News

Global cereal production continues to reach unexpected highs – UN report

4 June – Following last year’s record-breaking cereal harvest, the 2009 crop is set to be the second highest documented yield, according to a new United Nations Food and Agriculture Organization (FAO) report released today.

Developing countries need support to ensure cleaner industries – top UN official

4 June – The ongoing financial and economic crisis could lead to a new ‘green industrial revolution,’ but developing countries will need strong support to ensure they do not lose out on this opportunity, the head of the United Nations Industrial Development Organization (UNIDO) said today.

Clean energy takes lion’s share of funding from fossil fuels in 2008 – UN report

3 June – Over half the $250 billion invested in new power generating capacity worldwide in 2008 was spent on renewable energy sources, according to a new United Nations Environment Programme (UNEP) report launched today.


Business and human rights matter more than ever, expert tells UN council

2 June – There has never been a more critical time to address business and human rights, the United Nations Human Rights Council was told today as it began its 11th session in Geneva with a discussion on how to make companies rights-friendly.

Agriculture key to Africa’s development, stresses UN-African Union report

28 May – African nations will be hit hard by the global economic crisis during the course of 2009, the United Nations and the African Union (AU) say in a new report, which stresses the need to focus on agriculture, the mainstay of economies on the continent.

Economic development must not be at expense of indigenous rights – UN forum chief

27 May – Economic development activities, whether government infrastructure projects or mineral extraction by corporations, must not infringe on the rights of indigenous peoples, the head of the United Nations Permanent Forum on Indigenous Issues said today.

Top UN official calls for development ‘new deal’

26 May – The current global economic crisis – the deepest in decades – has underscored the need for a “new deal” for development that addresses both climate change and poverty, the head of the United Nations Development Programme (UNDP) said today.

General Assembly postpones economic summit

26 May – The General Assembly has postponed until late June the high-level gathering aimed at assessing the global economic crisis and seeking solutions which take the interests of all nations into account, it was announced today.

General Assembly to consider possible postponement of financial summit

22 May – The President of the General Assembly announced today that the body will meet next week to consider postponing a high-level gathering which seeks to assess the economic crisis which has devastated the world economy and search for solutions taking all nations' interests into account.

UN-backed public symposium calls for ‘deep and lasting’ financial reforms

20 May – A public symposium on the global financial crisis has recommended “deep and lasting” reforms to avoid a repetition of the current downturn, according to its sponsor, the United Nations Conference on Trade and Development (UNCTAD).


UN officials call for coordinated global response to help poor out of crisis

18 May – Senior United Nations officials today demanded a greater global response to the plight of poor countries and people suffering from a financial and economic crisis that was not of their making.

Governments, oil workers focus on impact of economic crisis at UN forum

11 May – Representatives of governments, oil companies and workers today began a week-long meeting hosted in Geneva by the United Nations labour agency to discuss the impact of the global economic downturn on employment in the oil and gas sector.

Upcoming UN economic summit ‘timely and historic’ – Assembly President

8 May – The upcoming United Nations meeting to tackle the global financial crisis is both “timely and historic,” the President of the General Assembly said, urging all States to participate at the highest level and to support the draft outcome document that he presented today.

Horn of Africa's children at risk from triple threat – UNICEF

8 May – The lives of millions of children in the Horn of Africa are being threatened by chronic food insecurity, conflict and political instability, the United Nations Children’s Fund (UNICEF) warned today.

Ban urges support for press freedoms, protection of journalists' legal rights

7 May – Secretary-General Ban Ki-moon today called on Member States to uphold press freedoms and support the work of independent media.

Assembly President urges Latin America, Caribbean to support economic summit

6 May – The President of the General Assembly has called on the Rio Group, an alliance of 23 Latin American and Caribbean nations, to play a central role in shaping the future of the global economy to truly reflect the needs and concerns of the region.

Solutions to financial crisis must have input of developing nations – UN official

1 May – The global conversation aimed at finding solutions to alleviate the economic and financial turmoil enveloping markets around the world needs to widen participation to include poor and developing nations, a senior advisor to the President of the United Nations General Assembly said today.

Poor nations need temporary debt relief amid economic crisis – senior UN official

30 April – The head of the United Nations trade and development body has stressed the need for temporary debt relief for poor nations struggling amid the global economic downturn, stressing this would give them some breathing space and assist in recovery efforts.

