Global Economic Governance
An enabling international environment is fundamental to the mobilization and effective use of financing for sustainable development. In the Monterrey Consensus on Financing for Development, Member States recognized the urgent need to enhance coherence, governance, and consistency of the international monetary, financial and trading systems. In this regard, the Consensus underlined the importance of continuing to improve global economic governance and to strengthen the United Nations leadership role in promoting development.
Building on the vision of the Monterrey Consensus, Member States, in the Addis Ababa Action Agenda (the AAAA), pledged to take measures to improve and enhance global economic governance and to arrive at a stronger, more coherent and more inclusive and representative international architecture for sustainable development. Towards this end, Member States resolved to strengthen the coherence and consistency of multilateral financial, investment, trade, and development policy and environment institutions and platforms, and increase cooperation between major international institutions, while respecting mandates and governance structures. They recommitted to broadening and strengthening the voice and participation of developing countries in international economic decision-making and norm-setting and global economic governance. Member States also committed to taking better advantage of relevant United Nations forums for promoting universal and holistic coherence and international commitments to sustainable development.
The adoption of the 2030 Agenda for Sustainable Development, the AAAA and the Paris Agreement marks a major step forward in enhancing the role of the United Nations in global economic governance. These global agreements, representing the shared commitment at the highest political level, established the ultimate objectives and overarching global frameworks for implementation of the Sustainable Development Goals.
Global economic governance has featured prominently in the FfD follow-up process. The UN General Assembly and Economic and Social Council have convened various thematic debates and panel discussions to address issues related to the coherence, coordination and consistency of the global economic governance architecture. Most recently, during the inaugural ECOSOC forum on financing for development follow-up this topic also features prominently in the discussions.
Following up on two previous reports, the General Assembly in its resolution 67/289 entitled “The United Nations in global economic governance”, requested the Secretary-General to submit to its 71st session a report on the implementation of the present resolution, exploring options and ideas for continuing interaction between the United Nations and intergovernmental groupings, to be prepared in consultation with Member States and relevant organizations of the United Nations system, taking into account the post-2015 development agenda and the follow-up processes to all major United Nations conferences and summits in the economic, social and related fields, as appropriate.