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The G20 Summit: Messages to the leaders

News author: Małgorzata Żuk
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2008-11-13 15:40:03 / News read 2188 reading

The Network of East-West Women signed the statement on the proposed Global Summit of the Group of 20, that will take place in Washington on November 15, to reform the international financial system and build an economic system that works for people and the planet.

The past few months have seen one of the most significant financial crises in North American and European history. The response was just as historic. To stave off regional and global recessions and restore stability and confidence in the market, northern governments are pursuing a massive and unprecedented program of government intervention, nationalizing banks, injecting massive subsidies into ailing institutions and re-regulating their financial sectors. This response sits in direct contrast to the austere neoliberal policies pressed on developing countries by the World Bank, International Monetary Fund and developed countries for the past thirty years. Governments have been pushed to liberalize trade barriers, deregulate financial and labour markets, privatize national industries, abolish subsidies, and reduce social and economic spending. The state saw its role severely reduced. This double standard is not only unacceptable, but it also signals the demise of free-market fundamentalism. The international financial system, its architecture and its institutions have been completely overwhelmed by the scale of the current financial and economic crisis. The financial system, its architecture and its institutions must be completely rethought.

 

Organizations that signed the statement: www.choike.org/bw2/listado.php

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