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Financing for Development New Rules for Global Finance

Final report and recommendations derived from multi-stakeholder consultations organised by New Rules for Global Finance Coalition

New Rules for Global Finance and Financing for Development

14-16 September 2005

SARPN acknowledges the New Rules for Global Finance Coalition as the source of this document - www.new-rules.org
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Introduction

The New Rules for Global Finance Coalition is a gathering of non-governmental organizations and academics which started in 1999. Because of their commitment to greater economic justice, members volunteer their time and talent to identify and promote viable policy options that can prevent financial crises, or mitigate their effects, especially for poor people and poor countries. The members believe that financial stability, equitable and environmentally sustainable growth, when combined with transparent and accountable governments and public and private financial actors, can be powerful means toward poverty eradication. New Rules has been engaged with the Financing for Development process since 2000. Because of the expertise that the Coalition brings, and its long-standing commitment to FfD, the UN Financing for Development Office invited New Rules to serve as the civil society convener of this series of multi-stakeholder consultations.

The New Rules for Global Finance Coalition has worked for the past year on Multi-Stakeholder Consultations on Systemic Issues in order to promote implementation of Section (F) of the Monterrey Consensus Document. In each of five sessions—in Washington, DC at the IMF; in Lima, Peru; in Nairobi, Kenya; in New Delhi, India; in New York City at the United Nations — New Rules has worked with other multi-stakeholder participants to identify well-researched and politically viable policy proposals that could leverage significant change toward the goals articulated at the Monterrey Conference.

Each session explored the same core agenda:
  1. Assessment of official steps taken to prevent and reduce global financial crises;
  2. Policy proposals to prevent financial crises;
  3. Policy proposals to provide credit to countries in financial crises;
  4. Mechanisms to manage risks arising from financial crises; and
  5. Governance of the IMF, World Bank, and other financial rule-making bodies, including the Bank for International Settlements, the Financial Stability Forum, and the Basle Committees.
The original plan was presented to UN country delegates on July 21, 2004. Each step of the process has been documented on the New Rules website and through a link on the UN Financing for Development (FfD) Office website: www.new-rules.org and www.un.org/esa/ffd.

The New Rules for Global Finance Coalition expresses its deep appreciation to all who participated in these Consultations. Each person shared deeply and generously his/her analysis insights, and values. The recommendations set forth here are exclusively those of the New Rules Coalition. As agreed in the terms of reference for the Consultations, these recommendations do not represent any consensus or majority position among participants. Nor can they begin to capture the rich and varied dialogue of those gatherings.

The Coalition also thanks the co-conveners: in Lima, the Asociacion Latinoamerica de Organismos de Promocion de Desarrollo (ALOP); in Nairobi, the Kenya office of the Southern and Eastern Africa Trade, Information, and Negotiations Institute (SEATINI) and the Friedrich Ebert Stiftung; and in New Delhi, the Institute for Human Development and International Development Economics Associates (IDEAS) Network. None of this would have been possible without the financial support of the Open Society Institute, the Swedish Foreign Ministry, the Commonwealth Foundation, the Friedrich Ebert Stiftung, the UN Development Program, the UN Foundation, and of course the excellent staff of the UN FfD Office. New Rules would also like to thank the Ford Foundation for core funding, and the Financial Policy Forum for serving as the fiscal agent.



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