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Reforming the International Financial System for Development$
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Jomo Kwame Sundaram

Print publication date: 2011

Print ISBN-13: 9780231157643

Published to Columbia Scholarship Online: November 2015

DOI: 10.7312/columbia/9780231157643.001.0001

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The Report of the Commission of Experts on Reform of the International Monetary and Financial System and Its Economic Rationale1

The Report of the Commission of Experts on Reform of the International Monetary and Financial System and Its Economic Rationale1

Chapter:
(p.296) 12 The Report of the Commission of Experts on Reform of the International Monetary and Financial System and Its Economic Rationale1
Source:
Reforming the International Financial System for Development
Author(s):

Jan Kregel

Publisher:
Columbia University Press
DOI:10.7312/columbia/9780231157643.003.0012

This chapter examines the economic rationale for the proposals made by the United Nations Commission of Experts on Reform of the International Monetary and Financial System. The independent commission was created to analyze the causes of the global financial crisis and to suggest adequate responses to reform financial markets, with the goal of restoring global economic stability. Taking into account the failures of both macroeconomic and financial regulations leading to the crisis as well as challenges of international economic governance and systemic reforms, the commission proposed measures that are not only concerned with macro-financial reforms for greater financial risk mitigation and monetary stability, but also with creating the conditions for more equitable and sustainable development in light of contemporary conditions. One of the commission's recommendations calls for the creation of a new credit facility to provide funding for stimulus packages in developing countries. Another is the establishment of a Global Economic Coordination Council (GECC) to provide a democratically representative alternative to the Group of 20 (G20).

Keywords:   financial crisis, United Nations, financial markets, economic stability, financial regulation, monetary stability, sustainable development, credit facility, stimulus packages, developing countries

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