Chapter

Implications of the World Financial Crisis: What Role for the United Nations?

Sabine von Schorlemer

in From Bilateralism to Community Interest

Published in print March 2011 | ISBN: 9780199588817
Published online May 2011 | e-ISBN: 9780191725272 | DOI: http://dx.doi.org/10.1093/acprof:oso/9780199588817.003.0024
Implications of the World Financial Crisis: What Role for the United Nations?

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The current global financial crisis, being mainly the result of speculative lending and investment in major international finance centres of the North, is affecting all countries and all people worldwide. The crisis calls for immediate policy reaction in order to stabilize financial markets and international capital flow. In order to improve economic global governance various proposals have been put forward in the United Nations (UN), the G-20, and the Bretton Woods Institutions (BWIs). Whether the current reform initiatives will achieve practical results is an open question: although proposals for reform (such as the Financing for Development Initiative and the Sovereign Debt Restructuring Mechanism) had already been made after a series of regional crises in the 1990s, no significant result has yet been reached.

Keywords: international financial crisis; UN; financial markets; Bretton Woods Institutions; G-20

Chapter.  9030 words. 

Subjects: Public International Law

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