Science can shield Africa from economic crisis, spur growth, UN official says

30 April – African governments must strongly support the development of new technologies to spur sustainable development and shield the continent from the global economic crisis, a senior United Nations official said today.

Asia-Pacific’s resilience against financial turmoil being ground down – UN

28 April – The Asia-Pacific region has been steeled against the global recession by lessons learned from the 1997 economic crisis, but its resilience will continue to be chipped away unless several key issues are addressed, a top United Nations official cautioned today.

UN labour chief cautions against lowered standards on world safety day

28 April – Marking this year’s World Day for Safety and Health at Work, the head of the United Nation’s labour arm warned against a relaxation of standards due to the global economic crisis.

Triple crises reveal necessity of collective action, says top UN Asia-Pacific official

27 April – The “triple threat” posed by the economic, food and climate crises have underscored the need for international cooperation to prevent the slide of an additional 60 million people in Asia and the Pacific into poverty this year, the top United Nations official in the region said today.

Current global economic governance inadequate, says Ban

27 April – The current global recession has revealed the shortcomings of global financial structures, Secretary-General Ban Ki-moon said today, calling for institutions to become more “representative, credible, accountable and effective.”

UN chief calls for greater efforts to eradicate malaria on international day

25 April – Secretary-General Ban Ki-moon today urged the international community to redouble its efforts to ensure that every person at risk of catching malaria has access to a mosquito net by 2010, in a message marking World Malaria Day.

Economic stimulus must address food crisis in Asia-Pacific – UN report

24 April – Any economic recovery must take into account that the global financial catastrophe has spiralled into a food crisis for the 583 million people struggling to make a living across the Asia-Pacific region, according to a new United Nations report released today.

Reaching climate deal will boost private sector – UN

23 April – Global business leaders at a United Nations-backed gathering today stressed the importance of reaching an ambitious climate change deal later this year, noting that such a pact will spur the growth of a ‘green’ economy.


Even fewer will attend school due to falling basic education aid – UNESCO

23 April – Steep drops in aid to basic education in developing countries threatens to roll back progress made towards achieving the global goal of universal primary schooling, the United Nations Educational, Scientific and Cultural Organization (UNESCO) cautioned today.


Crisis ‘triple threat’ demands greater cooperation in Asia-Pacific - UN

23 April – As countries in Asia and the Pacific grapple with the “triple threat” of the economic crisis, food and fuel insecurity and climate change, there is a greater need for cooperation in the region, a senior United Nations official said today.


Assembly President calls for unity in protecting planet on Earth Day

22 April – As the United Nations General Assembly officially designated 22 April as International Mother Earth Day, its president called on States to “cooperate in a spirit of global partnership to conserve, protect and restore the health and integrity of the Earth's ecosystems.”


UN environment chief calls on governments to invest in ‘New Green Deal’

20 April – The head of the United Nations Environment Programme (UNEP) has called on governments to invest a significant amount of their $3 trillion-worth of stimulus packages in a new “green economy” to defeat the crises facing the world.


Agriculture key to growing economies out of recession – UN agency head

20 April – Investment in smallholder agriculture must top industrialized countries’ agendas to grow the world economy out of recession, the head of the United Nations’ rural funding arm said today at the conclusion of the first ever G8 Agricultural Ministers’ Meeting.


Financial crisis highlights need to achieve development goals, Migiro says

17 April – The current financial turmoil that has swept the world provides an impetus to deliver on aid commitments and reach the Millennium Development Goals (MDGs), the eight internationally-agreed anti-poverty targets with a 2015 deadline, Deputy Secretary-General Asha-Rose Migiro has said.

UN envoy for Haiti urges speedy disbursal of donor pledges

17 April – Hailing pledges worth nearly $325 million for Haiti's reconstruction and development made at a donor conference in Washington last week, the top United Nations envoy to the impoverished country today expressed hope the funds will be quickly disbursed.

Multilateralism indispensable in tackling global crises, stresses Migiro

15 April – The significant hurdles the world faces today can only be addressed through global solutions, Deputy Secretary-General Asha-Rose Migiro said today.


Climate change poses challenges, offers economic opportunities, says Ban

15 April – The twin financial and climate catastrophes have been cause for nervousness worldwide, but Secretary-General Ban Ki-moon has stressed that the challenges also open the door for new economic opportunities in the face of the global recession.


