Campaign to create a UN panel of experts on crisis and development

Joseph Stiglitz. (Photo: Stiglitz's site)

Sources: NGO Committee on Financing for Development, Social Justice in Global Development

Many civil society organisatiosn have been working on the establishment of an “Ad hoc panel of experts on the world financial and economic crisis and its impact on development”, which was a proposal first made by the Stiglitz Commission at the UN Conference on the financial crisis and later by the Group of 77, representative of the developing countries. They are calling on non-governmental organizations from all over the world to sign an open letter to reinforce the request, that is going to be discussed  at the upcoming deliberations of the UN Economic and Social Council (Ecosoc) in Geneva.

The proposal was formally presented last year by Yemen on behalf of the members of the Group of 77 and China, after it was drafted by the Stiglitz Commission in June 2009, and is object of much resistance by some North countries, according to the NGO Committee on Financing for Development, one of the civil society networks that launchet the signing campaign this week.

"If adopted, it would be a major step forward, because experts representing in a balanced way all major regions of the world could provide a second independen opinion," said the NGO Committee. The organization will be receiving the sign-ons untill 11 July. 

The G-77's draft resolution proposes "to establish an ad hoc panel of experts to produce independent technical advice and analysis, including recommendations on global financial, economic and systemic issues, to be made available to the Economic and Social Council and to the General Assembly, which will contribute to the follow-up of the mandates of the Conference on the World Financial and Economic Crisis and Its Impact on Development".

It also plans the ad hoc panel to meet twice a year an its members to be "nominated by member states for a term of four years" amongst "well-known and recognized" experts "in economic and financial matters" that must be elected "through the various regional groups".

The open letter reads as follows:

July 2011

Your Excellency,  

We, the undersigned non-governmental organizations are writing to request that, at the upcoming deliberations of the Economic and Social Council 2011, your government endorses the draft resolution for the establishment of an “Ad hoc panel of experts on the world financial and economic crisis and its impact on development”. We share the concern of countries of the global South about the impact on development of the world financial crisis and of the need for adequate responses so as to avoid its recurrence, restore global economic stability and promote underlying institutional reforms required to ensure sustained global economic development for the benefit of all. There is a general need to strengthen and broaden the participation of developing countries in global economic governance. Therefore, we strongly support the recommendation of the Commission of Experts chaired by Joseph Stiglitz, September 2009, to create an expert panel within the United Nations.  

In line with the mandates of the Conference on the World Financial and Economic Crisis and Its Impact on Development, the expert panel could produce independent technical analysis and provide recommendations on global financial, economic and systemic issues. Such a panel of experts would foster constructive exchanges among Member States and include dialogue among policymakers, academics, institutions and members of civil society. Recommendations would be made available to the Economic and Social Council and to the General Assembly.

We appreciate the role of the United Nations as the inclusive and legitimate global body and think it is time that the UN takes bold steps for reform to improve global economic governance. The representatives of the following NGOs thank you for your consideration of our concerns in this matter.