ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

UN Commission on Financial ReformsSubscribe to UN Commission on Financial Reforms

A Blueprint for a Fairer and More Stable Global Economy

The report of the United Nations Commission on reforms of the international monetary and financial system goes beyond making a critique of the paradigm that has held hegemonic sway over economic thinking and policy. It focuses on the enormous challenges that the world faces beyond the immediate crisis. This article provides an overview that illustrates the potential of the report to be a blueprint for creating a new global order.

Failure of an Economic Philosophy and Implications for Financial Regulation

A new vision will be required to build the financial system of the future. A vision based on a theory where market imperfections are not only possible but are pervasive, and a vision where capital market policies will loom as large in importance as banking policies.

A Different Approach to Financial Regulation

Prevention of future crises calls for not just more regulation per se, but better regulation - in particular, regulation with a greater macro-prudential orientation. Macro-prudential regulation concerns itself with the stability of the financial system as a whole. By contrast, micro-prudential regulation, consisting of such measures as the certification of those working in the financial sector and rules on how financial institutions operate, concerns itself with the stability of individual entities and the protection of individuals.

Planning for a New Architecture

An assessment of the outcome document of the UN Conference on the global crisis that was held in June 2009.
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