General Assembly summit seeks wide participation, says President

14 April – The General Assembly's upcoming summit on the financial and economic crises that have swept the globe seeks to give a voice to nations not responsible for the turmoil but most impacted by it, the body''s President said today.


Haiti: Ban challenges donors, investors to create 100,000 jobs

14 April – Secretary-General Ban Ki-moon today called on donor nations, investors and other “friends of Haiti” to create at least 100,000 jobs in the impoverished Caribbean nation in the next two years.


Secretary-General departs for two-nation Asia visit

9 April – Secretary-General Ban Ki-moon is en route for a weekend trip to Asia, where he will visit Laos and attend a summit of the Association of South-East Asian Nations (ASEAN) in Thailand.


UN funds $15 million agricultural scheme helping thousands of poor in El Salvador

9 April – Extremely poor people living off the land in El Salvador are set to receive a major cash injection of almost $15 million from the United Nations rural development arm to help finance projects aimed at modernizing agricultural production.


General Assembly agrees on terms of UN summit on financial crisis

7 April – The United Nations will convene a global summit in June to assess the impact of the world economic crisis on development, it was announced today, after the General Assembly agreed on the arrangements for the conference.


$65 billion needed for population schemes to check poverty in 2010 – UN

6 April – Nearly $65 billion worth of investment is required next year for population programmes to combat poverty, promote development and slash maternal death rates, according to the United Nations Commission on Population and Development.


Assembly President, citing a billion now hungry, urges ‘new politics of food’

6 April – Warning that one billion people worldwide are on the verge of starvation, the President of the United Nations General Assembly today called for “a new politics of food” emanating from the bottom up and based on the right to sustenance.


UN agency receives major cash injection to ensure adequate shelter for all

3 April – As most businesses and organizations tighten their financial belts in these times of economic turmoil, the head of the United Nations agency tasked with ensuring adequate shelter for all today praised its oversight board for approving a record-breaking budget hike.


E-commerce keeping postal sector afloat during tough economic times – UN

2 April – Thanks to e-commerce, the postal sector has largely been able to stave off the slump wreaked on the global economy by the current financial crisis, the United Nations Universal Postal Union (UPU) said today.


Ban welcomes G-20 leaders’ $1 trillion pledge to rescue the world’s poorest

2 April – Secretary-General Ban Ki-moon today welcomed the $1.1 trillion package committed by leaders of the Group of 20 (G-20) nations in London, stressing that developing nations must receive the funds needed to stem the onset of a human development crisis.


Palestinians to benefit from first Mid-east UN food voucher operation

2 April – Around 30,000 Palestinians are set to benefit from a 12-month food voucher operation launched in the Middle East by the United Nations World Food Programme (WFP), the first of its kind in the region.


Financial turmoil could trigger development catastrophe, UN cautions

1 April – As leaders of the Group of 20 (G-20) nations gear up for their meeting tomorrow, the United Nations is warning that the current global economic crisis threatens to unleash a human development catastrophe in the world’s poorest nations.


General Assembly confirms Helen Clark as new UN development chief

31 March – The General Assembly today confirmed the appointment of former Prime Minister Helen Clark of New Zealand as the new head of the United Nations Development Programme (UNDP).


Top UN official calls for fully funding fight against AIDS, TB and malaria

31 March – The Global Fund to Fight AIDS, Tuberculosis and Malaria must be fully funded if countries are to achieve the goal of universal access to HIV prevention, treatment, care and support, the head of the United Nations agency tasked with coordinating the AIDS response has stressed.


UN agency aims to tackle housing crunch during financial crisis

30 March – With the world struck by an economic crisis that has its origins in housing credit, the head of the United Nations agency tasked with ensuring adequate shelter for all today said it was doubly important to confront the challenge of affordable housing.


2 million children wasting in Bangladesh, UN warns

30 March – Two million children are suffering from acute malnutrition in Bangladesh, where one-quarter of all households are hungry, according to a United Nations-backed study released today.


Terrorism, drugs and crime thwarting Afghan development, warns Ban

27 March – Terrorism, illicit drug trafficking and organized crime are seriously impeding progress in Afghanistan, Secretary-General Ban Ki-moon warned today, calling for greater international cooperation to help the country tackle these challenges.


