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Heads of State and Government and High Representatives of the world’s nations met on 24-26 June 2009 for the United Nations Conference on the World Financial and Economic Crisis and its Impact on Development. The debates at the General Assembly and the Round Tables highlighted that developed countries were at the epicentre of the crisis, but that developing countries were hit particularly hard through declining trade and commodity prices, capital flow reversals, exchange rate volatility, subsiding remittances, and other channels. Consequently, it was stressed, inter alia, that developed and large emerging countries need to do much more to enhance the space for developing countries, allowing them to engage in macroeconomic stimulus measures. For countries in the deepest financial distress, a temporary moratorium on external debt payments is needed. In addition, fundamental reforms of the international financial system and existing regulatory frameworks were considered paramount and a number of recommendations were issued accordingly. Furthermore, the Conference called for enhancing the coherence and coordination of policies and actions between the United Nations, international financial institutions and relevant regional organizations; further developing the United Nations development system’s comprehensive crisis response in support of national development strategies through a coordinated approach by United Nations funds and programmes, specialized agencies and the international financial institutions at the country level.