Printer friendly brochure in PDF format.
THE
UN FINANCING FOR DEVELOPMENT (FFD) CONFERENCE: IMPLEMENTING THE AGENDA
The New Rules For
Global Finance Coalition And The Foreign Ministry Of Sweden Collaborate
With The UN’s FFD Office on Multi-Stakeholder Consultation On Systemic
Issues
What Is The FFD?
The
International Conference on Financing for Development, often referred to
as the “Monterrey Conference,” was held from March 18-22, 2002 in
Monterrey, Mexico, and focused on key financial and development issues.
Over 50 Heads of State or Government, 200 ministers, and leaders from
the private sector, civil society and all the major intergovernmental
financial, trade, economic, and monetary organizations attended.
This UN
conference was innovative in four major ways. First, under UN auspices
all major institutions that impact development policy convened for a
dialogue: World Bank, the International Monetary Fund, the World Trade
Organization, UNCTAD, and UNDP. Second, the conference addressed the
full range of sources of finance in an integrated and holistic way:
mobilization of domestic resources, mobilization of international
private resources, trade, debt, and public overseas development
assistance. Third, by dealing with “systemic issues” the conference, for
the first time, expanded official public debate beyond the content of
the policies to assess power and governance arrangements that influence
the design of those policies. Finally, the follow up process set up an
innovative framework for periodic and continued dialogue among the
participating organizations, governments and non-governmental actors in
order to evaluate progress in implementation and discuss new issues
related to the overarching agenda of the conference.
The
culmination of a four-year preparatory process, the Conference adopted
the Monterrey Consensus, in which heads of state from developed,
developing and transition economy countries pledged to undertake
important actions in domestic, international and systemic policy
matters. In December of 2002, the UN General Assembly set in motion a
detailed follow-up intergovernmental process, as called for in the
Consensus, to monitor implementation and carry forward the international
discussion of policies for financing development. The Assembly also
called on the Secretary-General to establish a standing secretariat to
support the process. The Financing for Development Office was then
created in the Department of Economic and Social Affairs (DESA).
http://www.un.org/esa/ffd/
What Are The “Multi-Stakeholder Consultations” On Financing For
Development, 2004-2005?
A
resolution of the United Nations General Assembly (A/RES/230) called on
the Financing for Development Office (FFD) to continue:
(a)
To organize workshops and multi-stakeholder consultations, including
experts from the official and private sectors, as well as academia and
civil society, to examine issues related to the mobilization of
resources for financing development and poverty eradication;
(b) To
convene activities involving various stakeholders, including the private
sector and civil society, as appropriate, to promote best practices and
exchange information on the implementation of the commitments made and
agreements reached at the International Conference for Financing for
Development.
What Consultations Are Planned?
There are
three sets of Consultations:
1) Dialogues
managed by the UN FFD Office:
Building
an inclusive financial sector for development
Sovereign debt for sustained development
2) Dialogues
managed by the World Economic Forum (WEF):
Public-private partnerships for improving the effectiveness of
development assistance
Improving
the climate for private investment
3) Dialogues
managed by the New Rules for Global Finance Coalition:
Systemic Issues
Who Is The New Rules Coalition?
The New Rules
for Global Finance is a coalition of individual scholars and
organizations with interests in development, human rights, labor and the
environment. The Coalition is dedicated to the reform of rules and
institutions governing finance in order to stabilize the world economy,
reduce poverty and inequality, uphold fundamental rights, and protect
the environment.
Why Consultations On Systemic
Issues?
“Systemic
Issues” refers to paragraph F 52-53 of the Monterrey Consensus
(A/CONF.198/11). These multi-stakeholder consultations will examine
issues, exchange information and promote best practices related to
advancing rules for global finance to meet the Millennium Declaration
development goals (MDGs) of sustained economic growth, poverty
eradication and sustainable development.
The
consultations will explore the structure and policy-making processes of
existing global rule-making institutions such as the World Bank (WB),
the International Monetary Fund (IMF), the Bank for International
Settlements (BIS) and the Financial Stability Forum (FSF). The debate
will examine who participates in decision-making processes, and how
indirect policies shape institutional arrangements. Some of the
overriding problems to be addressed are: capital drought, boom-bust
cycles of international capital flows, continued debt accumulation and
exposure to foreign exchange, and interest rate and commodity price
risks.
Participants
will be invited to make recommendations for improving policies and
governance of the international financial institutions and to propose
complementary and alternative policies to enhance stability of the
global financial system and its ability to support sustained growth and
poverty alleviation. The consultations will serve as a contribution to
the United Nations 2005 High-level dialogue on Financing for
Development.
What Is The Agenda For The Systemic Issues Consultation?
-
Evaluation
of the Official Reform Agenda for the International Financial
Architecture (IFA)
-
Mechanisms
for Crisis Prevention
-
Provisions
of Credit in Times of Crisis
-
Management
of Capital Flows and Risk Exposure
-
Institutional Matters: Are The Right Issues on the Agenda?
How Are The Consultations Structured?
Throughout the
series of two-day meetings, the full agenda (see aboce) will be
considered. Several topics will be discussed in more than one meeting.
This arrangement will contribute to identifying points of agreement and
disagreement on policy recommendations that will be presented as a
product of these consultative meetings.
Who Will Attend The Consultations?
Experts from
the private sector, government, academia, civil society organizations,
international financial and standard-setting institutions (IMF, WB, BIS,
FSF)
When And Where Will The Meetings Take Place?
These
activities are programmed for the second half of 2004 and 2005.
Meetings will be hosted in Washington, DC; Lima, Peru; Nairobi, Kenya;
and New York, NY. Please check the New Rules website
for dates and locations as they are finalized.
How Is The Agenda Structured?
Obviously the
agenda does not cover everything; it is deliberately narrowed to
highlight proposals that are well researched and ripe for action.
How Can The Public Participate?
-
All papers
and materials will be posted on the web. Feedback is welcome.
-
Public
events are planned for each consultation.
-
Proposals,
queries and comments from interested individuals are welcome. Please
send to
jbaker@new-rules.org.
What Will Come Out Of The Consultation?
-
A
rapporteur’s report will be completed after each event and will be
available on the web.
-
A joint
summary of all the consultations will be prepared for the UN
Secretary General in June 2005.
-
A
compilation of background papers, rapporteurs reports and
recommendations will be published in fall 2005
Co-Sponsors
United Nations
Financing for Development Office
New Rules for
Global Finance
UN Foundation
Foreign
Ministry of Sweden
Useful Websites
New Rules
http://www.new-rules.org/
FFD Office
http://www.un.org/esa/ffd/
|