New Finnish-UN partnership aims to help developing countries protect forests

27 March – The United Nations Food and Agriculture Organization (FAO) and the Government of Finland have launched a new four-year, €14 million programme aimed at helping developing countries protect their forest resources and tackle climate change.


Global finance structures must be revamped, says UN expert panel

26 March – International finance structures must be drastically overhauled in the face of the current global economic crisis, a panel of experts convened by the United Nations General Assembly said today, calling on wealthier nations to direct one per cent of their economic stimulus packages to help developing countries address poverty.


Developing countries need $1 trillion to weather financial crisis – Ban

26 March – At least $1 trillion is needed to help developing countries get through the global financial crisis, Secretary-General Ban Ki-moon told the leaders of the world’s richest nations ahead of their meeting in London on 2 April.


Leaders must focus stimulus efforts on job creation – UN labour chief

25 March – The head of the United Nations labour agency has urged governments to aim their economic rescue packages at forestalling a “prolonged and severe” jobs crisis that would lead to a massive increase in unemployment.


Economic crisis could trigger political instability, social unrest, warns Ban

25 March – As the economic crisis engulfing the world continues to intensify, it could potentially herald political instability and social unrest, Secretary-General Ban Ki-moon said today, calling for a four-pronged strategy to prevent the onset of new catastrophes.


Urban youth groups receive boost from new UN scheme

25 March – With nearly three quarters of the world’s one billion slum-dwellers under the age of 30, a new United Nations programme seeks to empower urban-based, youth-led community initiatives.


UN-backed 2009 summit on world food crisis gains support

23 March – A proposed 2009 world summit on the food crisis, which continues in poor countries despite falling commodity prices, is rapidly gaining backing and growing in relevance, the United Nations agricultural agency said today.


Food price fluctuation driven by financial speculation – UN report

19 March – Both the surging food prices from 2007 to 2008 and their subsequent drop in some areas are a result of large-scale speculation by financial investors, according to a new report by the United Nations trade body, which called for greater regulation to protect millions of poor people worldwide.


New UN online tool shows food prices in poor countries have yet to fall

19 March – A new online database of staple food prices on national markets in 55 developing countries from Afghanistan to Zimbabwe shows that local prices have not fallen the way they have at the global level, the United Nations Food and Agriculture Organization (FAO) said today.


Education must be keystone of crisis recovery – UN Assembly President

18 March – The President of the United Nations General Assembly today urged that children’s education be made central to the assistance given to communities devastated by violence and disaster, as he opened a dialogue on the topic in New York.


UN seeks $244 million to boost food aid to vulnerable Kenyans

18 March – The United Nations World Food Programme (WFP) today appealed for $244 million to scale up its operation in Kenya, where high food prices and drought have left 3.5 million people in need of aid.

UN spotlights five key areas to spur sustainable economic recovery

19 March – Robust investment into five key sectors, from renewable energy to sustainable transport, could help revive the global economy and boost employment while accelerating the fight against climate change, environmental degradation and poverty, according to the United Nations.

Assembly President discusses UN meeting on financial crisis with world leaders

17 March – The President of the General Assembly has just returned to New York from a three-week trip during which he spoke with some 20 world leaders about the upcoming high-level United Nations meeting on the global financial crisis and its impact on development.

Economic crisis poses dire consequences for forests, warns new UN report

16 March – The global economic turmoil has resulted in reduced demand for wood, shrinking investments in industries and forest management, according to this year’s United Nations “State of the World’s Forests” report.

Global crises, energy, Afghanistan top agenda at UN-organized Central Asia forum

13 March – The impact of the global financial crisis, problems concerning water and energy supplies and developments in Afghanistan were high on the agenda at a United Nations-organized seminar that brought Central Asian nations together to address current challenges.

Declining trade hurts women in poorer nations, says top UN trade official

10 March – A decline in trade resulting from shrinking global markets may cost many women in developing countries their jobs, the head of the United Nations agency that promotes commerce to fight poverty warned today.

World crisis calls for new economic governance partnership – UN official

9 March – The “enormous challenges” facing the world present a unique opportunity to forge a new partnership for governance of the world economy, the chief of the United Nations’ development arm told a meeting of advisers that opened in New York today.

Markets alone cannot provide adequate housing for all, says UN expert

9 March – The over-reliance on private home ownership that contributed to the sub-prime mortgage crisis and the subsequent global financial meltdown highlights the need to view housing through the lens of human rights and not just as a commodity, the United Nations independent expert on adequate housing said today.

