1. Responses to the financial crisis Two responses: – The Group of Twenty (G-20) – The Stiglitz Commission and the UN Summit on the World Financial and Economic Crisis and its impact on Development Contextualize each Provide some brief analysis Differences in the approach

2. The G-20 response Focus: restoring confidence, lending, regulation, reforms to forestall future crises, promote trade 1.1 trillion – 750 billion to the IMF (new resources; SDRs) – 250 billion for trade finance; two years (IFC; ECAs) – 100 billion for MDBs ($300 billion over three years) Enhance role for IMF in independent surveillance and advanced-warning system for risks (with FSB) Reformed lending and conditionality

3. The G-20 response (continued) Strengthened regulation (stronger systems and cooperation) IMF and WB governance reforms Action on tax havens (OECD list) Hedge funds, derivates, credit rating agencies self- police against code Ambitious and balanced conclusion of Doha Reaffirmed commitments to MDGs and aid Support for Copenhagen

4. Money, money, money (the communiqué is funny) “Development is secondary” 1.1 trillion vanishing act  50 billion LICs – (c.f. 5 trillion) – 250 bn - 19 bn (SDR); mostly rich countries – 6 bn gold sales (already planned; admin) – 4 bn concessional lending – 6 bn MDBs – 12 bn trade finance – 2 bn earlier SDR

5. Money, money, money (the communiqué is funny) (continued) Enhanced role IMF and FSB – legitimacy Reformed lending – double standard (TWN); WB vulnerability fund; IMF social protection Regulation – Vague “systematically important” Governance – Been there, done that Tax havens – List; falls short “Shadow banking” – self policing, incomplete Doha – financial liberalization; protectionism MDGs, Copenhagen, Aid?

6. G-20 – Some figures 1.1 trillion; 5 trillion globally LICs – 50 billion WFP – 250 billion ? WB CIF – 6 billion WB Vulnerability Fund – 200 mn Aid – 117 billion (2008) MDGs – 60-70 billion additional Tax dodging – 500 - 700 billion

7. Stiglitz Commission and UN Summit Summit – FfD; causes, impact, reform of system and institutions; highest level; outcome Commission – last fall; members; key recommendations: – Industrialized countries 1% of stimulus to developing countries – New democratic credit facility for channelling resources – No procyclical policies, encouraged anti-cyclical – New SDRs; support for regional (CMI) – New reserve system (offset surplus and deficit; accumulation)

8. Stiglitz Commission and UN Summit (continued) – Tools to reduce risk (regulations, price interventions, capital controls) – Innovative finance – Trade regime that promotes growth – Short-term Advisory: Global Economic Coordination Council – Fundamental governance reform of WB and IMF; double majority voting Recommendations feed into UN Summit on June 1- 3; draft outcome document coming.

9. Responses to the Stiglitz Commission and UN Summit “ ”, US “ ”, Europe “ ”, G-20 “ ”, Canada “Just a place for radicals like Nicaragua and Iran to voice their concerns”

10. What to do? Crisis of multilateralism – support and feed into UN process Work with partners in Africa to raise awareness and support for UN process – both among CSOs and Gov’t Work with HI to raise awareness in Canada – Letter to Harper on themes of UK groups – ACF signed; – Meetings and more pressure with gov’t and MPs Participate in the Summit process