Thursday, January 15, 2009

Financing for Development, Doha: Time for Change: Building a New Global Economic Architecture

South Centre was represented by Yash Tandon, the Executive Director and Vikas Nath, Head - Media and Communications at the Financing for Development Conference held in Doha, Qatar from 29 November - 2 December 2008.

Time for Change: Building a New Global Economic Architecture

This South Centre organised side event was held on 30 November and was attended by over 60 participants. The panelists included Mr. Pedro Páez Pérez, Minister for Economic Policy Coordination of Ecuador and President of the Ecuadorian Presidential Commission for the New Regional Financial Architecture-Banco del Sur, and Mr. Jomo Kwame Sundaram, UN Assistant Secretary-General and Research Director, Intergovernmental Group of Twenty-Four (G-24) along with Dr. Yash Tandon.

The financial crisis which started with the US and then got “globalised” through inter-bank collaterised securities is not a product of “severe market disruption but endemic to the present system of capitalism, as part of its inner logic.

It is imperative that the South decouples itself from the crisis-prone institutions of the North and looks towards other alternative solutions than those provided by the existing global economic architecture.