Dear Friends and Colleagues,
One of the objectives of this newsletter is to analyze the activities of international financial institutions in the context of human rights, poverty reduction and other global development objectives. Too often the debates over global financial reform overlook or dismiss the impact on human rights and poverty. The complexities of global financial flows, international taxation and financial regulations can blur their impact on the poor, but they are intimately connected. With the cost of the financial crisis estimated at $2.8 trillion and another$21-32 trillion estimated to be hidden offshore, available financing for development has been dwarfed or depleted. Furthermore, the US too-big-to-fail banks are even bigger today than before the financial collapse in 2008 - solidifying their skewed influence, through excessive speculation, in commodities markets (especially food and fuel) which has severe consequences for developing countries and their populations.
Financial Stability Board:
The FSB and Regional Participation (p. 4-5)