Poorest nations face large financing shortfall due to credit crisis – World Bank

9 March – With many in the private sector eschewing emerging markets, developing countries – only one quarter of which have the resources needed to prevent a spike in poverty – face a financing shortfall of up to $700 billion this year, according to the World Bank.

Number of unemployed women to soar amid economic crisis, warns UN agency

5 March – The global economic crisis will plunge a further 22 million women into unemployment and make decent work for women increasingly more difficult to find in 2009, predicted a new United Nations report issued today.

Crises threaten attainment of rights by world’s poorest – Assembly President

4 March – The twin economic and financial crises threatens poorer nations’ ability to attain basic human rights, such as the right to food and access to water and sanitation, the head of the General Assembly declared today.

Financial crisis to deepen extreme poverty, increase child mortality rates – UN report

3 March – The global financial crisis sweeping through Wall Street and the European banking sector will touch the lives of the world’s most vulnerable, pushing millions into deeper poverty and leading to the deaths of thousands of children, according to a new United Nations study.

Fiscal crisis an opportunity to fight corruption, head of UN business alliance says

26 February – During the world economic downtown, corporate engagement with ethics, trust and the fight against corruption is growing, the head of the United Nation’s alliance for responsible business said today.

Gaza: UN agencies mete out cash for shelter

24 February – Gazans whose homes were damaged or destroyed in the Israeli offensive that ended last month have, to date, received more than $7 million in cash from United Nations agencies in a distribution that began last week.

Global economic downturn imperils human rights – UN

23 February – The United Nations Human Rights Council adopted a resolution today highlighting the threat posed by the global financial and economic crises on the realization of human rights and development goals.

Industrial development offers hope for world’s poorest ‘bottom billion,’ says UN

23 February – Sustainable industrial development offers a ray of hope for lifting the world’s “bottom billion” – those that live on less than $1 a day – out of poverty, according to a new report released today by the United Nations.

Industrial development offers hope for world’s poorest ‘bottom billion,’ says UN

23 February – Sustainable industrial development offers a ray of hope for lifting the world’s “bottom billion” – those that live on less than $1 a day – out of poverty, according to a new report released today by the United Nations.

World’s poor should not have to bear brunt of financial crisis – Assembly President

12 February – Countries must work together in the face of the worst global economic crisis in decades to ensure that the world’s most vulnerable – who are the least responsible for the meltdown – do not bear the brunt of the turmoil, the President of the General Assembly said today.

Economic crisis gives Europe, Central Asia chance to reach for social goals – UN

11 February – The European and Central Asian region, facing an increase in unemployment of 8 million people, should use the present economic crisis to push for longer-term social goals, according to the United Nations International Labour Organization (ILO).

Assembly President calls for action to bring marginalized into mainstream

10 February – The President of the General Assembly today stressed the need to recognize the rights of the marginalized and boost their inclusion in local and global financial structures, during the launch at United Nations Headquarters in New York of the first-ever World Day of Social Justice.

UN commission to recommend steps aiding vulnerable groups in economic crisis

4 February – As governments scramble to shore up failing financial institutions and inject stimulus packages into deteriorating economies, the impact on the most vulnerable groups in all societies is going unnoticed, a United Nations commission warned today.

UN appeals for $613 million to help Gaza recover after Israeli offensive

29 January – The United Nations today launched an appeal for $613 million to help people affected by Israel’s three-week military offensive in the Gaza Strip, which killed some 1,300 Palestinians, injured more than 5,300, 34 per cent of them children, and caused widespread damage and destruction.

African bank provides free expertise to UN-backed fund combating deadly diseases

26 January – A major African bank today signed an agreement with the United Nations-backed Global Fund offering pro bono support to countries receiving grants meant to combat the spread of HIV/AIDS, tuberculosis and malaria in the continent.

Developed countries hit hard by downturn in foreign investment, UN reports

19 January – Hitting business in the developed world hardest, foreign direct investment (FDI) dropped by over 20 per cent last year and is projected to fall further in 2009, according to a new United Nations report which warned policy-makers to resist calls for more protectionism to aid recovery.

Latin America’s economic outlook dismal as global financial crisis takes toll – UN

19 December – After six years of strong performance, Latin American and Caribbean economies will slow considerably next year as the global economic meltdown takes its toll on the region and unemployment rises, a United Nations agency for economic development announced today.

