The Seventh Asia-Europe Meeting on October 25, 2008 reached a consensus to request bailout funds from the IMF. Leaders also issued a statement calling for extensive reforms of the international economic and financial architecture. The statement can be viewed at http://www.asem7.cn/download/cssaem.pdf.
The UN discussion on the crisis included speakers such as Joseph Stiglitz, Sakiko Fukada-Parr, Prabhat Patnaik, Calestous Juma, and François Houtart. The Interactive Panel of the United Nations General Assembly on the Global Financial Crisis, October 30, 2008: http://www.un.org/ga/president/63/interactive/gfc.shtml
The World Economic Forum on Europe and Central Asia convened in Istanbul on October 30, 2008 through November 1, 2008. It was concluded that the growth potential of the region would cushion the damage of the global financial crisis. For the press release, see http://www.weforum.org/en/media/Latest%20Press%20Releases/Turkey08ClosingPR.
EU leaders met on November 4, 2008 to draw up a proposal for reform of the international financial architecture. The proposal was more conservative than previously discussed. Rather than suggesting that the IMF act as an international central bank, EU leaders agreed that the IMF should be given more supervisory power and better reflect the composition of global leadership. It was also agreed that overall, financial regulation should be markedly tightened. http://www.rte.ie/business/2008/1104/ecofin.html.
The International Accounting Standards Board and the Financial Accounting Standards Board held three round table meetings on the global financial crisis on November 14, 2008 in Europe (London), on November 25, 2008 in North America (Connecticut), and on December 3, 2008 in Asia (Tokyo): http://www.iasb.org/NR/rdonlyres/BC48E575-3428-42F0-BD2C-772C4E44AC32/0/summarypaper_Tokyofinal.pdf.
G20 nations met on November 15 in Washington, DC to discuss action on the global crisis. Leaders resolved to increase regulation on the crisis but to postpone real change until several months after President-Elect Obama takes office.
The ILO Governing Body met on Monday, November 17, 2008. The delegates deliberated on the relevant issues contained in the preparatory document entitled Shaping a Fair Globalization: Perspectives and Prospects for the Decent Work Agenda." The ILO constituents (governments, employers' and workers' representatives) asked for an ILO action/response. http://www.ilo.org/wcmsp5/groups/public/---ed_norm/---relconf/documents/meetingdocument/wcms_099853.pdf
The Asia Pacific for Economic Cooperation (APEC) met on November 21-2, 2008 to discuss the financial crisis, although no bailout package materialized: http://www.apec.org/apec/news___media/webcast/211108_pe_huceosummit.html.
The Doha meeting that took place on November 28, 2008 determined to meet aid pledges despite the financial crisis: http://www.un.org/apps/news/story.asp?NewsID=29164&Cr=doha&Cr1.
The first meeting of the UN President of the General Assembly Commission on Reforms on the Monetary and FinancialSystem met on 4-6 January. The website for this commission can be found under: http://www.un.org/ga/president/63/commission/financial_commission.shtml. Underlying the concern of this statement is the need to properly shape immediate actions. If we are serious about the economics of Keynes, it is important to recognize that the growth process of the previous period sought to sustain existing inequalities and imbalances, which would ordinarily be lead to insufficient effective demand but were instead hidden by a heavy reliance on indebtedness by consumers and export-oriented growth financed by lending to rich countries. Stimulus packages now being raised in the developed countries not only violate WTO rules on national treatement (through subsidies to both financial and non-financial national companies) but will also exacerbate even more the existing inequalities in the global economy. Download firstmeeting.pdf (16.3K)
The World Economic Forum met at Davos on January 28-30, 2009. Global leaders underscored the need for collaboration to work through the economic crisis: http://www.weforum.org/en/events/AnnualMeeting2009/index.htm.
G-7 Finance Ministers met across Rome on February 13, 2009 to discuss about plans to resolve the biggest financial crisis of their time. G-7 members pledge to strengthen the global banking system. http://english.people.com.cn/90001/90777/90856/6592808.html
UNESCO Future Forum meeting on the crisis, March 2, 2009:
Download Crisis impacts in developing countries-Africa & MDGs jmsx.pdf (75.5K)
A (Very Slightly) New Financial Architecture was agreed upon at the G-20 meeting in London in late March 2009. The NFA is not as radical as some have proposed, but it does address some major global concerns in order to reduce financial risk-taking. The full report is available on the G-20 website: http://www.g20.org/ (see http://www.g20.org/Documents/Fin_Deps_Fin_Reg_Annex_020409_-_1615_final.pdf and http://www.g20.org/Documents/Fin_Deps_Fin_Reg_Annex_020409_-_1615_final.pdf).
The UN Economic and Social Council met with Bretton Woods Institutions, the WTO and UNCTAD in New York on April 27, 2009 to discuss the ongoing crisis. The draft outcome document has been viewed as very controversial. Download ChairSummary-SpringMeeting270409, Download Conferencia Definitiva 5, Download UNDESA_DC statement final, Download UNDESA_IMFC statement final.
The G8 meeting in Leece, Italy on June 13, 2009 discussed the financial crisis, including ongoing issues and the very beginnings of a recovery: http://www.reuters.com/article/usDollarRpt/idUSLC82498920090613.
The UN Conference on the World Financial and Economic Crisis and its Impact on Development was held on June 24-26, 2009: http://www.un.org/ga/econcrisissummit/webcast.shtml.
The Financial Stability Board held its first plenary meeting in Basel, Switzerland, on June 26, 2009. http://www.chinadaily.com.cn/bizchina/g20_pittsburgh/2009-09/25/content_8738255.htm
The G8 meeting in L'Aquila, Italy on July 8, 2009, resulted in recommitments to sustainable global economic growth: http://www.pbs.org/newshour/bb/europe/july-dec09/g8_07-08.html.
The Jackson Hole Symposium took place on August 21, 2009, with Fed Chairman Ben Bernanke reflecting on a year of crisis: http://federalreserve.gov/newsevents/speech/bernanke20090821a.htm.
The G-20 met on September 4-5, 2009 in London and affirmed commitment to Global Reform and Recovery: http://www.g20.org/Documents/FM__CBG_Comm_-_Final.pdf.
The Financial Stability Board held its second plenary meeting in Paris, on September 15, 2009. http://www.chinadaily.com.cn/bizchina/g20_pittsburgh/2009-09/25/content_8738255.htm
The G-20 met on September 25, 2009 in Pittsburgh. A progress report on financial reform: http://www.g20.org/Documents/pittsburgh_progress_report_250909.pdf.
The G-20 finance ministers and central bank governors met on November 7, 2009 in the UK: http://www.ustreas.gov/press/releases/reports/g20%20st%20andrews%20%20draft%20communique%20071109%20%2015001.pdf.
The Financial Crisis Advisory Group met with IASB and the US FASB on December 15, 2009 to discuss accounting standards: http://www.iasb.org/Meetings/Financial+Crisis+Advisory+Group+meeting.htm.
The World Economic Forum met in Switzerland on January 27-31, 2010 to improve global cooperation: http://www.weforum.org/pdf/AM_2010/AM10ExSummary.pdf.
EU leaders met on February 10, 2010 to discuss the Greece debt crisis, pledging they would not allow Greece to fail. http://online.wsj.com/article/SB10001424052748703382904575058683608476508.html
