Global financial crisis

Presentation to the Standing Committee on Foreign Affairs and International Development on the G8 / G20 in 2010

Presentation regarding the principles for guiding a more democratic, representative and accountable G-20

by Fraser Reilly-King, Coordinator, Halifax Initiative Coalition
October 29, 2009

Thank you for inviting us to appear before the Standing Committee to discuss issues related to next year’s Group of Eight and Group of Twenty meeting in Huntsville, Ontario in June.

The G8 and G20 Summits of 2010: An Agenda for Global Development - Executive Summary

Executive Summary
2010 will be a decisive year for Canada, and for the world.  The deadline for meeting the world’s Millennium Development Goals (MDGs) is only five years away.   Our decisions on economic reform and climate change will determine the success of world’s efforts to reduce poverty and reverse dangerous global warming for the next generation and beyond.  As host of the next G8 and G20 Summits, Canada can make the difference between relegating these aspirations to a distant hope in an uncertain future and confirming the possibility of achieving these goals in our lifetime.  The consequences of reneging on our promises are unthinkable for the millions around the world looking towards a new model of globalization that is socially responsible, economically sustainable and environmentally just.

Event: Conference on What's missing in the response to the global financial crisis? - October 29-20, 2009

Since September 2008, when the financial crisis took on global dimensions, the Group of Twenty has met three times at the level of Heads of State, and with a seeminly impressive array of commitments on tax issues, emergency finance, trade finance, global governance, regulating private capital, and redefining new roles for existing and new global institutions. But what is missing in their response to the global crisis? Who are the real winners and losers? What has really changed, and what hasn't? And are the levels of change commensurate with the tectonic shifts taking place in the global economy and with the degree of impact on the ground? Perhaps more importantly, are these the type of changes to ensure a crisis like this never happens again?

What: What's missing in the response ot the global financial crisis? 
Rethinking the international financial system during a time of crisis

Who: Organized by the Halifax Initiative Coalition; co-hosted by The North-South Institute and the University of Ottawa.

When: October 19 - 20, 2009.

Why: The conference will look at current responses to the financial crisis, identify where those responses are falling short, and propose some policy alternatives ahead of Canada hosting the Group of Eight Summit in 2010.

IN THIS SECTION

CONFERENCE DETAILS

Monthly Issue Update - September 30, 2009

G8 down, but not out, as G20 makes pledges on crisis
If the big headline for April’s G20 Summit (See IU April 2009) was the $1.2 trillion pledged to tackle the financial crisis, this month’s showcase was the G20 itself, as the 20 countries crowned themselves the premier fora on global finance. Next year’s G8 in Canada will in fact be preceded by a G20 meeting, which Ottawa will co-host with 2010 G20 chair Seoul. Earlier this month, Liberal opposition leader Michael Ignatieff went one step further, suggesting that the G8 not bother meeting any more, and calling for a permanent G20 secretariat in Canada.

The G8 and G20 2010 Summits - An Agenda for Global Development

A Focus on Poverty, Economic Reform and Climate Change
In 2010 Canada will play host to the world.  The Vancouver Olympics and the G8 and G20 Summits in Muskoka and Toronto will draw the attention of millions to Canada, its geography, its values, policies and practices. If 2008 was the year of China, then 2010 can be the year of Canada.  Around the globe, Canadians proudly sport the Canadian flag in traveling as a symbol of Canadian democracy, openness and concern for human rights.  Yet our great international achievements of the past—Canadian contributions to the establishment of international peacekeeping, the Universal Declaration of Human Rights, the Ottawa Treaty to Ban Landmines and the International Criminal Court—are today clouded by concerns about Canada’s current role in climate change negotiations, Afghanistan, reform of the global economy and addressing global poverty.

Monthly Issue Update - August 31, 2009

New loans for LICs: IMF “with a human face” or “a mask”?
At the end of July, the IMF announced “unprecedented” increases of concessional (grant/low-interest) lending for low-income countries (LICs) ($8 billion in the next two years; up to $17 billion by 2014), zero interest on new and existing loans through 2011, greater loan flexibility, and a set of new instruments to channel the increased support (Extended Credit Facility for flexible medium-term support; Standby Credit Facility for short-term and precautionary needs; and Rapid Credit Facility for emergency support with limited conditionality). The shift also came with assurances from Fund Managing Director Dominique Strauss-Khan that new programs would focus on poverty reduction, economic growth, and safeguards on social protection. In addition to the anticipated new resources, IMF membership also greed this month to a new general allocation of Special Drawing Rights (see “Agreement…” in this issue).

Monthly Issue Update - June 30, 2009

Rich countries block real change at UN meeting on crisis
In June the United Nations was the site of a battle being waged between the G77, a group of over 130 developing countries, and the United States, Canada, Japan and the European Union. The fight was over how to address the financial and economic crisis and efforts to transform and democratize the global financial system and its institutions. The final outcome document of the UN Conference on the World Financial and Economic Crisis and Its Impact on Development is positive in that it represents a truly global response and has opened up space for countries to express their views on crisis. But the document falls short because rich countries blocked it from including more substantive solutions (see JUST THE FACTS).  This is particularly distressing given the wealth of ideas generated in the Stiglitz Commission (IU May 2009), one of the key inputs for the meeting.

Letter to Prime Minister Harper Re: CSO priorities for the 2010 G8 ahead of L'Aquila 2009 - June 16, 2009

June 16, 2009

The Right Honorable Stephen Harper
Prime Minister of Canada
Office of the Prime Minister
80 Wellington Street
Ottawa, ON K1A 0A2

Dear Prime Minister Harper:

Re:  We call on Canada to be a leader on global poverty at the G8

The 2010 Canadian G8 Civil Society Coordinating Committee, whose members include Canadian international development, environmental, humanitarian, human rights, health and AIDS service organizations, faith-based groups and trade unions, ask that you use your influence at the upcoming Italian G8 Summit, and Canada’s G8 summit in 2010, to address the urgent needs of countries in the global South who are disproportionately affected by the global financial, economic and food crises and climate change.

Letter to the Standing Committee on Foreign Affairs Re: possible hearings on the G8 - June 2, 2009

June 2, 2009

Ms. Angela Crandall
Clerk of the Committee
Standing Committee on Foreign Affairs and International Development
House of Commons
Ottawa, ON  K1A 0A6
 
Dear Ms. Crandall:
 
We are writing to request that the Standing Committee on Foreign Affairs and International Development (FAAE) consider holding hearings and cross-Canada consultations this fall on the Canadian Group of Eight (G8) agenda for 2010. As you know, Canada will host the G8 in Huntsville, Ontario, from June 25-27, 2010.

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