-Caveat Lector- <A HREF="http://www.ctrl.org/"> </A> -Cui Bono?- ----- Original Message ----- From: <[EMAIL PROTECTED]> To: <[EMAIL PROTECTED]> Sent: Sunday, February 13, 2000 2:12 PM Subject: (50 Years) FW: UNCTAD - IMF's Chief Calls for G7 Summit Shakeup > > > -----Original Message----- > On Behalf Of Janet M Eaton > Sent: Sunday, February 13, 2000 10:12 AM > Subject: UNCTAD - IMF's Chief Calls for G7 Summit Shakeup > > > Outgoing IMF chief Michel Camdessus Sunday proposed a shake-up of the > annual summit of rich nations to address mounting criticism that > globalization was benefiting rich nations at the cost of the poor. > He also noted that: > ``..... , the trade talks need to be put back on the rails, > and in doing so we need to convince the public and political > leadership in developing and developed countries alike -- that only > multilateralism can succeed in humanizing globalization." > FYI, > janet > > > > Sunday - 10:25 02/13/2000, EST > > IMF's Chief Calls for G7 Summit Shakeup > > BANGKOK, Thailand (Reuters) - Outgoing IMF chief Michel Camdessus Sunday > proposed a shake-up of the annual summit of rich nations to address > mounting criticism that globalization was benefiting rich nations at the > cost of the poor. > > Camdessus, in his last public speech before stepping down after 13 years > as managing director of the International Monetary Fund, said > incoherence in international policy-making was stifling growth. The > world had a golden opportunity to insulate itself from financial > upheavals and to harness the opportunities opened up by rapid economic > change to narrow the ``potentially explosive'' gap between rich and > poor, he said. > > ``This suggestion is modest. No doubt we will have to be more > imaginative if we want humanity to become aware of and to assume > responsibility for the global aspect of its destiny,'' Camdessus told a > summit of the U.N. trade and development agency UNCTAD. > > ``We must provide the world with institutions adapted to these > challenges,'' he said. > > Camdessus suggested that the annual summit of the Group of Seven > industrial nations plus Russia be replaced every two years by a meeting > of the heads of state and government of the countries about 30 at any > one time -- that have executive directors on the boards of either the > IMF or its sister agency in Washington, the World Bank. > > Because the executive directors also speak for countries besides their > own, such a meeting would be representative of the IMF's 182-strong > membership, Camdessus said. > > The head of the United Nations should also attend, he said. > > He said the plan ``would offer a way of establishing a clear and > stronger link between the multinational institutions and a > representative grouping of world leaders with unquestionable > legitimacy.'' > > He said his proposal could be discussed at this year's G7 summit in > Okinawa, Japan. The group's other members are the United States, > Germany, France, Britain, Canada and Italy. > > The weeklong UNCTAD summit began Saturday and is being attended by about > 3,000 delegates from 190 countries, mainly developing states. > > The conference is aimed at shaping strategies to ensure trade is > utilized to underpin development of the world's emerging economies and > least developed countries. > > It is the first large gathering of trade ministers and officials since > the failure at the World Trade Organization's ministerial meeting in > Seattle in December to launch a new round of global trade talks. > > ``Clearly, the trade talks need to be put back on the rails, and in > doing so we need to convince the public and political leadership in > developing and developed countries alike -- that only multilateralism > can succeed in humanizing globalization,'' Camdessus said. > > The IMF is an object of hate for many activists who blame its orthodox > economic prescriptions high interest rates and budget belt-tightening > for worsening the pain of countries that run into balance of payments > problems and seek bailouts from it. > > Tacitly acknowledging the fierce opposition often aroused by the Fund's > rigorous economic policies, Camdessus said: ``Popular support for > stabilization and reform cannot be counted upon unless the whole > population, including the poorest...is able to participate in the > formulation of policies and, of course, in the benefits of those > policies.'' > > Camdessus was denounced last week as a ``war criminal'' by Alejandro > Bendana, a Nicaraguan activist with Jubilee South, a development > pressure group. > > Just before Camdessus's speech in Bangkok Sunday, an unidentified > protester pushed a cream pie into his face. The IMF chief was taken > aback but composed himself quickly. > > Camdessus spoke of his emotion in stepping down from his job and > defended the policies the IMF had overseen to guide Asia out of its > financial crisis in 1997 after a sudden flight of foreign capital > exposed deep economic flaws across the region. > > Reaching out to his critics, Camdessus praised the people of the > countries affected, saying they had shown determination to overcome > adversity and a readiness for renewal. > > ``We should not pretend that the reform process is over, but what is > important is that economies have been stabilized, that fundamental > changes in the financial and corporate sectors have been initiated, and > old styles of governance are being overhauled or abandoned,'' he said. > > The world now enjoyed improved prospects for sustainable growth, with > output likely to exceed three percent in advanced countries and about > five percent in developing countries. > > ``The world now has a golden opportunity...to press forward with making > itself less vulnerable to the kind of upheaval that we saw at the end of > the 1990s,'' Camdessus said. > -- > For MAI-not (un)subscription information, posting guidelines and > links to other MAI sites please see http://mai.flora.org/ > > > =========================================================== > 50 Years Is Enough Network http://www.50years.org > To unsubscribe, email [EMAIL PROTECTED] with > unsubscribe > in the body of the message. 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