the friend online
14 November 2008


Calls for fairer global financial structure - preview

As the world struggles to resolves the international economic crisis, Oliver Robertson speaks to campaigners with plans for a different future

The global economic crisis offers a chance to make international finance fairer, say campaigners

  • Two processes are currently underway, one under the auspices of the United Nations and the other between the G20 group of leading industrialised and developing countries
  • However, a frenzy of activity by pressure groups aims to ensure that it goes beyond resolving the ‘credit crunch’ and gives smaller, poorer countries a greater say in the world’s financial institutions

  • Peter Chowla of the Bretton Woods Project, which monitors the International Monetary Fund (IMF) and World Bank, argues that while it is right for the forthcoming G20 summit to deal with the immediate banking crisis, reform should be wider
  • ‘It’s very clear that there are some policy areas where we need action taken
  • That won’t happen in a day summit’, he said
  • This view was supported by Nick Dearden, director of the Jubilee Debt Campaign, who explained that ‘what we’re worried about is that we could be back in the situation where there is this cyclical lending and debt… that we were set up to campaign against’

  • Oliver Robertson

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