Second Committee Approves Draft Resolution Stressing Need for New Impetus in Talks on Reforming International Financial System

22 November 2010
GA/EF/3299

Second Committee Approves Draft Resolution Stressing Need for New Impetus in Talks on Reforming International Financial System

22 November 2010
General Assembly
GA/EF/3299
Department of Public Information • News and Media Division • New York

Sixty-fifth General Assembly

Second Committee

30th Meeting (PM)


Second Committee Approves Draft Resolution Stressing Need for New Impetus

 

in Talks on Reforming International Financial System

 


Texts on Caribbean Sea, Countries in Special Circumstances Also Passed


The global economic and financial crisis had highlighted the need to reform the international financial system and architecture, and added a new impetus to ongoing international discussions on that subject, the General Assembly would stress, according to one of three draft resolutions approved without a vote by the Second Committee (Economic and Financial) today.


Also by that draft, the Assembly would reaffirm the need to continue to strengthen participation by developing countries in international economic decision-making and norm-setting.  It would call for swift implementation of reform in the voting power of developing countries and those with economies in transition, with regard to the World Bank.  By other terms, the Assembly would invite international financial and banking institutions to enhance the transparency of risk-rating mechanisms.  It would also call upon multilateral, regional and subregional development banks and development funds to continue playing a vital role in serving the development needs of developing and transition countries.


Prior to the Committee’s approval of the text, the representative of the United States emphasized that dialogue between organizations must respect differing mandates, adding that her country believed the United Nations was not the best forum for discussing reform of the international monetary system.


By a text on sustainable development of the Caribbean Sea, the General Assembly would call upon the United Nations system and the international community to help Caribbean countries and their regional organizations protect the Caribbean Sea from degradation caused by pollution from ships, illegal dumping or accidental release of hazardous waste, and pollution from land-based activities.  Further, the Assembly would call upon Member States to improve their emergency response compatibilities as a matter of priority, in light of the severe destruction caused by recently heightened hurricane activity in the Caribbean.


Following the Committee’s approval of the draft, Turkey’s representative said her having joined the consensus should not be interpreted as a change in her country’s position with regard to international instruments referred to in the text, to which Turkey was not a signatory.


A draft entitled “Groups of countries in special situations:  specific actions related to the particular needs and problems of landlocked developing countries:  outcome of the International Ministerial Conference of Landlocked and Transit Developing Countries and Donor Countries and International Financial and Development Institutions on Transit Transport Cooperation” would have the Assembly call upon landlocked and transit development countries to speed up implementation of the Almaty Programme of Action and further mainstream it into their national development strategies.


The Committee will meet again to take action on outstanding draft resolutions at a date and time to be announced.


Background


The Second Committee (Economic and Financial) met this afternoon to take action on draft resolutions relating to macroeconomic policy questions, sustainable development and groups of countries in special situations.


Action on Draft Resolutions


ENKHTSETSEG OCHIR (Mongolia), Committee Chair, called attention to the first draft resolution, on the international financial system and development (document A/C.2/65/L.48), noting that it held no programme budget implications and inviting Erik Lundberg (Finland), Vice-Chair, to submit the text.


Mr. LUNDBERG ( Finland) said the facilitator did not agree with several editorial changes made to the draft, and highlighted, on behalf of the facilitator, the areas where those changes did not accord with the negotiated text.


The representative of the United States said that while she was pleased to join the consensus on the draft and supported closer consultations between the United Nations and other organizations, including the Bretton Woods institutions, dialogue between organizations must respect differing mandates.  The United States believed that the United Nations was not the best forum for discussing reform of the international monetary system, she stressed.


The Committee then approved the text by consensus, as orally corrected.


CSILLA WÜRTZ ( Hungary) then submitted a draft on the sustainable development of the Caribbean Sea (document A/C.2/65/L.46).  The Committee approved that text without a vote.


The representative of Turkey dissociated her delegation from international instruments listed in the draft to which her country was not a signatory, while underscoring that the consensus on the text should not be interpreted as a change in Turkey’s position with regard to those instruments.


PAUL EMPOLE (Democratic Republic of the Congo), Committee Rapporteur, then submitted a draft entitled “Groups of countries in special situations:  specific actions related to the particular needs and problems of landlocked developing countries:  outcome of the International Ministerial Conference of Landlocked and Transit Developing Countries and Donor Countries and International Financial and Development Institutions on Transit Transport Cooperation” (document A/C.2/65/L.47).  The Committee approved it, again without a vote, as orally corrected.


The Rapporteur congratulated the Japanese delegation for having efficiently facilitated the negotiations, and thanked all delegations for having demonstrated a spirit of compromise.


* *** *

For information media • not an official record
For information media. Not an official record.