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SYSTEMIC ISSUES IN THE MONTERREY CONSENSUS

SYSTEMIC ISSUES IN THE MONTERREY CONSENSUS. A. THE SPIRIT OF MONTERREY A.1 International Conference on FfD: Unique among UN conferences A Multi-stake holders (beyond UN) approach A Comprehensive View of all mechanisms for the provision of financial resources for development

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SYSTEMIC ISSUES IN THE MONTERREY CONSENSUS

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  1. SYSTEMIC ISSUES IN THE MONTERREY CONSENSUS A. THE SPIRIT OF MONTERREY • A.1 International Conference on FfD: Unique among UN conferences • A Multi-stake holders (beyond UN) approach • A Comprehensive View of all mechanisms for the provision of financial resources for development • Holistic consideration of the national, int’l, and systemic challenges of FfD

  2. SYSTEMIC ISSUES IN THE MONTERREY CONSENSUS • A.2 The Monterrey Consensus broad systemic approach • Improve global economic governance • Strengthen UN leadership role in promoting development • A.3 General considerations on systemic issues • The International Financial System • The International Monetary System • The International Trade System ……in support of development

  3. SYSTEMIC ISSUES IN THE MONTERREY CONSENSUS • THE SYSTEMIC AGENDA • B. 1 Enhancing voice & participation of developing countries in int’l economic decision-making • Governance of the World Bank and the IMF • Governance of WTO and multilateral trade negotiations (beyond the “Quad Group”) • Financial Stability Forum • Financial standard-setting bodies and institutions • Governance of the Aid Effectiveness agenda

  4. SYSTEMIC ISSUES IN THE MONTERREY CONSENSUS • B.2 Specific actions to improve the development perspective in the financial, monetary, and trading system • Reform of the International Financial Architecture • Design of measures aiming at better managing external shocks and preventing financial crisis • Strong coordination of macroeconomic policies among main industrial countries to reduce exchange rate volatility • IMF should have a suitable array of financial facilities and resources to support the development efforts of developing countries • Consideration of an international debt workout mechanism

  5. SYSTEMIC ISSUES IN THE MONTERREY CONSENSUS Strengthening international tax cooperation • The ECOSOC is considering converting the Ad-Hoc Group of Experts on International Tax Cooperation in Tax Matters into an intergovernmental subsidiary body Exploring new innovative sources of FfD • Including the proposal of using special drawing rights allocation for development purposes • Leading Group on Solidarity Levies to Fund Development is considering many different initiatives: • fighting tax evasion and stemming illicit financial flows • taxing currency transaction • implementing a digital solidarity contribution, etc.

  6. SYSTEMIC ISSUES IN THE MONTERREY CONSENSUS • FOLLOW-UP MECHANISM Monterrey Consensus: • Systemic approach to FfD is guided by a global and holistic vision • Follow-up mechanism for MC to strengthen effectiveness of the global economic system’s support for development • Experience of the follow-up process to Monterrey (2002-07) • Two-step process: • First: Meeting of the ECOSOC with Bretton Woods Institutions • Second: Biennial High-level Dialogue on FfD in the General Assembly

  7. SYSTEMIC ISSUES IN THE MONTERREY CONSENSUS • Toward an integrated follow-up mechanism for the commitments of the Monterrey Consensus on FfD • Collaboration by all stakeholders in its implementation • Governments and int’l institutions dealing with trade, finance, and development assistance, with participation of civil society and private sector • Participation aimed to ensure an integrated approach to all development financing issues • Attainment of goals proved elusive, prompting the need for considering new mechanisms post-Doha

  8. SYSTEMIC ISSUES IN THE MONTERREY CONSENSUS Proposal for a post-Doha follow-up mechanism: Creation of an integrated multi-stakeholder Forum, Council, or a Committee on FfD • Composition • Representatives of governmental organs of the UN (GA and ECOSOC), IMF, World Bank, and WTO • Representatives from specialized agencies, i.e. ILO, UN Funds and Programmes • Civil Society and the private sector • Objective: to change the nature of the existing “dialogues” of the UN and the Bretton Woods Institutions and WTO for an integrated review of the chapters of the Monterrey Consensus

  9. SYSTEMIC ISSUES IN THE MONTERREY CONSENSUS A. THE SPIRIT OF MONTERREY • A.1 International Conference on FfD: Unique among UN conferences • A Multi-stake holders (beyond UN) approach • A Comprehensive View of all mechanisms for the provision of financial resources for development • Holistic consideration of the national, int’l, and systemic challenges of FfD

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