OVERCOMING THE CRISIS

Summer 2009

by Poul Nyrup Rasmussen

The key is to make globalisation fairer and more sustainable. We in the Party of European Socialists argue that this requires us to work together at a global level to coordinate simultaneous investments in smart green growth and jobs, to complete the Doha Development Round, and to achieve the UN’s Millennium Development Goals and the ILO’s Decent Work Agenda.

Global financial institutions need to be subject to greater democratic scrutiny, and just as the IMF’s resources are being strengthened so should new financing instruments be developed to keep developing countries’ inward investment, aid and trade levels.

New instruments are also needed to regulate all financial players and to put an end to tax havens, and these measures should include new obligations to disclose assets, remuneration, regulation and risk, limits on excess debt financing and new capital requirements. To make these bold goals a reality, the European Union must pull its weight and demonstrate real leadership.

Further articles in this  OVERCOMING THE CRISIS section
Edmond Alphandéry	"It's up to Europe to set a global example of concertation"
Jerzy Buzek	"Let's return to the grassroots and base growth on savings and productivity"
Mark Eyskens	“My 10 point rulebook for the globalised economy”
Franz Fischler	“What we need first and foremost is a change in public consciousness”
Nicole Gnesotto	"We need a new global political deal now the West is no longer master of the world"
Béla Kádár	“To save the market economy and democracy, governance has to step in where corporations ruled and markets failed”
Noëlle Lenoir	"My five courses of action"
John Monks	“The financial markets are where the re-building must start”
Poul Nyrup Rasmussen	"The EU must pull its weight and demonstrate real leadership"
Klaus Regling	“Better regulation and supervision, and the greater legitimacy of international financial institutions”
Onno Ruding	“Implement de Larosière and then consider further reform”
André Sapir	"Restoring the health of banking is no longer a financial problem but a political one"
Tøger Seidenfaden	“We urgently need much stronger international institutions"
Constantine Simitis	“Fiscal stimuli, yes. But social goals are also crucial”
Loukas Tsoukalis	"To be a major player on the new global architecture, Europe must end its IMF over-representation"
Alvaro de Vasconcelos	"Now it's the West that needs the Rest"
George Vassiliou	"How to beat this crisis and head-off another"
Nicolas Véron	“Institutional innovation, not streamlining, is today’s priority”
Stephen Wall	“We need a eurozone regulatory structure, and if Britain wants a role it must manage its eurozone entry”
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