On 24-26 June, the United Nations Conference on the World Financial and Economic Crisis and its Impact on Development was held in New York City. The aim of the conference was to discuss long-term and wide-ranging reform of the international financial architecture, taking into account the views of all UN member states. UN Secretary-General Ban-Ki Moon stressed the need for a new multilateralism in his address, but no developed country leaders were present to hear it. The European Commission President Jose Manuel Barroso did not attend, sending the message that the EU considers the G20 to be the only forum for negotiating the international response to the global economic crisis. The heads of the World Bank and IMF were also invited but did not attend.

Ahead of the conference, an Asian diplomat commented: "The Western states are trying to undermine the meeting by sending low-level representatives." "The West feels the General Assembly is not the appropriate forum to discuss the global financial crisis," he added. "They think the crisis belongs to the World Bank, and more importantly, the International Monetary Fund (IMF)."

Alexandre Polack of Action Aid International Brussels commented: "...more than a billion are hungry, exports and investment are down, remittances are drying up and capital is flowing out. The response should be bold and global."

"The G20, which is limited in both membership and ambition, is not up to this task. Yet of late it has seemed to be the only horse the European Commission is willing to back. The UN is the right and legitimate forum."

Sources:

• South-north development monitor (SUNS) #6728
• http://www.ipsterraviva.net/Europe/article.aspx?id=7491