Opinion 51
ban Ki-moon
Secretary-General of the United Nations
Connecting the Solutions
T
He world does not need to be reminded of the urgency expenditures will therefore be required in many regions of
of this historical moment. We sense it every day in the world to counteract falling demand.
the news. One day a major bank, insurance company, or Second, these financial rescue and assistance packages
automaker announces a record loss. The next brings word cannot stop at the borders of the richest countries. emerging
about the impact on nations and peoples least able to cope markets and other developing countries will need oxygen
with these blows – the poorest of the world’s poor. in the form of credit lines and trade financing. And we must
during the last two years, I have dealt with many crises, stand against protectionism. Without open trade, growth
from darfur and the democratic republic of congo to such and development could break down entirely.
global challenges as the food crisis and climate change. but Third, some part of our global stimulus should come
the financial crisis is unique and potentially overwhelming. from commitments that the international community has
What was a purely financial crisis has become an made on aid. In today’s environment, fulfilling the millennium
economic crisis, spreading across the globe. every development Goals (mdGs) is more than a moral
projection of growth has been revised downward. And while imperative. It is a matter of pragmatic economic necessity.
there are signs that mature economies are recovering from Finally, inclusivity must be our watch-word. In our
the panic that froze credit markets, we are by no means interdependent world, these tasks can be met only through
beyond the danger zone. reinvigorated multilateralism – one that is fair, flexible and
my greatest concern is that today’s financial crisis responsive, with leaders coming from all quarters. While
evolves into tomorrow’s human crisis. We need to recognize the G-20 nations whose leaders met in Washington account
what martin Luther King, Jr. called the “fierce urgency of for nearly 80% of world production, trade and investment,
now” if we are to safeguard millions of people’s livelihoods more than 170 other countries, representing one-third of
and hopes for the future. the world’s people, were not there. It is our responsibility to
many financial experts have diagnosed the causes of the listen to their voices and respond to their concerns.
crisis. Policymakers have offered prescriptions for solving it. The next few months will be crucial. many of us will
We hear talk of new banking regulations and even of a new meet again in two weeks in doha to review progress on
global financial architecture. financing for development. Six years ago, President George
All this is desirable. Yet, while I welcome this debate W. bush and other leaders adopted the ambitious goals
and fully recognize the need for long-term measures, I am that constitute the core of the mdGs. History will judge us
acutely conscious of time. Immediate problems require harshly if we fail to live up to these commitments. I therefore
immediate responses. Nor can we allow the financial crisis urge all nations, rich and poor, to send their highest-level
to become a reason for neglecting other critical issues: representatives to doha with full determination to do what
unacceptable levels of poverty and hunger, the food crisis, must be done.
climate change. For that will only exacerbate the already In december, our climate change negotiators meet in
fragile political and security situation in many of the hardest Poland. We have one year until they meet in copenhagen
hit countries. – one year to reach an agreement that all nations can
At the G-20 financial summit, in Washington , I delivered embrace. The sooner we have such an agreement in place,
four messages reflecting my conversations with various UN the sooner we will see the green investments and green
member states. growth we so badly need.
First, we need a global stimulus package to turn this The great challenges before us are interrelated: the
crisis around. The ImF recently projected that virtually global economy, climate change, and development. We need
all global growth in 2009 will come from emerging and solutions to each that are solutions to all.
developing economies. Large increases in public and private Exclusive Macau Business / Project Syndicate
december 2008
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