“The old model is broken. We need to create a new one”

“Worldwide, more than 400 million new jobs will be needed over the next decade. That means that policy-makers must get serious, now, about generating decent employment,” said Secretary-General Ban Ki-moon at the high-level thematic debate on The State of the World Economy and Finance and its Impact on Development, held on 17 May. “It is time to recognize that human capital and natural capital are every bit as important as financial capital,” he added.

The event lasted two days and was organised around four thematic roundtable discussions, each focusing on different issues, such as combating unemployment, debt sustainability and managing inflation, improving trade and investment, and increasing transparency and predictability in the financial sector. It was organised to attract heads of governments, finance ministers, as well as heads of organizations, regional and central banks, so that they can share experience and offer views on ways to resolve the economic crisis and improve global financial situation. Set up as an informal setting, the high-level debate encouraged a lively exchange of differing ideas on global economic and financial issues. “Let us face the facts: the old model is broken. We need to create a new one – a new model for dynamic growth,” said Ban Ki-moon.

In his opening statement, Mr. Ban particularly emphasised the importance of the UN Conference on Sustainable Development (Rio+20) to establish sustainable development goals that build on the Millennium Development Goals after 2015, and especially the framework for  more sustainable consumption and production. “This is the moment for world leaders to rise above their differences; the moment to show political will and true global leadership. The choice is between the crises of yesterday – or the opportunities of tomorrow. This is a once-in-a-generation moment.  Let us seize it.”, said Mr. Ban in conclusion of his remarks.

Among the speakers at the event were the President of the European Commission, José Manuel Barroso; the President of Columbia University, Joseph Stiglitz; Paul Volcker, the former head of the United States Federal Reserve; Ahmad Mohamed Ali Al-Madani, President, Islamic Development Bank;  Haruhiko Kuroda, President, Asia Development Bank, and  the Deputy Secretary-General of OECD, Rintaro Tamaki.

For more information: http://www.un.org/en/ga/president/66/Issues/worldfinancialcrisis/wfec.shtml