Cooperation among developing nations vital to tackling current crises – D’Escoto

16 December – Current global crises, ranging from food to fuel and finance, offer an opportunity to increase solidarity among developing countries, the President of the General Assembly said today, stressing the potential benefits of South-South cooperation for dealing with a range of issues.

New World Bank facility to fast-track $2 billion to help world’s poorest countries

10 December 2008 – The World Bank has created a $2 billion fast-track facility to speed up grants and long-term interest-free loans to help the world’s poorest countries cope with the impact of the global financial crisis, noting a marked slowdown everywhere, including in formerly resilient developing nations.

Assembly President terms Doha call for aid to developing countries ‘remarkable’

5 December 2008 – United Nations General Assembly President Miguel D´Escoto today hailed the outcome of the recent Doha global finance meeting as “remarkable,” noting that it urged donor States to maintain their aid commitments to developing countries despite the global economic crisis.

States must meet aid pledges despite financial crisis, Doha forum concludes

2 December 2008 – Participants from over 160 countries meeting at a United Nations conference in Doha today stressed the need to meet existing aid commitments to poor nations, even amid the current economic slowdown, and called on the world body to hold an international meeting on the global financial crisis and its impact on development.

Global stimulus vital to counter economic meltdown – UN report

1 December 2008 – United Nations economists today called for massive coordinated global economic stimulus packages, linked with sustainable development measures, beyond liquidity and recapitalization steps already taken, to counter the worldwide economic meltdown.

Ministers at UN meeting urge nations not to slash education budgets amid financial crisis

28 November 2008 – With hundreds of millions of people around the world with little or no access to education, participants at a United Nations conference in Geneva urged governments not to cut funding for this critical sector amid the current financial turmoil.

Latin American ministers gather at UN to tackle social impact of financial, food crises

26 November 2008 – The current financial crisis, coupled with volatile food and fuel prices, threatens to undo years of hard-earned growth, stability and human development in Latin America and cast millions more people into poverty, a continent-wide meeting at the United Nations was warned today.


Countries making progress ahead of UN development forum – Assembly President

25 November 2008 – Countries are reaching some consensus on the key issues ahead of this weekend’s critical United Nations conference on the need to strengthen financing for development for poor countries amid a time of global economic turmoil, General Assembly President Miguel D’Escoto said today.

UN forum aims to ensure adequate funds to meet development goals despite crisis

24 November 2008 – Representatives of governments, business and civil society are set to meet this weekend in Doha, Qatar, at a United Nations conference focusing on ensuring sufficient financing to meet key development goals amid mounting concern about the impact of the current global economic slowdown on poor nations.

UN meeting discusses how to help poorest countries boost their trade

19 November 2008 – Trade and industry ministers from the world's poorest nations are meeting today in Cambodia for a United Nations gathering aimed at helping those countries better integrate their economies into the global trading system.

General Assembly President calls for international response to financial crisis

30 October 2008 – The international community must fundamentally reform the global financial system and help restore the trust lost as a result of the greed and corruption that caused the current economic crisis and untold suffering around the world, the President of the General Assembly stressed today.

UN officials stress need to protect world's poorest amid financial crisis

24 October 2008 – The poorest of the world's poor deserve immediate support to help them endure the global financial crisis, Secretary-General Ban Ki-moon and other top United Nations officials said today, warning that recent hard-won progress on poverty could be lost unless concerted action is taken.

General Assembly President sets up task force to review global financial system

21 October 2008 – The President of the General Assembly has announced he is setting up a high-level task force to review the global financial system, including major bodies such as the World Bank and the International Monetary Fund (IMF), in response to the current turmoil that is affecting all countries, large and small.

UN stands up with millions across the world to take action against poverty

17 October 2008 – There is no time to waste in the fight against poverty, the Deputy Secretary-General Asha-Rose Migiro warned as she led a gathering at the United Nations to symbolically stand up against poverty today, the International Day for the Eradication of Poverty.

General Assembly President says idolatry of markets caused financial crisis

3 October 2008 – Unrestrained worship of the market has led to the current worldwide financial crisis, General Assembly President Miguel D’Escoto said today, calling for solidarity between individuals and governments and a renewed faith in the value of regulation to resolve the economic problems.