaired by Joseph Stiglitz, winner of the Nobel Prize for Economics in 2001 to review the global financial system.
The task force, members of which are being still finalized, would give recommendations which could be discussed in later meets considering the structural reform of the international financial institutions.
"The international community has the responsibility and the opportunity to identify longer-term measures that go beyond protection of banks, stabilisation of credit markets and reassurances for big investors," said D'Escoto.
"The stakes are too high for half-measures and quick fixes put together behind closed doors," he added.
He noted that the global financial system does not reflect the global and interdependent nature of the world's economies and told UN member states that a solution to the crisis must involve all countries in a democratic process.
"We must take advantage of the unique forum provided by the United Nations to build agreement on the new financial architecture required by the international community," he said. PTI http://www.ptinews.com/pti%5Cptisite.nsf/0/2D8E33BACD91BB82652574F3001AA82F?OpenDocument